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#274636 - 02/09/09 02:17 PM What questions should I ask a broker?
TravisF Offline
Member

Registered: 02/07/09
Posts: 35
Loc: Pittsburgh, Pa
Well I am going to interview with my first broker tomorrow. He is actually the teacher of the class I took. I was just wondering what are some of the questions I should ask him. Thanks!

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#274639 - 02/09/09 02:31 PM Re: What questions should I ask a broker? [Re: TravisF]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3098
Loc: LAND OF THE FREE!
commission split
mentor/training
how do increases in split work


to be very honest, statistically, you will not stay at your first broker for your entire career. get your training, learn the business and THEN find hte best deal/brokerage that you can.

it really depends on waht you are looking for.

i dont like structure. i dont like to sit and learn with everyone else (yes, i do share:-). i dont like low commission splits based on what someone says they will teach me or give me. i dont like broker rules (outside of realtor rules and state law).<<<an example of a broker rule would be that i cannot have a website or that i cannot call expireds. some brokers micromanage and i just want to be left alone as long as i stay within the rules.

i like having the control of paying for what i want. i like to decide what training i need (outside of my continuing education)i like learning fast. i like to learn on my own. i love reading (not writing:-). i want the highest split.


see, it depends on "how you are". i learned most of what i know through 3rd party sources (classes, books, reading the contract until i could recite much of it). i did not want a low split and then to go pay the 3rd party sources. i went for a high split and then paid for my own training. to this day i take advantage of calling the board legal hotline and talk to a re attorney for free. you get i think 2 calls per quarter! i go over scenarios so that i have a clear picture of how to deal with problems. the scenarios that i go over are either past deals, current deals, or deals from agent friends of mine and i do it so taht i can learn the in depth law behind how things work. i spend about an hour on the phone each time. there are many ways to learn in this business.

what is the best way to learn? depends on how you lean the best!

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#274644 - 02/09/09 02:49 PM Re: What questions should I ask a broker? [Re: estatereal]
TravisF Offline
Member

Registered: 02/07/09
Posts: 35
Loc: Pittsburgh, Pa
Thanks alot! We think alot alike. Personal website is already one of my main questions. If I am not able to have one or there are restrictions I do not like I will move on. Thanks again for your input.

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#274646 - 02/09/09 02:56 PM Re: What questions should I ask a broker? [Re: TravisF]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3098
Loc: LAND OF THE FREE!
also....this is a pieve of mine.


do not go with the company email address. for example.... TravisF.

if you went with a broker named realty sells the website might be realtysells.com and the broker would "give" you an email address such as TravisF@realtysells.com<<<<<<<do not use that! instead purchase for a nominal fee from godaddy.com or any of those places(go daddy is the only one i use/know) a domain name and make your email your domain name....i personally like...

firstname@firstnamelastname.com example>>>>>

Travis@TravisFranklin.com


like i said earlier you will not be at your first brokerage forever. get an email address taht WILL be with you forever.


Edited by estatereal (02/09/09 02:57 PM)

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#274647 - 02/09/09 03:01 PM Re: What questions should I ask a broker? [Re: estatereal]
TravisF Offline
Member

Registered: 02/07/09
Posts: 35
Loc: Pittsburgh, Pa
That is exactly what I was going to do. My own e-mail, my own phone number, and my own web site. So when I move or become a broker people still know me for me and not for someone else.

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#274652 - 02/09/09 03:40 PM Re: What questions should I ask a broker? [Re: TravisF]
TB in TX Offline
Major Contributor

Registered: 08/16/07
Posts: 2813
Loc: X
Mods, wouldn't it be great if we could make a sticky that addresses this - over in aspiring agents? We get this at least 3 times a week. Just a thought...

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#274732 - 02/09/09 07:38 PM Re: What questions should I ask a broker? [Re: TB in TX]
TravisF Offline
Member

Registered: 02/07/09
Posts: 35
Loc: Pittsburgh, Pa
Oops.

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#274737 - 02/09/09 07:46 PM Re: What questions should I ask a broker? [Re: TB in TX]
Perky_REALTOR Offline
Mod Squad
Major Contributor

Registered: 11/27/06
Posts: 7688
Loc: PA
Done.

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#275036 - 02/10/09 11:47 PM Re: What questions should I ask a broker? [Re: Perky_REALTOR]
nwrealtor Offline
Junior Member

Registered: 01/25/09
Posts: 6
Loc: Seattle Area
I'm working on a list of questions that I will ask when I interview and so far this is what I've come up with (sources: this real estate forum and online):


1) Do you require a full-time commitment?

2) What type of training is offered for new agents?

3) Is the training "task" based or "skills" based? Does the program emphasize writing offers, filling out required disclosures, preparing CMA's (comparative market analysis) VS. an emphasis on where to get business, how to work with buyers & sellers, closing & sales skills?

4) Do you offer mentorship or shadowing programs?

5) Do you provide a detailed training manual?

6) Is training free or will I be expected to pay for all or a portion of the costs?

7) Do you have a full-time trainer or mentor (broker or experienced agent) for new agents?

8) If part of a franchise, are there local or regional training sessions for new agents? If so, who pays for the training?

9) How many new agents has the firm hired during the past year? How many of those agents are still with the firm?

10) Are all agents scheduled for floor duty, and if so, how often?

11) Are phone leads, walk-in customers, and referrals given to the agents on duty when those leads come in? If not, how are they distributed?

12) What commission rate do you offer? Are commissions paid on a sliding scale, with the percentage earned increasing as I bring more income to the firm?

13) Are commissions paid immediately upon closing?

14) What percentage of each commission earned is retained as a franchise fee (for franchised agency)?

15) Who pays for office expenses? Do you charge agents a flat monthly fee, or a percentage of certain expenses?

16) Can you give me an itemized list of start-up expenses?

17) Am I required to join local, regional, and national professional organizations? Are there recurring monthly or quarterly expenses for membership?

18) Do you pay for advertising expenses? How about for sale and other signs, do you provide them to agents free of charge?

19) Do you carry E&O (Errors & Omissions) insurance for your agents, or am I expected to purchase this liability insurance myself?

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#275037 - 02/10/09 11:50 PM Re: What questions should I ask a broker? [Re: nwrealtor]
TB in TX Offline
Major Contributor

Registered: 08/16/07
Posts: 2813
Loc: X
Excellent contribution, nwrealtor. This sticky thing might work after all! Thanks to Perky for putting it here!

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#275087 - 02/11/09 10:32 AM Re: What questions should I ask a broker? [Re: TB in TX]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
If you want all of that as a new agent look to be giving away a huge chunk of your commission in the beginning.

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#276720 - 02/18/09 11:34 PM Re: What questions should I ask a broker? [Re: super realtor]
Viktor Offline
Veteran Member

Registered: 09/23/07
Posts: 874
Loc: Dallas, TX
I think it is a good idea to give some chunk of the commission for good training and more support in the beginning. Then you go ahead by your own:-) Good luck!
_________________________
Viktor Taushanov
William Davis Realty
Dallas, TX
http://homesforsaleindfw.com
http://northdallas.blogspot.com
Viktor.RealtyBG@gmail.com
http://www.linkedin.com/in/viktortaushanov


I love referrals!

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#276991 - 02/20/09 09:18 AM Re: What questions should I ask a broker? [Re: TravisF]
Mr. Hundley Offline
Member

Registered: 02/12/09
Posts: 12
Loc: Los Angeles, CA
I'm in the same situation...I guess I need to create some branding, and that's a good idea

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#277037 - 02/20/09 12:19 PM Re: What questions should I ask a broker? [Re: Mr. Hundley]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3098
Loc: LAND OF THE FREE!
as a new agent, you can pay a % to a seasoned agent to have them come with you to write offers....

as a new agent, teh biggest "enemy" of your business in the re game is going to be a lack of clients!

you need to focus on waht it takes to get business! prospecting.

you can learn a contract verbatum, but if you put that cart in from of the horse, it is only you that knows how great your ability to learn the contract is becasue you dont have any CLIENTS.....learn to prospect to find clients.

many agents know more than i do, but lack teh ability to find business.

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#277750 - 02/24/09 11:02 AM Re: What questions should I ask a broker? [Re: estatereal]
DelCidsRealty Offline
Veteran Member

Registered: 02/04/05
Posts: 1002
Loc: CA
Don't be afraid to ask all the questions you want. Don't think you will offend anyone. You need to be sure you are going to go with a Broker that is going to benefit you and your success. Remember that if you prosper so does the Broker. All the insights from our fellow members have been good. In the end, it is you who must decide what you are comfortable with.

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#278271 - 02/26/09 01:38 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Malok Offline
Member

Registered: 08/18/07
Posts: 441
Loc: Kentucky - in a barn!
Regarding the email, I agree that you should probably not utilize the brokers email address.


Personally, I prefer creating branding around something other than yourself. So, going with firstname@firstnamelastname.com wouldn't be my first choice, as if you are going to create branding from scratch - might as well go with something that can be utilized in the extreme long term. Something like "office@XYZTeam.com" or some such - that ties back to your website, and has the flexibility of future growth for when you grow your business into a team (and in the extreme long term: when you go to sell your business, you won't have the "well, its got your name as the branding" splattered all over it.)

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#279376 - 03/04/09 03:10 PM Re: What questions should I ask a broker? [Re: Malok]
WisdomRealtors Offline
Member

Registered: 12/19/08
Posts: 39
Loc: TX, USA
another important things to ask about are:

* "do not call" policy - some broker restrict cold calling. if a broker tells you anything in the lines of "we don't have one" or "do whatever you want" - WALK AWAY!

