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#408345 - 06/10/12 05:30 AM Re: What questions should I ask a broker? [Re: TravisF]
PA Roadkill Offline
Major Contributor

Registered: 11/15/06
Posts: 2179
Loc: The Middle of the Interstate
Personally, I would have left when the "interviewer" forgot about the appointment and the Broker was not there. If they can't keep a simple calendar what will happen when they actually have to transact real estate.

As far as the commission splits are concerned, it sound like they just didn't do a very good job of explaining the process. It sound like it's 50/50 with some addition fees, so probably around 40% in reality. The lead referral program probably only refers to leads supplied through the corporate programs.
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Broker-Owner Thirteen Years REO Experience
GRI,CRS,CRB,e-Pro

Some days I feel like the bug, other days I feel like the windshield



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#409739 - 07/06/12 09:27 PM Re: What questions should I ask a broker? [Re: TravisF]
MikeCO Offline
Member

Registered: 07/06/12
Posts: 70
Loc: Colorado
What is his personal production?

How does he generate business?

What will he teach you about generating business?

This business is all about FINDING buyers and sellers.

Without them, there is no business.

With them, everything works.

Also, who is the most productive agent in the office?

Take that person to lunch BEFORE you join and get the real skinny.

Remember this: You are interviewing the broker. Not the other way around. If you can fog a mirror when you breath, you will be hired. So you need to be selective.
_________________________
Mike Cerrone - agent, broker, and host of Top Agent Interviews the "Talk Show for Real Estate Agents".
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www.TopAgentInterviews.com you can get 2 FREE top agent interviews every month. Top agents share tips, ideas & advice in hour long conversations. Top agents close up to 50, 100, 200, and even 300 homes per year. 25 interviews are already pre-loaded. Take a look.

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#412125 - 09/01/12 08:45 AM Re: What questions should I ask a broker? [Re: TravisF]
REAddict Offline
Member

Registered: 08/29/12
Posts: 34
Loc: Tempe, AZ
Something that is often forgotten is what happens to your commission if you leave in the middle of a transaction for another company. A solid company should already have this listed in the contract and should be fair about you still receiving your commission.

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#416489 - 12/04/12 11:58 AM Re: What questions should I ask a broker? [Re: TravisF]
KWCareers Offline
Member

Registered: 11/27/12
Posts: 94
Loc: Worldwide
Can you show me your training calendar?

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#416568 - 12/05/12 10:53 PM Re: What questions should I ask a broker? [Re: TravisF]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
So many good and relevant questions - for something like this I believe that it's great to go with your gut on it.

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#417991 - 01/07/13 11:12 AM Re: What questions should I ask a broker? [Re: TravisF]
Apartment Dallas Offline
Junior Member

Registered: 01/07/13
Posts: 3
Loc: Dallas
the very first question you should ask your broker is how long does she/he been working as a broker and agent. Once answered, ideas and more follow up questions should come. Based on his/her answer, you would know how she works.

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#419707 - 02/05/13 10:46 PM Re: What questions should I ask a broker? [Re: TravisF]
cartert Offline
Member

Registered: 04/14/12
Posts: 157
Loc: Saskatoon, Saskatchewan, Canad...
The first thing I asked my broker was what kind of services they provided in exchange for the percentage of commission I was paying them. If I'm going to be paying someone a large sum of money for each transaction I do, I better be getting something in return. Thankfully my brokerage is awesome and we get everything we could ever imagine and more.

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#421998 - 03/24/13 01:43 PM Re: What questions should I ask a broker? [Re: TravisF]
KWCareers Offline
Member

Registered: 11/27/12
Posts: 94
Loc: Worldwide
What do you think is more important, your company's brand or your agents??

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#423138 - 04/28/13 03:58 PM Re: What questions should I ask a broker? [Re: TravisF]
SarafilleSD Offline
Junior Member

Registered: 04/28/13
Posts: 1
Loc: San Diego
Full disclosure: I am not licensed just yet (planning to take the test in May 2013) but have been reading A LOT and been chatting with several agents in only a couple different companies but I fully agree with the "gut" comment. If enough people are honest with you (and hopefully you are approaching them properly), then you should be receiving mostly positive information. If you are ONLY receiving positive information, be wary. Also be wary of advice that someone else would give you for themselves. As individuals, we owe it to ourselves to listen to that gut, tempered with some sound logic, of course; at least in that case, you won't have regrets!

So you obviously have many options, right? The commission split is very important but as a new agent I think starting out at a place without ANY training is a mistake no matter how high your split. You want your brokerage to become invested in you, you want it to support you, you want it to CARE whether you fail or not. So, here's my 2 cents and some questions to have percolating besides the big ones. (I take no credit for these! I just wrote them down as food-for-thought when I started doing research and reading RE books out there.) :)

Ask for statistics on their agents:
a) how long have most of them been with the company?
b) what is the loss ratio for new agents? (this should be the # that fail after completing the company's training; if the company doesn't provide training, then this is harder to determine if you are more likely to fail as well.)
c) how do the agents segment into income brackets? (this is Tom Hopkins all the way! You don't want only a few of the agents doing really well with most of the others performing below your goal range. Look for a company that has a reasonable amount of agents performing at your desired income level.)
d) what are the broker's expectations/minimum standards for new agent production?

I think most of the others were covered, like commission splits and brokerage fees. I have read that you must be VERY careful how and where you start since your 1st year is all about networking and drumming up business and if you misfire, it might take up to 6 months to recover and redirect. Ouch!

Good luck!!!!

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#424385 - 05/28/13 08:32 PM Re: What questions should I ask a broker? [Re: estatereal]
a4city Offline
Junior Member

Registered: 05/28/13
Posts: 1
Loc: utah
what is the biggest factor in assigning value to a property

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#426594 - 07/31/13 11:58 PM Re: What questions should I ask a broker? [Re: TravisF]
Muhammad Fareed Offline
Junior Member

Registered: 07/31/13
Posts: 2
Loc: Pakistan
What questions should I ask a broker

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#426603 - 08/01/13 07:34 AM Re: What questions should I ask a broker? [Re: a4city]
Thunderstruck Offline
Member

Registered: 05/17/10
Posts: 250
Loc: Townsville, Australia
Originally Posted By: a4city
what is the biggest factor in assigning value to a property




Location and condition impacts the value

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#426605 - 08/01/13 07:40 AM Re: What questions should I ask a broker? [Re: Muhammad Fareed]
Thunderstruck Offline
Member

Registered: 05/17/10
Posts: 250
Loc: Townsville, Australia
Originally Posted By: Muhammad Fareed
What questions should I ask a broker


Look through the forum there are threads that have a number of questions you can ask a broker.

Here are four:

What sort of training do you offer?

What requirements do you have for your agents?

What is your compensation for agents?

If I moved to another Broker can I keep the listings?

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#426607 - 08/01/13 07:58 AM Re: What questions should I ask a broker? [Re: Thunderstruck]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
What is the turnover rate at the office? I once interviewed at a C21 office and the manager who interviewed me was with another company when I sent my Thank You Note.
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(855) 898-3354
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For Those That Google JohnnyJamesBroker@gmail.com

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#431336 - 12/31/13 03:13 AM Re: What questions should I ask a broker? [Re: johnnyloans]
Nashville Homes Offline
Member

Registered: 07/25/13
Posts: 113
Loc: Nashville, TN
This is an absolutely crucial question that I think most don't think of. Took me years to learn this one.

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