* BPO policy - some broker don't allow doing BPO, others require comission split on those. it's only important if you aim to doing these.
_________________________
Wisdom Realtors - Real Estate Services for Buyers & Sellers in Dallas, DFW Metroplex, TX
RE/MAX Premier Group.

We will pay referrel fees for the DFW metroplex.

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#284008 - 03/30/09 12:58 PM Re: What questions should I ask a broker? [Re: WisdomRealtors]
Steve Howe Offline
Member

Registered: 12/27/08
Posts: 288
Loc: Minneapolis, MN
You only need to ask one question:

Do you provide me with Leads?? If so, what's the split and how many?



Everything else is secondary. If you don't have Leads, you have no Clients, with no clients you have no sales, with no sales you make no money, with no money, you quit the business and start over in some other job.

Get it? Leads Leads Leads.
_________________________
Steve Howe - REALTOR - RE/MAX Advantage Plus
MN First Time Home Buyers - Blog for MN First Time Buyers Info
First Time Home Buyer Class Minnesota - Get the Facts Before You Buy
SteveH [at] MNRealEstateTeam [dot] com

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#284030 - 03/30/09 02:17 PM Re: What questions should I ask a broker? [Re: Steve Howe]
Perky_REALTOR Offline
Mod Squad
Major Contributor

Registered: 11/27/06
Posts: 7688
Loc: PA
Get your own leads! If I had to depend on my broker for leads, I'd be one sorry agent.

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#285793 - 04/11/09 09:03 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Scott Hack Offline
Member

Registered: 04/09/09
Posts: 31
Loc: Louisville, Kentucky
I did things a little different. I found my mentor, then joined that brokerage. But, to be honest, I had gotten my license once before for a short period of time, and I went to the brokerage that my mentor suggested. Ten years later, I got my license back and joined the brokerage with my mentor and things are going a lot better.

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#285812 - 04/12/09 09:18 AM Re: What questions should I ask a broker? [Re: Scott Hack]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
"Get your own leads! If I had to depend on my broker for leads, I'd be one sorry agent."

Perky you are the exception not the rule when it comes to generating your own leads with your marketing background.

Most new agents came from a 9 to 5 JOB and have no clue how to run a business. If you give them leads they can close them all day long.I would say only a small percent of us maybe 10 really knows how to bring in the business. I have tried for years on here to tell people how to generate leads. Most STILL did not want to do it or just wanted a lead handed to them and pay the refferal fee.

This is why with my agents most say after I tell them how to do it just give me the leads and I will pay a higher split. I charge 100 percent and a trans fee but if they want a lead it's 70/30 plus a trans fee.

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#286726 - 04/19/09 06:53 AM Re: What questions should I ask a broker? [Re: super realtor]
Jennifer Allan Offline
Major Contributor

Registered: 11/12/06
Posts: 1624
Loc: The Beach
I've never worked at an office that provided leads in any form. I agree with Perky - if you can't generate your own business, there's no way you'll survive. Leads provided by your broker or franchise are just bonuses.
_________________________
Jennifer Allan-Hagedorn, GRI
RE/MAX Hall of Fame
Author of Sell with Soul, Creating an Extraordinary Career in Real Estate without Losing Your Friends, Your Principles or Your Self-Respect

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#289390 - 05/06/09 01:19 AM Re: What questions should I ask a broker? [Re: TravisF]
catus Offline
Junior Member

Registered: 05/06/09
Posts: 1
Loc: new jersey,united states
i dont like structure. i dont like to sit and learn with everyone else (yes, i do share:-). i dont like low commission splits based on what someone says they will teach me or give me. i dont like broker rules (outside of realtor rules and state law).<<<an example of a broker rule would be that i cannot have a website or that i cannot call expireds. some brokers micromanage and i just want to be left alone as long as i stay within the rules.
[url=http://www.legalx.net]Attorney Directory[/url]


Edited by catus (05/06/09 01:21 AM)

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#290772 - 05/15/09 10:35 AM Re: What questions should I ask a broker? [Re: catus]
wkmattingly Offline
Member

Registered: 09/04/08
Posts: 58
Loc: lexington, ky
Originally Posted By: catus
i dont like structure. i dont like to sit and learn with everyone else (yes, i do share:-). i dont like low commission splits based on what someone says they will teach me or give me. i dont like broker rules (outside of realtor rules and state law).<<<an example of a broker rule would be that i cannot have a website or that i cannot call expireds. some brokers micromanage and i just want to be left alone as long as i stay within the rules.
Attorney Directory


Are you new or an existing realtor? Reason I ask is that if you are new it may be good to learn what the company wants and how they can help motivate you. Now if you are existing and have been at it a while I completely understand. My experience has been that there are drawbacks to a Broker that will let you work Wild West style. It is great for not being "controlled" but as a result I felt like I was loosing out on motivation, structure, goals, etc. Now you may be awesome at doing those things on your own which is great. But people who don't want some of the things you mentioned typically aren't highly productive or motivated. <---This is not directed toward you.
_________________________
Wade Mattingly
Realtor/Broker
Mattingly Realty & Investments, LLC.
www.wademattingly.com

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#291355 - 05/19/09 07:45 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
EXITREALTYNS Offline
Member

Registered: 05/15/09
Posts: 59
Loc: Halifax Nova Scotia
I suggest that you really look at EXIT Realty as a place to be an agent if you have one in your locality. It is a progressive company with great training and commission splits and the opportunity to make more than 100%.

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#291366 - 05/19/09 09:35 PM Re: What questions should I ask a broker? [Re: EXITREALTYNS]
PhoenixReo Offline
Member

Registered: 05/11/09
Posts: 321
Loc: Phoenix, AZ
I agree with Catus. I don't like rules either, never have and never will. I have always done my own thing and was in the top 10 for the southwest region of Re/Max consistently until I opened up my own shop. While some individuals need structure, structure isn't my bag. As far as "great splits", anything less than 100% isn't a great split in my book.

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#297397 - 07/07/09 05:41 AM Re: What questions should I ask a broker? [Re: DelCidsRealty]
shubh Offline
Member

Registered: 05/02/09
Posts: 30
Loc: uttar pradesh, india
Before approaching to your real estate broker, you must be clear about your requirements in your mind. Your budget, aim for buying or selling, period to accomplish the deal, location, kind of property like parameters should be fixed. Just ask the questions to check whether the offered property is as per your parameters or not.

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#299909 - 07/24/09 06:21 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
TDG Offline
Member

Registered: 01/21/09
Posts: 24
Loc: Columbia, SC
When I meet with a new broker or someone who wants to give me a job, I like to ask what they can offer me. Put the ball in their court and see where it goes. If you have an EXIT franchise in your area check it out. Each EXIT agent has a sponsor & if you chose an experienced sponsor, he/she will always be with you...also great splits!


Edited by TDG (07/24/09 06:22 PM)
Edit Reason: spelling

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#304114 - 08/27/09 07:38 AM Re: What questions should I ask a broker? [Re: DelCidsRealty]
jbt4re Offline
Major Contributor

Registered: 03/04/07
Posts: 2079
Loc: SWI
Ask the broker scenario type questions. Such as if this happened, how would you tell me to handle it? If I had to fire a client, how I should I approach it?

Ask if you called them at 8:00 at night and needed help writing a contract would they answer the phone or call you back right away?

How they handle certain situations can tell you a lot about who you will be working with. Don't be afraid to ask tough questions.

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#304118 - 08/27/09 08:33 AM Re: What questions should I ask a broker? [Re: jbt4re]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
Many years ago, I was cutting my teeth with a Broker who was, unbeknownst to me, pre-occupied. He never came into the Office on weekends. I took all walk-in traffic on Saturdays and Sundays. I took all phone calls. All other Agents were Part-timers who worked out of their homes.

When I had a problem, I expected to reach him by phone. He might be out cutting hay and wouldn't call me back when he got down off his tractor. On Sundays, he could not be disturbed while the Football Game was on. His Wife would say he doesn't want to be bothered! I wanted to say "Well, this affects you too !" But I didn't.

I had to learn by doing. Within one year, his Wife left him for another squeeze, and filed for Divorce. Then he had to file for Bankruptcy. And then the Agency had to fold. I had my Commissions tied up as a Creditor pending the Bankruptcy.

Evidently the Business had not been the primary focus of his life, nor had his Family. Maybe it was Football ? Maybe he was experiencing a 2nd Childhood and couldn't focus ? He must of been on a different Planet.

I'd never seen anything like it, so I don't know what questions would have been appropriate to warn me in advance . . . . or what the correct answers would have been. Without other financial resources, it could have been disastrous. It was for those who knew even less about what was happening . . . . they were blind-sided.

You just don't ever want to tie your Dinghy to a Sinking Ship.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#304576 - 09/01/09 09:11 AM Re: What questions should I ask a broker? [Re: TravisF]
Radiant1 Offline
Member

Registered: 09/07/06
Posts: 28
Loc: City of Brotherly Love
These are great questions and advice. An old wise person said to me while interviewing "Put it on paper and talk is cheap" So at every interview I asked for a copy of the office manual and Independent Contractor Agreement. This really gave me insight on choosing which broker to work with.

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#306316 - 09/15/09 10:49 AM Re: What questions should I ask a broker? [Re: DelCidsRealty]
ivan Offline
Junior Member

Registered: 09/14/09
Posts: 8
Loc: Ogden, Utah
Maybe these could be the best questions to be ask with a broker especially when you are going to interview him/her for a sales position.

-Are all agents scheduled for floor duty, and if so, how often?
-How are leads distributed?
-What types of advertising does the firm do?
-What commission rate do they offer?
_________________________


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#307879 - 09/28/09 10:56 PM Re: What questions should I ask a broker? [Re: TravisF]
JamesBrumley Offline
Junior Member

Registered: 09/27/09
Posts: 8
Loc: Southern California
I've enjoyed reading this post. Potentially I may have a meeting this week with a broker/I guess family friend in my grandma's office(Century 21 Discovery Fullerton) hopefully sometime this week. My grandma offered to talk with him first though even though I said I would call him. Would I look to much like a newbie if I bought a list of questions with me on a note pad? Or would I look if I was trying too hard? What can you do to mess up a meeting like that and how to prevent it? Also, this is slightly off topic but do most offices provide internet access? What is the appropriate dress style? Office or casual Friday? Usually when I've gone in that office its when we have sold a house and I've been in street clothes. Been in 4 transactions in the last 8 years....Sorry to make this long. Also I haven't taken any classes or exam yet. So should I ask about that? What do they offer or where can I take them etc?


Edited by JamesBrumley (09/28/09 11:00 PM)

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#308961 - 10/07/09 10:40 AM Re: What questions should I ask a broker? [Re: JamesBrumley]
Codythebest Offline
Member

Registered: 10/12/07
Posts: 169
Loc: FL
Trainng - training - training
Focus on that first and everything will come later with ease...

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#309299 - 10/10/09 08:02 PM Re: What questions should I ask a broker? [Re: Codythebest]
barb43 Offline
Veteran Member

Registered: 07/31/08
Posts: 1156
Loc: SW Okla
Thanks for all of the posts in this thread, folks! I've been a Realtor for 4 yrs and have known I needed to move on for several months now. I made a list of several of these questions and took them with me to my first choice of new Brokers. She was not looking for Realtors, but the more we talked, the more she asked me "what other questions are on that list?" She decided she would like for me to come over to her office as a Realtor so I have made the move. Will start next week.

Just a note: I did not interview any Brokers when I started out, I simply went to work at the office where my significant other was working, after all, the Broker told me to grab a desk and get busy! I wouldn't recommend anyone do it that way. wink
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005.


LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com

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#311861 - 11/01/09 01:05 AM Re: What questions should I ask a broker? [Re: barb43]
REALTOR CED Offline
Member

Registered: 10/29/09
Posts: 54
Loc: HOUSTON TX ,DETROIT,MI
IF ANYONE NEED TO KNOW WHAT TO ASK A BROKER DURING AN INTERVIEW EMAIL ME AT CEDREALESTATE@HOTMAIL.COM I FORWARD U A LIST I HAVE ON MY HARD DRIVE IT AMAZING. NO COST IM HERE TO LEARN AND HELP.
_________________________
Cedric McGrew
Realtor 2004
BPO 2006
REO 2007
www.cedricmcgrew.com
Houston tx Detroit mi

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#312890 - 11/06/09 10:56 PM Re: What questions should I ask a broker? [Re: TravisF]
LilDarlin Offline
Member

Registered: 11/06/09
Posts: 34
Loc: Michigan
Great thread, it was very helpful to me when meeting with brokers over the last two weeks. In the end, we went with a smaller franchise that had no desk fees, a reasonable split, and plenty of floor time if I want it. They also do alot for our local community through donations, sponsoring events, etc. It wasn't the huge franchise with 140 agents and it's own RE class one town over. But for me it just felt right.

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#312979 - 11/08/09 05:02 AM Re: What questions should I ask a broker? [Re: super realtor]
BrokerInfo Offline
Member

Registered: 03/30/08
Posts: 63
Loc: USA
RE:
Quote:
I would say only a small percent of us maybe 10 really knows how to bring in the business.


Maybe that is why only about 10% entering this business survive...

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#321657 - 01/13/10 08:01 PM Re: What questions should I ask a broker? [Re: BrokerInfo]
Bigshot Bob Offline
Member

Registered: 11/06/08
Posts: 29
Loc: CA, aka the Universe
As a newer agent and having to change offices, I would say:

Choose a SUCCESSFUL office that has LISTINGS!

I wanted to start off doing some open houses to get my feet wet and get some buyers. The office I chose had NO listings. When there was a listing, everybody was all over it.

By the time I got the chance to hold it open, other agents who held it open the week before had already door knocked the area, put out flyers, got leads, etc.

Also make sure the training actually involves learning contracts, how to complete transactions and not just FLUFF.

I guess they expect you to magically know these things. They expect you to go out prospecting without knowing how to write up an offer let alone take a listing.

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#321880 - 01/14/10 11:21 PM Re: What questions should I ask a broker? [Re: Bigshot Bob]
CornerPost Offline
Junior Member

Registered: 01/14/10
Posts: 2
Loc: Texas
It's great information but I would also like to know what are things to avoid, and what are tell-tell signs that this is not the right Broker for me.

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#321890 - 01/15/10 02:34 AM Re: What questions should I ask a broker? [Re: CornerPost]
Bigshot Bob Offline
Member

Registered: 11/06/08
Posts: 29
Loc: CA, aka the Universe
[quote=CornerPost]It's great information but I would also like to know what are things to avoid, and what are tell-tell signs that this is not the right Broker for me. [/quote]

When your broker is teaching a class and tells everyone:

"I don't mind sharing my listing material with you because I know that if we are competing for the same listing, I'm going to get it. Even if you somehow managed to get a listing over me, I still win because I'm making commission off of you."

I knew I made a HUGE mistake signing there.

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#324071 - 01/27/10 11:55 AM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Karen Whitman Offline
Junior Member

Registered: 01/27/10
Posts: 4
Loc: Riverside, CA
The more questions you ask the better. It is extremely important to know what your clients desire in all aspects of their home buying experience. These questions however should be fairly basic to gain a good picture as to what your client is looking for. You don't want to turn them away with questions that can be misleading or make them feel inadequate. Hope this helps!

Karen Whitman

karenwhitman@remaxallstars.net

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#324846 - 01/31/10 03:53 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Codythebest Offline
Member

Registered: 10/12/07
Posts: 169
Loc: FL
Agree with estatereal. Chances are it won't be your only and/or last brokerage. Get the best training at first, regardless of commission. Training is valuable for newbies. Once you get on track and producing, look for a brokerage with a better split...

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#325086 - 02/01/10 10:49 PM Re: What questions should I ask a broker? [Re: Codythebest]
tony1911 Offline
Member

Registered: 08/14/06
Posts: 292
Loc: Katy,TX
I think its an overall feel of the office. I chose this Keller Williams office because of this....and they had good training....I still think its a great office two years later.....everyone helps everyone......if you are in the resource room..just say......the question....and everyone joins in to help.......I do it a lot when a new agent is asking the questions
_________________________
Tony Camero
Keller Williams Realty@Cinco Ranch
281-220-2199 ext 540
http://camerohomes.com
Serving the West Houston and Katy and Surrounding Areas

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#327595 - 02/19/10 03:18 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Bill Hernandez Offline
Junior Member

Registered: 02/19/10
Posts: 9
Loc: Miami, FL
You should feel comfortable to ask any questions you desire as long as they pertain to the topics at hand. But definately ways that you can represent yourself individually. Websites are great ideas to get your name out their quickly and easily. Good luck in the interview.

Bill Hernandez

www.bryandbill.com

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#328303 - 02/24/10 12:55 PM Re: What questions should I ask a broker? [Re: TravisF]
Bill Hernandez Offline
Junior Member

Registered: 02/19/10
Posts: 9
Loc: Miami, FL
Ask any and all questions that come to your mind. As long as your questions are reasonable and pertain to the interview at hand the sky is the limit. Many employers will look at your interest as a good thing and it helps showing your communication skills. If anything your interview will work as an excellent tool for the broker to see how you will act with clients.

Bill Hernandez

www.bryanandbill.com

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#328324 - 02/24/10 03:35 PM Re: What questions should I ask a broker? [Re: Bill Hernandez]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
Originally Posted By: Bill Hernandez
Ask any and all questions that come to your mind.

True; but always try to balance all the Me, Me, Me questions with other questions about the the Business in general, what's their perspective of the community's future; the history of that particular Brokerage; the future of the Industry; how you might integrate your past experience or education and hobbies into a Real Estate Career with them.

Make no mistake about it, you're there because you're an economic animal; but be sure you demonstrate an interest in things beyond maximizing that next commission check; like "the Softer side of Sears".
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#331863 - 03/20/10 09:50 AM Re: What questions should I ask a broker? [Re: Vermont]
Shinner23 Offline
Member

Registered: 02/24/10
Posts: 18
Loc: NoVa.
I've been on plenty of interviews in the business world, where it is 90% them asking questions of you. It seems that in the real estate world, it's much more balanced. Would it be improper for me to bring a pen/pad and write some of the broker's responses down? In my past interviews, I wouldn't do that, but it seems more ok in this case. What do you think?

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#331873 - 03/20/10 11:32 AM Re: What questions should I ask a broker? [Re: Shinner23]
dewdrops7 Offline
Member

Registered: 02/12/09
Posts: 15
Loc: San Gabriel Valley, CA
I think that taking a pad and pen would show that you mean business—nothing wrong with that. I would do it.

Just remember to jot and not write. If you write out complete words and take too long you might get “disconnected”. You don’t want the interviewer waiting for you to finish. I would just jot down stuff and nod my head or something while I’m doing it so that the interviewer knows I’m still with him/her.

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#332026 - 03/21/10 04:52 PM Re: What questions should I ask a broker? [Re: CornerPost]
Paceryder Offline
Veteran Member

Registered: 05/14/05
Posts: 944
Loc: The Milky Way
Originally Posted By: CornerPost
It's great information but I would also like to know what are things to avoid, and what are tell-tell signs that this is not the right Broker for me.


I used to sell boats, and there was a saying that you never knew really what you wanted in a boat till you BOUGHT one. Then you knew just wkat you liked and disliked! It was a the same for me with a broker: my first broker had protected farming areas. That was the worst. I am very happy where I am now, Prudential, except for one thing. When a call comes in on a listing, it goes to the listing agent. if they aren't in the office they are given the contact's name and phone number to call back. As much as this is good for the listing agent, if you don't have any listings, you don't get any ups, unless they want to speak to an agent RIGHT NOW, or they call on a listing that is not with our company. So their up policy is one question I would have for my next broker.

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#332332 - 03/23/10 12:21 PM Re: What questions should I ask a broker? [Re: estatereal]
ChrisWaller Offline
Member

Registered: 03/21/10
Posts: 30
Loc: Georgia
[quote=estatereal]also....this is a pieve of mine.


do not go with the company email address. for example.... TravisF.

if you went with a broker named realty sells the website might be realtysells.com and the broker would "give" you an email address such as TravisF@realtysells.com<<<<<<<do not use that! instead purchase for a nominal fee from godaddy.com or any of those places(go daddy is the only one i use/know) a domain name and make your email your domain name....i personally like...

firstname@firstnamelastname.com example>>>>>

Travis@TravisFranklin.com


like i said earlier you will not be at your first brokerage forever. get an email address taht WILL be with you forever. [/quote]

GREAT ADVICE

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#335024 - 04/17/10 07:16 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Masterdigm Offline
Member

Registered: 04/16/10
Posts: 12
Loc: CA, USA
Questions to ask your broker? Well, ask him/her who is the most successful agent on the staff. Then ask that agent if you can assist then in any way for a trade off of knowledge.

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#335388 - 04/21/10 05:37 PM Re: What questions should I ask a broker? [Re: Masterdigm]
Don Price CPM Offline
Member

Registered: 03/26/10
Posts: 14
Loc: Pinehurst, NC 28374
What question should I ask a broker?



  • 1. What about me made you agree to interview me?
    2. What do you think makes a successful agent?
    3. What will you require of me?
    4. How successful are your agents?
    5. What fees will I need to pay monthly?
    6. Do you coop on printed advertisement?
    7. Do I get an office, a desk, a chair - or how is that handled?
    8. Can I stay late or wok evenings or weekends?
    9. Do you provide call forwarding when I get calls?
    10. Where is my parking spot?
    11. Does your staff provide secretarial service to agents?
    12. Does your office provide opportunity time (floor duty)?
    13. What are the rules for handling calls on office listings?
    14. Is there a way to secure my personal items here at the office?
    15. Do you have weekly meetings I need to attend?
    16. What training opportunities do you provide?
    17. Do you have an office manual?
    18. Does your office have a policies and procedure manual?
    19. Does the office ever handout leads?
    20. Does your office receive referrals for agents?
    21. Who controls the office heat/cooling?
    22. How many agents do they have now?
    23. How many agents have they hired in the past 3 tears?
    24. Where do they rank in their MLS?
    25. Where does the company website rank city/state real estate?
    26. How does the office handle leads off the website?
    27. How do they handle E&O, and liability ins?
    28. How many listings does the office have at present?
    29. Can agents take their clients and listings with them if they leave?
    30. Has the office been sued?
    31. For what?
    32. What was the outcome(s)
    33. Is the office currently involved in any action as a defendant or plaintiff in any court, mediation, Association or MLS?
    34. How long has your most senior agent been with you?
    35. Does the office do open houses?
    36. What are the top 10 reasons why agents work for the office?
    37. Do you have regular office parties?
    38. Do you have to pay commission when you buy or sell your own properties?
    39. How do you handle in office disagreements?
    40. Is there a strict office dress policy?
    41. Is there FREE coffee and bagels?


With the liability a broker in charge actually has, I wouldn't care if I had an email address with their xyzre.com attached to it so long as I had access to it 24/7.

I wouldn't care if they had to approve every-page on a website, newspaper ad,mag ad, blog post, or tweet, if it had to do with business.

Just remember the broker in charge can't get out of being responsible for you ***** yet.

Yet = just why many brokers and franchises have pushed to make all real estate agents brokers - and at some point totally responsible for themselves.

Until then, I would be putting more restriction on agents then what I see going on in the market as a general rule. Far to many loose cannons out here that would make me very nervous if they worked for me - just read these forums - lol





_________________________
Don Price CPM
Founder, Chief Cook, Bottle Washer, Head Cheerleader
REO.BPO.Brokers@gmail.com
www.REO-BPO-Brokers.com

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#344146 - 07/16/10 12:36 AM Re: What questions should I ask a broker? [Re: DelCidsRealty]
DingoGroup Offline
Member

Registered: 07/11/10
Posts: 16
Loc: USA
Make sure you speak to other realtors who work for the broker too - they can be a wealth of information...

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#344332 - 07/17/10 12:31 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Sally S Offline
Member

Registered: 07/17/10
Posts: 49
Loc: Indiana
Write down things that come to mind. It will help your interview go much smoother. Ask about fees, leads, training programs and if they provide a mentor.
_________________________
m.s.Woods Real Estate can help you find the home you are looking for. We specialize in MLS homes for sale in the greater Indianapolis area. Our website, msWoods.com, offers a number of easy-yet-powerful ways to precisely comb through the listings.

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#344756 - 07/20/10 11:10 PM Re: What questions should I ask a broker? [Re: Sally S]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3098
Loc: LAND OF THE FREE!
1. what are the hours
2. do i have to call if i will be late
3. how much vacation time do we get
4. do we get paid weekly or every other week
5. does vacation get rolled over to the next year or do we have to use it all each year
6. what is my starting salary
7. do i get reimbursed for gas


just kidding. the lists above are better than what i would have come up with

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#346899 - 08/06/10 07:44 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
EricRE Offline
Member

Registered: 08/06/10
Posts: 243
Loc: Yorba Linda, CA
Agreed, biggest thing to ask a broker is: commission split and training. For new agents training is a very important factor!
_________________________
North Orange County real estate specializing in placentia homes for sale, yorba linda homes for sale and brea homes for sale.

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#347152 - 08/09/10 01:15 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
avidstudent Offline
Member

Registered: 12/18/09
Posts: 49
Loc: Long Island, New York
My wife and I cannot thank you and this forum for the very insightful and beneficial help given so far. The two of us will be hopefully deciding on one of two agency's during this coming week. The appropriate questions were prompted by your suggestions. We met with both Century 21 and Coldwell Banker.

The Century 21 has offered the following provisions. A 50/50 split subjected to increases depending upon future performance. The managing agent is the spokesperson for all leads to us that come initially and we act as observers. (We will ask what his fee is for this.) (We will also ask what the policy is for our doing open houses for other agents.) The broker also takes leads. We are not bothered by very little discussion about training as we have some excellent training materials previously purchased and see the weight and value along with the time it will take to absorb its contents. By the way, it's Danielle Kennedy's "How To List and Sell Real Estate in the Twenty-First Century." Training services are provided in the Century 21 site. They will pay for the E/O and each of us will pay for the MLS services. They will allow a domain name. They will provide access to office and procedures information. They allow up time if the phone call does not ask for a specific individual. No franchise fees are requested. Advertising costs are absorbed in the following way: Half for postage; totally on their part for cards except pictures; and totally for publicity if not just self promotional advertising. For self promotional advertising, they will pay for half in one specific newspaper we mentioned. $39.00 (our cost) at each closing for nationwide publicity in a national known magazine. (Short sales are done via agent and lawyer that is utilized for this purpose.)

Coldwell Banker offers the following. A 50/50 split with incremental increases as production increases. Training is done by accompanying others and observing. An enormous training program is provided involving some one or two times each evening. Caravan groups are done weekly. Open houses allow for any potential buyers to be credited to host. We each will pay for the E/O for $195 per year and each of us will pay for the MLS services. There is a 6% franchise fee out of the commission and then split. There is a 2 and one half percent advertising fee withdrawn from commission which is also split. They will allow for a domain name. The broker takes no leads.

We are open to any suggestions or input on something missing or recommendations you may wish to give us with these matters. Again much appreciation and we have great respect for this site and its many forums! Many thanks for your helpful assistance so far!

avidstudent

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#348705 - 08/20/10 01:58 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
ajaych Offline
Member

Registered: 08/19/10
Posts: 44
Loc: California
I work for Neil Schwartz, from Century 21 Masters and we're really heavy on "how to find the right office".... I would say that it's a matter of what they can help you achieve

commission is really bullS**** - 90% of 0 is still 0. You need the skills to become a top producer and for a new agent, that should be what you look for in a new office.

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#348858 - 08/21/10 07:49 PM Re: What questions should I ask a broker? [Re: TravisF]
Brian Carion Offline
Member

Registered: 07/19/10
Posts: 93
Loc: St. Paul, MN
This is the best reason for having your own domain in your email address...it carries with you along your journey. Good for you!

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#350401 - 09/04/10 05:05 AM Re: What questions should I ask a broker? [Re: Brian Carion]
Codythebest Offline
Member

Registered: 10/12/07
Posts: 169
Loc: FL
On the list above, #10 and #41 are critical IMO :-)

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#350727 - 09/08/10 11:46 AM Re: What questions should I ask a broker? [Re: Vermont]
Brent Mitchell Offline
Member

Registered: 07/30/08
Posts: 55
Loc: TX
There are a lot of questions you should ask potential brokers to make sure your best interests are looked after. This is a long list, but well worth it!

THE INTERVIEW 100 – QUESTIONS EVERY LICENSEE SHOULD ASK THEIR POTENTIAL BROKER

The Concepts behind the Company

1. Can you give me a brief history of the Company? Who are the owners? Why was it started?
2. Is the company an independent operation or a franchise?
3. How many offices do they have and where are they?
4. History of the current management?
5. Does the company have a mission statement? Values? Core beliefs?
6. How many agents work here? How many are new agents? Experienced?
7. How many agents would bring you to capacity?
8. What is your typical turnover rate of agents?
9. What professional designations do your agents hold?
10. What is the historical record of closed volume this office has done?
11. What type of market penetration numbers do you have?
12. What affiliations does the company have?
13. Does the company own affiliated businesses? Do the agents share in this?
Training Systems

1. Tell me about your training philosophy?
2. Do you have a New Agent training program? How is it structured?
3. Can I see the program?
4. What is the cost of the program?
5. Who are the instructors and what are their backgrounds?
6. Where is it held and at what times?
7. Is fieldwork encouraged during the program?
8. Is there a follow-up career launch type program to help get started?
9. Is there a system in place to encourage early accountability?
10. What Board of Realtors training is available?
11. What type of ongoing training do you do? Can I see your training calendar?
12. Is there an office orientation program?
13. What type of advanced training is available and who teaches it?
14. Do any courses provide licensing credit?
Building My Business

1. Does the company have a philosophy on how I should build my business?
2. How does the company help me establish priorities and goals? Examples?
3. Do we receive help establishing a business plan?
4. Can I “brand” myself and my business? If so, how?
5. What legal status do I assume with the company? Independent Contractor or otherwise?
6. Is there a contract required? Can I see a copy?
7. Do you have a Policy/Procedures Manual? May I see it? Do I receive my own copy?
8. Does the company offer systems to help build my business? What are they?
9. In regard to building my branding:
a. What does your signage look like? Are there options?
b. Are personal logos (slogans) allowed?
c. What card design is used? Flexibility?
d. Collateral and advertising materials you use?
10. Can I acquire Builder accounts on my own? If not, how are they handled and at what cost?
11. Can I acquire Relocation accounts on my own? If not, how are they handled and at what cost?
12. How does the company handle incoming referrals? Do your agents consider a fair system?
13. Does the company have an advertising policy? Explain how it works? Who pays for it? Can I do my own advertising?
14. How are sign and ad calls handled in the company?
15. Do you have a floor time requirement?
16. Can I direct my own sign and advertisement calls to me directly?
17. Do you require Errors & Omissions insurance? Who pays for it? What happens if there is an overage in that account collected from the agents?
18. What is my exposure in the event of a lawsuit?
19. Do you help with my accounting?
20. If our relationship was not successful, who owns the rights to my listings?
21. If I were to leave, how are my pending commissions handled?
Economic Programs

1. How does your commission/compensation program work?
2. Can you take me through a “live” example by the numbers?
3. What is the office procedure for getting paid on a closing?
4. Are agents in the office on different plans? Explain them?
5. What is the initial and ongoing cost of my affiliation with the company?
6. Can I hire a personal assistant? Can they be licensed? Does the company charge me a fee for the assistant? What commission program does the assistant fall under?
7. Do you have a profit sharing program with agents? How does it work?
8. Are their other investment opportunities with the company? How do they work?
9. What is the policy and cost if I buy or sell real estate personally?
Management Issues

1. What is the manager’s priorities and basic responsibilities?
2. Do they list or sell property as agents of the firm?
3. Describe the additional staff and their responsibilities?
4. Is agent input encouraged? If so, how is it acquired?
5. Describe your meetings in the office? Frequency? Is attendance required?
6. Who establishes office policies?
7. Describe the type of culture you create in the office? How is this done?
8. List the reasons an agent would be asked to leave your firm and why?
9. Do you share the company books with the agents? If so, how often?
10. How are “housekeeping” items conveyed to the agents?
Technology Issues

1. What is the company’s basic philosophy in regard to using technology?
2. Does the company provide high-speed internet access and at what cost?
3. Are the printers/computers/machines in the office networked? Can I hook into this network?
4. Do you provide specific software/ What are the programs?
5. Do you provide voicemail?
6. Do you provide e-mail? Is it private?
7. Do you provide a web site for the agents?
8. Do you provide any type of computer training?
9. Do you provide software training?
10. Does the company have a web site? An Intranet site?
11. Are their presentations available that are electronic from the company?
12. Do you encourage using Personal Data (palm pilots) Assistants? How?
13. Does the company provide marketing templates?
14. Does the company provide forecasting electronically?
15. Can I do my accounting electronically?
16. What type of long-term technology support can the company offer?
Physical Office Environment

1. Does the office look like a professional environment?
2. Who and how are customers and clients greeted?
3. How many conference rooms are there?
4. How many research rooms are there? Can you look at them?
5. How many computers for general use and what software do they have?
6. Printer situation? High speed/ Color/ Laser?
7. How are incoming and outgoing faxes handled?
8. Copiers situation? Cost associated with them?
9. Other research tools available to help you? What are they?
10. Do you maintain a training facility? Can I see it?
11. Do you maintain a computer lab?
12. Is the general office cramped?
13. Is there adequate parking? For clients?
14. What type of desk arrangements are there? What are the specific policies on this?
15. Are there expansion plans?
16. Is the heating and air conditioning adequate?
17. Are there security issues to deal with?
_________________________
Brent Mitchell
Career In Real Estate -
Facebook - Twitter -
Online Real Estate Courses

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#351171 - 09/12/10 08:27 PM Re: What questions should I ask a broker? [Re: Brent Mitchell]
Sundance Kid Offline
Junior Member

Registered: 09/08/10
Posts: 4
Loc: New York, NY
@Brent Mitchell - WOW! Thank you for this VERY extensive list! I jotted down almost all of them in preparation for my informational interview tomorrow.

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#352307 - 09/24/10 01:48 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Kristi Leak Offline
Member

Registered: 08/26/10
Posts: 175
Loc: US
[QUOTE] you will not be at your first brokerage forever. get an email address taht WILL be with you forever. [/QUOTE]

This is really useful advice. Make sure you use an email address that you control entirely. Remember - if you leave the company, they might shut down your email address before you have a chance to let everyone know your new email. Be careful to hold onto your prospects and nurture them for a lifetime. Referrals are the way to go.
_________________________
Apartments for rent Boston

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#354599 - 10/14/10 01:59 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
WorkitSmart Offline
Member

Registered: 10/05/10
Posts: 48
Loc: Texas - I wasn't born here, b...
Ask, in the event you ever leave Broker, what happens to your sales in progress.. And Listings.

Some Brokers let you earn the commissions.. or maybe I should say "receive" the commissions, while others do not. Problem with a Broker who won't let you finish 'in progress' transactions when you leave, is that you'll always be leaving money behind in the event you want to exit.

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#356320 - 11/01/10 11:43 AM Re: What questions should I ask a broker? [Re: TravisF]
Temeculaproperty Offline
Member

Registered: 10/29/10
Posts: 42
Loc: Temecula, California, USA
most importantly go with a broker who has a big name in the community. alot of business is generated because of the brokers presence in the community.

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#359881 - 12/07/10 11:27 PM Re: What questions should I ask a broker? [Re: Temeculaproperty]
Travis MB Offline
Junior Member

Registered: 12/07/10
Posts: 9
Loc: Winnipeg, MB, Canada
I have 3 interviews coming up this week, this thread is great, thanks everybody :)

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#361162 - 12/19/10 07:36 PM Re: What questions should I ask a broker? [Re: Travis MB]
ChrisPrealtor Offline
Member

Registered: 12/11/10
Posts: 27
Loc: Calgary Area
There are a huge number of things to take into consideration when choosing a broker. To me, the biggest thing was understanding the vision of the company, and being able to see how it could help me get my business going in a way I would enjoy, and without delay.

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#362788 - 01/08/11 01:47 PM Re: What questions should I ask a broker? [Re: ChrisPrealtor]
HoustonRE Offline
Member

Registered: 12/22/10
Posts: 15
Loc: Houston
This thread was a huge help for me this week while preparing for my broker interviews. I did not write them down ahead of time, but as the topics came up with the managers I knew what questions to ask. Thanks everyone!

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#364163 - 01/19/11 11:45 PM Re: What questions should I ask a broker? [Re: meal]
Nicole Mockson Offline
Member

Registered: 01/18/11
Posts: 16
Loc: United States
In times to have interview, I'll ask for what can I share to them that help that much? And do they agree with my needs and wants for the successful drive of every transaction.

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#366333 - 02/09/11 10:13 PM Re: What questions should I ask a broker? [Re: DelCidsRealty]
Flash Investing Offline
Member

Registered: 02/08/11
Posts: 70
Loc: Long Beach, CA
It is very important that you ask whatever you will you need to know about the broker's practices & things that might affect your career & reward for your hard work. Some of the things you can ask are:

1. What is your commission split? and are they willing to put that in writing?

2. What kind of marketing strategies are they implementing and will it cost you additional charge?

3. Will you be provided with listing kit? Or they will charge you? Some brokers charge extra for these.

Thanks!!

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#366406 - 02/10/11 12:09 PM Re: What questions should I ask a broker? [Re: Flash Investing]
navarac Offline
Veteran Member

Registered: 01/19/06
Posts: 994
Loc: New Jersey
Originally Posted By: Flash Investing
It is very important that you ask whatever you will you need to know about the broker's practices & things that might affect your career & reward for your hard work. Some of the things you can ask are:

1. What is your commission split? and are they willing to put that in writing?

2. What kind of marketing strategies are they implementing and will it cost you additional charge?

3. Will you be provided with listing kit? Or they will charge you? Some brokers charge extra for these.

Thanks!!


Another good question is: "Will you stay out of my way so I can run the business I am opening?"

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#375538 - 05/11/11 07:29 PM Re: What questions should I ask a broker? [Re: navarac]
Red21 Offline
Junior Member

Registered: 05/11/11
Posts: 4
Loc: Tx
If some of you are looking for the highest commission split possible check out craigslist. Ive seen alot of Brokers offering sponsorship of salespersons for a flat monthly fee. Its not for everybody but alot of people out there do it. Theres even a couple of websites that explain all these services. Ive even heard of a deal whereas an agent will create an LLC and the Brokers will sponsor the agents LLC. That allows the agent to operate on their own and have any commission go directly to the agents LLC. If you google it you'll find a couple. A buddy of mine is sponsored by one of these companies while he's getting his Broker's license. Hes in Texas and I think the people that sponsor are Texas Agent Sponsor, or Texas Sponsor, something like that.

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#382406 - 07/09/11 04:17 AM Re: What questions should I ask a broker? [Re: TravisF]
Dheeraj Offline
Member

Registered: 07/09/11
Posts: 30
Loc: India
you need to ask question you need so that it meet your all query other then you can ask other basic question like
What do you think makes a successful agent?
How many agents do they have now?
Related to salary structure
Market way they are using to market

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#384220 - 07/24/11 03:48 PM Re: What questions should I ask a broker? [Re: Dheeraj]
lucy9 Offline
Member

Registered: 07/20/11
Posts: 35
Loc: San Diego
do you have mandatory meetings, floor time ,open houses etc...also are you restricted by a farm?

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#386079 - 08/10/11 06:59 AM Re: What questions should I ask a broker? [Re: TravisF]
jasonmed Offline
Junior Member

Registered: 08/10/11
Posts: 3
Loc: Newyork,usa
Can I see the program?
How many offices do they have and where are they?

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#386628 - 08/15/11 01:04 PM Re: What questions should I ask a broker? [Re: TravisF]
Erik Webster Offline
Member

Registered: 05/04/08
Posts: 261
Loc: Broward County, FL
When I just interviewed a broker I only had a few questions.

How many listings do you have that I can prospect around.

Whats the commission and yearly cap on the brokers side before I am 100%. Its 2.1-2.3 million in Gross Volume (not commissions) roughly before 100% at her KW.

How many Mike Ferry prospecting agents do you have that come to work daily (several and they love to talk trash, yay!)

Considering she used to be a Mike Ferry one-on-one and had a shelf full of his old school tapes, I told her it was love at first sight and we were on like Donkey Kong.
_________________________
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#389805 - 09/19/11 08:12 PM Re: What questions should I ask a broker? [Re: Erik Webster]
lindenmoe Offline
Veteran Member

Registered: 07/19/10
Posts: 817
Loc: jersey city
Can I do My own marketing?
Can I brand myself along with the brokerage?

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#391974 - 10/16/11 08:10 PM Re: What questions should I ask a broker? [Re: TravisF]
Cleo Offline
Member

Registered: 02/04/08
Posts: 11
Loc: Paphos, Cyprus
I have been selling properties overseas for a few years now. Last week I passed my exam in Virginia and now looking into finding a broker here in the Gainesville area. I am in no hurry since I still work on my Cyprus website ads, optimization and emailing prospects.
I feel that I need to get good training on how things are done and all the formalities that exist in the U.S. In Cyprus my listing agreement was one page and that was pretty much it.
So my question is, do I have to go with the big known companies (Remax, C21, Weichert) or can I get the same training from small firms?
This is a great thread!

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#392100 - 10/17/11 09:16 PM Re: What questions should I ask a broker? [Re: estatereal]
work4me Offline
Junior Member

Registered: 10/17/11
Posts: 2
Loc: maryland, USA
Thank for sharing. I am new to real estate, but had the desire to take exam for the past 10years. Now, I am ready, after working with mortgage products, I want to take the knowledge in the career path as a realtor.

I am not sure if it is best to take realtor courses froma a community college vs a business school, the cost is cheaper at a community college.

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#392249 - 10/18/11 10:01 PM Re: What questions should I ask a broker? [Re: TravisF]
csibley Offline
Junior Member

Registered: 10/18/11
Posts: 2
Loc: Miami, FL
The main issue I faced with my broker was about the office's current listings. His policy was that the listing belonged to the listing agent and so ALL the leads should be directed to that agent. It was great for the listing agent but not so much for the new agents, including myself. The reason a new agent signs on with a new brokerage is because of the strenght and market domination of that brokerage within it's market. By signing up for floor time, showing up to the office and educating oneself about the market, new agents deserve to get leads on the office's listing. I mean, the broker gets a percentage of the commission whether it is sold by the listing agent or another buyers agent in his or her office, right? So what does it matter to the broker if they give the lead to the listing agent and not the new agent if they would make the same amount of money either way? Plus, they are putting their new agents at a disadvantage by not giving them the better leads. My point is to make sure to ask whether they distribute leads evenly or just give the best leads to the listing agents and keep them for themselves. You might be surprised what the answer will be to this question. I certanly was and did not work at this office much longer after learning about this policy. Anyway their office size shrank from a few dozen Realtors to only four or five by the time I left so it is no wonder their backwards policies didn't work. Bless them everyone!

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#392268 - 10/19/11 07:17 AM Re: What questions should I ask a broker? [Re: TravisF]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
Originally Posted By: csibley
". . .By signing up for floor time, showing up to the office and educating oneself about the market, new agents deserve to get leads on the office's listing. . ."

i.e. just for being there ?

You may see it differently once you have acquired some listings of your own.
_________________________
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Where We're Always Striving To Put Together "THE FAIR DEAL"

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#392305 - 10/19/11 12:06 PM Re: What questions should I ask a broker? [Re: TravisF]
Perky_REALTOR Offline
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Registered: 11/27/06
Posts: 7688
Loc: PA
Our office policy is this - whatever gets the customer serviced the most quickly.

If someone calls on a listing / sign call - if the listing agent is in the office then the call goes to the listing agent. I believe the office will then give it to whoever is on floor time - the idea is to service the CUSTOMER as soon as possible...unless the customer asks specifically for the listing agent (which is why we all put riders on our signs~!)

If a call comes in from an agent's website or an agent's advertisement or farming then the call goes to the agent.

I think it's fair. Especially coming from a previous office where all calls went to the listing agent, and where the broker had most of the listings, most of the calls were on specific listings... so we would sit there and be free secretaries for the broker.

Once the broker was ON VACATION and someone called on a listing, the floor time agent took the call and sold the house and had to split the buyer side of the transaction with the broker!

I have lots of listings and frankly, I'm just as happy to co-broke as I am to double end. I want my listings sold - and if I'm not available when a buyer calls on it then let the next available person do the job.




Edited by Perky_REALTOR (10/19/11 12:07 PM)

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#392346 - 10/19/11 06:31 PM Re: What questions should I ask a broker? [Re: work4me]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
Unless it's some fancy r.e. class, no matter which you go with, it's going to be in the basics, the fundamentals. Continuing education above the mandated yearly/bi-yearly requirements and real estate experiences are what gets you the wisdom. It doesn't come in a book or CD.

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#392347 - 10/19/11 06:45 PM Re: What questions should I ask a broker? [Re: csibley]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
When I was at two different franchises in my prior life, if the caller ASKED for the listing agent, then the call had to go to the listing agent. If the caller didn't ask for listing agent, but was asking about the listing, the on-duty agent could take it. If a caller just called to say they wanted to buy a house or sell a house, the on-duty agent got it; but, anytime a caller asked for any SPECIFIC agent that call HAD to go to that agent.

But, don't believe too much into that. I had a homeowner I had talked with off and on for about one year - just casually. He came into the office one day and told me he had sold his house. I was a little shocked. He sold it to a neighbor BUT he said he had called previously though to the office number and had asked for me. The lady who answered the phone told him that SHE could help him. He asked, is that what you all do and she said yes. Turns out she went to his house for a presentation and then he ended up selling to a neighbor instead. Now, that guy TRUSTED me to want me to sell his house but little missy had to interfere with greed in her eyes. She was reported to the broker. Broker gave me the option of her speaking directly to the bad agent or to the group as a whole. I said, "You speak to the group as a whole while I, at the same time, will stare directly into her face." And, I let the whole office know what she did.

That guy TRUSTED me and I KNOW I would have netted him alot more money. This agent ripped off not only me, but ripped off this nice guy too.

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#392365 - 10/19/11 10:49 PM Re: What questions should I ask a broker? [Re: TravisF]
Perky_REALTOR Offline
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Registered: 11/27/06
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Loc: PA
^that is why my broker doesn't want agents answering the phones. We have a receptionist at the office 7 days a week open to closing.

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#392371 - 10/19/11 11:21 PM Re: What questions should I ask a broker? [Re: TravisF]
PaRealEstateAgt Offline
Member

Registered: 12/01/10
Posts: 93
Loc: PA, USA
I'm a new agent as well. One of the main reasons I pick this office is because all calls on a listing go to the listing agent. Why in the Sam Hill would I want the fruits of my labor going to somebody else? Though the first few months were tough since I had no listings but I did have the time to get some. If my office were to change that policy I'd be looking for a new office.

I get a lot of calls from other agencies asking me to sign with them, saying I'll make more money. Well I think if I work my buttock off and get the calls on my own listings I'll make 6 figures next year. I see agents out there without there names on their signs as well or at best just a rider on the bottom. Forget that my name better be on that sign too. I'm branding "My name" with the help of "My franchise."

Do the math, if your broker's policy is to pass leads to other agents on your listings you are losing money! If I'm too busy to work those leads I'll refer them to the agent myself (for a fee.)

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#392372 - 10/19/11 11:51 PM Re: What questions should I ask a broker? [Re: TravisF]
Perky_REALTOR Offline
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Registered: 11/27/06
Posts: 7688
Loc: PA
Everyone has options -that's what is cool. I do not mind that calls may go to the floor time agent. Every brokerage has a different policy and you can either accept or find a broker you can work with. smile

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#392444 - 10/20/11 03:46 PM Re: What questions should I ask a broker? [Re: PaRealEstateAgt]
lindenmoe Offline
Veteran Member

Registered: 07/19/10
Posts: 817
Loc: jersey city
Originally Posted By: PaRealEstateAgt
I'm a new agent as well. One of the main reasons I pick this office is because all calls on a listing go to the listing agent. Why in the Sam Hill would I want the fruits of my labor going to somebody else? Though the first few months were tough since I had no listings but I did have the time to get some. If my office were to change that policy I'd be looking for a new office.

I get a lot of calls from other agencies asking me to sign with them, saying I'll make more money. Well I think if I work my buttock off and get the calls on my own listings I'll make 6 figures next year. I see agents out there without there names on their signs as well or at best just a rider on the bottom. Forget that my name better be on that sign too. I'm branding "My name" with the help of "My franchise."

Do the math, if your broker's policy is to pass leads to other agents on your listings you are losing money! If I'm too busy to work those leads I'll refer them to the agent myself (for a fee.)


If a ompany doesnt give the listing calls to the listing agents ..RUUUUN!

as fast as you can,..that broker is stealing your leads..giving your buyers to his floor time person.

So you work hard get the listings..and they steal your leads to give to some floor time agent checking facebook?

Do you have any idea what those sign call leads are worth?

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#392453 - 10/20/11 04:47 PM Re: What questions should I ask a broker? [Re: TravisF]
Perky_REALTOR Offline
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Registered: 11/27/06
Posts: 7688
Loc: PA
I'm not running anywhere. I'm at one of the top agencies in the MLS, making top sales - I have no complaints. This agency is tops because rather than focusing on "double ending" we focus on making sure the clients/customers get taken care of.

Novel.

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#392461 - 10/20/11 05:20 PM Re: What questions should I ask a broker? [Re: Perky_REALTOR]
lindenmoe Offline
Veteran Member

Registered: 07/19/10
Posts: 817
Loc: jersey city
Originally Posted By: Perky_REALTOR
I'm not running anywhere. I'm at one of the top agencies in the MLS, making top sales - I have no complaints. This agency is tops because rather than focusing on "double ending" we focus on making sure the clients/customers get taken care of.

Novel.


uuuuum..im talking to the op....


the broker is stealing your leads..ruuuuun faster..

you should have a right to how your leads are handled..

not any ole agent hanging around the office..

I am not looking to double end..

Im looking to make sure my leads are handled with special care and get great service..

not just some agent hanging around for floor time..

what if your sign call is handled wrong by some bad agent...?

good brokers wouldnt try to use you to generate leads for weaker agents..
remax, keller williams, coldwell banker doesnt do this..
its not right..
you worked hard for those lisrtings..the leads should be yours..

you want some broker generating leads off your hard work?

it aint right. period. unless you say its ok.


Edited by lindenmoe (10/20/11 05:23 PM)

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#392468 - 10/20/11 05:53 PM Re: What questions should I ask a broker? [Re: TravisF]
Perky_REALTOR Offline
Mod Squad
Major Contributor

Registered: 11/27/06
Posts: 7688
Loc: PA
I'm just offering a different POV - I think you are using rather inflammatory words - stealing your leads? really? If you are doing a good job of marketing YOURSELF they will call YOU not the office.

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#392469 - 10/20/11 06:11 PM Re: What questions should I ask a broker? [Re: Kristi Leak]
Don Price (Pine) Offline
REO-BPO-R.E. Mod
Major Contributor

Registered: 03/12/08
Posts: 3332
Loc: Pinehurst, NC
Originally Posted By: Kristi Leak
Quote:
you will not be at your first brokerage forever. get an email address taht WILL be with you forever.


This is really useful advice. Make sure you use an email address that you control entirely. Remember - if you leave the company, they might shut down your email address before you have a chance to let everyone know your new email. Be careful to hold onto your prospects and nurture them for a lifetime. Referrals are the way to go.


Thinking about his from a legal and Broker point of view - I would 'demand' all employees of a brokerage use company owned and managed email addresses. Thinking about it briefly - what if something happened to the agent and had several deals in the works that needed attention - I would think it would be the BIC responsibility to maintain the records.

It might be a good thing if brokers had a copy of all correspondence in this thinking to monitor correspondence.

But this is a double edged sword - if the agents were doing something the broker would rather have deniability in.

Something to at least consider - most certainly on house referrals given to an agent to be worked.
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Don Price
Pinehurst, NC

Pinehurst NC Real Estate | Fayetteville Real Estate | Blog | Join active|rain

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#392475 - 10/20/11 07:31 PM Re: What questions should I ask a broker? [Re: Don Price (Pine)]
Perky_REALTOR Offline
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Registered: 11/27/06
Posts: 7688
Loc: PA
In regard to that, Don - our office has certain requirements for every single file.

#1 - the broker has a copy of every file in the office. All files must have complete contact info in them for every person involved. All correspondence with a client ideally should be CC'd to the admin so that the broker's file is as complete as the agent's file (but admittedly that is not enforced, but I do my best to keep pertinent info cc'd to the admin so it can be printed and put in the office file.)

#2 the broker will withhold payment of commission if a file does not contain complete info - there is a checklist of everything he expects in the file and that includes all contact info for the client

This is for pending deals as well as for listings. Nothing is more frustrating than trying to get a showing appointment and you have to "call the agent" and the agent doesn't answer so you call the office and are told that they can't help you since the "agent has the file with him." Brokers that are too loosey goosey with their files are frustrating too....I think my broker is reasonable. Both he and his partner, the co-owner have been agents for lousy brokers as well. I think they run their office in a fantastic manner with the ultimate goal being servicing the clients first above all else- and if I ever left I would want to work for a broker w/ a similar policy system.

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#392477 - 10/20/11 07:42 PM Re: What questions should I ask a broker? [Re: Perky_REALTOR]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
If one truly wants to control all their leads, they should go independent; otherwise, as others have said, each brokerage is different - go with the flow or move somewhere else or go independent, if qualified.

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#392485 - 10/20/11 08:14 PM Re: What questions should I ask a broker? [Re: Perky_REALTOR]
lindenmoe Offline
Veteran Member

Registered: 07/19/10
Posts: 817
Loc: jersey city
Originally Posted By: Perky_REALTOR
In regard to that, Don - our office has certain requirements for every single file.

#1 - the broker has a copy of every file in the office. All files must have complete contact info in them for every person involved. All correspondence with a client ideally should be CC'd to the admin so that the broker's file is as complete as the agent's file (but admittedly that is not enforced, but I do my best to keep pertinent info cc'd to the admin so it can be printed and put in the office file.)

#2 the broker will withhold payment of commission if a file does not contain complete info - there is a checklist of everything he expects in the file and that includes all contact info for the client

This is for pending deals as well as for listings. Nothing is more frustrating than trying to get a showing appointment and you have to "call the agent" and the agent doesn't answer so you call the office and are told that they can't help you since the "agent has the file with him." Brokers that are too loosey goosey with their files are frustrating too....I think my broker is reasonable. Both he and his partner, the co-owner have been agents for lousy brokers as well. I think they run their office in a fantastic manner with the ultimate goal being servicing the clients first above all else- and if I ever left I would want to work for a broker w/ a similar policy system.



all these rules apply in my brokerage as well. no argument.

however i spend my own money to generate leads.

if my broker wants leads for his weaker agents..let him pay for it. period.
I started my career with remax, they give the leads that belong to the agent to the agent.

it belongs to the agent. If I pay money to get listings and do postcards..etc to get buyers.

Why does the agent who spent nothing..and did nothing..deserve my leads..why?

as far as the broker goes..arent your splits enough? you want my leads too?

I think weichert is awesome, most of my friends in my market work therte..
but I always had a problem with them generating online leads from the agents listing..then selling them back to them..via extra referral fee..

Im young but cmon..i see what they doing. my opinion is its not right.

we already pay splits..you want our leads too? its unfair.

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#392492 - 10/20/11 09:06 PM Re: What questions should I ask a broker? [Re: TravisF]
Perky_REALTOR Offline
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Registered: 11/27/06
Posts: 7688
Loc: PA
Linden, he is paying for it. The signs are provided by him. The company website is provided and paid for by him (and only a handful of us have our OWN websites). The advertising in the local real estate guide are provided by him. The ad in the local newspaper is paid for by him.

If an agent wants they can buy their own riders with their name and cell phone number on there...they can buy their own signs with their name and cell phone number on there. They can do their own advertisements and every lead that calls in is screened "Where did you hear of us" and if they say they saw Perky Realtor's sign or ad they are sent to Perky Realtor. If they say they saw an office sign or ad then they are going to the floor time agent.

Like I said - if you are marketing yourself right the leads will call YOU direclty not the office or they will call the office and ASK FOR YOU. If they ask for you they go to you. Simple.

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#392493 - 10/20/11 09:10 PM Re: What questions should I ask a broker? [Re: TravisF]
Perky_REALTOR Offline
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Registered: 11/27/06
Posts: 7688
Loc: PA
I do not belong to the Weichert Lead Network any longer so I don't pay any referral fee. I really don't like the Lead Network for the reasons you mentioned and I have no real intention of joining it again. Nobody at our office pays referral fees for any leads that come through the office during floor time - only the W.L.N. leads.

I am not necessarily in love with Weichert for Weichert's sake either. I do like my office, my broker, and his partner. Remember I am not at a company owned office, I am at a franchise. All the Weicherts in NJ are company owned. I would never work for them.

In fact, I wouldn't necessarily work for ANY other Weichert office unless they were run like my broker runs our office. Weichert has some great points - but all the greatness in my office, IMHO is from my broker and his partner. I think we'd do just as well if we were C21 or CB ...


Edited by Perky_REALTOR (10/20/11 09:11 PM)

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#392516 - 10/21/11 04:43 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
For all of the talk about "my lead, my lead" everyone seems to forget that at the end of the day, everything you do belongs to the broker and is the responsibility of the broker.

Now most brokers want their agents to succeed so they don't place impediments in the way because in the long run, no one makes any money unless a house is sold. But there are still a few old fahioned control freaks that would rather enforce some archaic in-house rule (no personal websites, all sign calls go to floor agent, things like that). They still haven't gotten a grip on the new reality of cell phones, internet enable consumers and instant gratification.
_________________________
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#392528 - 10/21/11 07:26 AM Re: What questions should I ask a broker? [Re: Perky_REALTOR]
lindenmoe Offline
Veteran Member

Registered: 07/19/10
Posts: 817
Loc: jersey city
Originally Posted By: Perky_REALTOR
Linden, he is paying for it. The signs are provided by him. The company website is provided and paid for by him (and only a handful of us have our OWN websites). The advertising in the local real estate guide are provided by him. The ad in the local newspaper is paid for by him.

If an agent wants they can buy their own riders with their name and cell phone number on there...they can buy their own signs with their name and cell phone number on there. They can do their own advertisements and every lead that calls in is screened "Where did you hear of us" and if they say they saw Perky Realtor's sign or ad they are sent to Perky Realtor. If they say they saw an office sign or ad then they are going to the floor time agent.

Like I said - if you are marketing yourself right the leads will call YOU direclty not the office or they will call the office and ASK FOR YOU. If they ask for you they go to you. Simple.



ooooh that makes a difference..doesnt it..
Im with an independent..I dont pay commission splits..
So I have to pay for all my websites, sign riders, signs, direct mail, websites, ads..
everything you mentioned..I PAY for in my office..NOt the broker..
My broker does no marketing at all..
thats why Im so adamant about my leads coming to me..
because its my money..
I spend over $30,000 a year on marketing..
mostly direct mail, ppc, and local inserts in the local paper..
but my brokerage benefits through name recognition
cause thier name and logo is on everything I do..
I dont understand it..but lots of consumers call the office of my ads..cause I MUST have the brokerage number.

Maybe I need to do a better job of marketing..
thanks for the tip.

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#392533 - 10/21/11 07:56 AM Re: What questions should I ask a broker? [Re: TravisF]
Perky_REALTOR Offline
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Registered: 11/27/06
Posts: 7688
Loc: PA
We have to use the broker number too - but we can also add our own "Agent Direct" number - as long as it is not more prominent than the broker number (i.e. you can't have the broker number in fine print and your number in big bold print.)

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#392606 - 10/21/11 06:11 PM Re: What questions should I ask a broker? [Re: TravisF]
PaRealEstateAgt Offline
Member

Registered: 12/01/10
Posts: 93
Loc: PA, USA
Linden you could have the broker register a number under his name for you to use. This way you can get around the whole advertising the office number thingy. This will give you better lead capture for money. If you're advertising that much I bet you'll notice the difference.

You can try leasing the number to your broker and then paying a fee for him to register it. This will allow you to take you number with you if you happen to leave. Of course the broker will probably say no to that idea but always worth a shot. Other option is broker owns the number and now you're a slave to that number which is still profitable. I always say their is a solution to every problem.

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#393184 - 10/27/11 01:50 AM Re: What questions should I ask a broker? [Re: TravisF]
pdxchris Offline
Member

Registered: 10/27/11
Posts: 13
Loc: Oregon
I would ask what training they provide and most importantly you should ask them what they do with floor calls. Do you get a share of the leads coming in through the main office? Many Brokers deal with this issue differently. Most good offices have fair ways to distribute "floor calls". This is especially important when you are first starting out.


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#406621 - 05/11/12 06:32 AM Re: What questions should I ask a broker? [Re: TravisF]
TheBPOExpert Offline
Member

Registered: 01/22/12
Posts: 114
Loc: Georgia
Ask him if you can keep all of your bpo money if you get into the foreclosure business. Because you should get into the foreclosure side of the business if you want to make money in this market
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#408309 - 06/09/12 08:37 AM Re: What questions should I ask a broker? [Re: TravisF]
Jennie Offline
Junior Member

Registered: 06/09/12
Posts: 2
Loc: New Jersey
There is a lot of good advice here and I was pretty much on track during an interview I had yesterday.

I know if I re-enter real estate, I will need to be re-licensed because it lapsed. Not a problem, no big deal.

The interviewer I spoke to seemed to be focused on registering me for a class to get licensed, rather than answer questions about the brokerage and terms for "new agents".

When I scheduled the interview, we had an agenda to discuss some of the changes from the late 80's and on-line marketing programs, the lead referral program, and meet with the broker and some senior agents to get a better feel for the movement of the current market. I was supposed to receive a demo of these "tools".

When I arrive at the interview, she had forgotten about the appointment and was really disheveled. The broker was not even in the office, she was out with appraisers and my guess is she didn't coordinate with anyone.

When I asked about time commitments, she said F/T or P/T. She said if I decided to go back to a corporate job, I could pay an annual fee to keep my license current so I could return without retaking the exam. Sounds like I have a flexibility and this is good.

When I asked about training, she said there was a training program in place, they had a mentorship program and it was free. I started asking more questions about the training, typical topics, delivery system of the training, etc. She changed the subject back to licensing to register for the real estate licensing class and told me not to worry about agent training. WHAT? Why so secretive about the details?

I was really clear that if I commit to the class, I want to have a plan and during the month it takes the state to process, I want to be actively engaged learning what I can and possibly tagging along with a seasoned agent, assisting with an open house or some other activities. The response - DEER IN HEADLIGHTS.

One of the concerns I discussed re-entering the market is that my potential client base dried up and moved with my last job out of state. If I were to move forward full time, how much would it cost to become part of the "lead referral" program? First she said the cost was $125 a year. Then she said that I should not join until I am successful because new people do not get leads, only the top producing agents. I asked how leads are distributed and she said "I do not know" and then told me she can not sell real estate because it is in conflict with her day job so her license is "on hold".

I asked about desk/phone fees and the interviewers reaction was DEER IN HEADLIGHTS. She had no idea what I was talking about. Then I asked about commission and fees for new brokers. That's when she brings in another guy (who was not dressed for success) who is an active broker and he said they dropped brokerage fees to 5% and the split broker agent was 50%, then an additional marketing fee of 6% and then if you use the lead referral program it is another 35%.

So, I am sitting there running the numbers to figure out the take home percentage and expenses. I was baffled by this explanation of commission and asked for a sheet in writing. That's evidently a problem too. It looks like agents receive between 1/2% and 1% of total sale price making it even less lucrative in this market. Even at 5% brokerage fee the average property in the county is roughly $350K which is $17,500 total commission leaving the agent somewhere between $900 and $1,750.

By this point, I never even asked about marketing fees or any other fees because it already appears to be a "work for free" opportunity and not a lucrative career move with that brokerage.

Sad thing is, it is the brokerage I had so much success with in the 80's. The brokers daughter runs the organization now.

I sent some emails and will be following up with calls next week to some other brokers in the area, but I am beginning to think the business is not as profitable as it used to be and brokers are taking most of the profit.

What are your thoughts?

What are the typical fees? What can you expect?


Edited by Jennie (06/09/12 08:50 AM)

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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.
_________________________
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".
.
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.
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
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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#431349 - 12/31/13 02:15 PM Re: What questions should I ask a broker? [Re: johnnyloans]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
laugh Toooo funny! I've seen a number of agents jumping around from one company to another. I always tell 'em, "same ol' [you fill in the blank], just a different name."


Edited by VABroker (12/31/13 02:16 PM)

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#434517 - 03/24/14 03:51 AM Re: What questions should I ask a broker? [Re: PA Roadkill]
KWCareers Offline
Member

Registered: 11/27/12
Posts: 94
Loc: Worldwide
The MOST important question that you have to ask a potential employing broker, is, 'Can you show me your training calendar?' What new real estate agents need to focus on, is where are they going to do the most business and where are they going to NET the most money. Last time I checked, 100% of $0...is still $0! Find a broker that cares about helping you build a real estate career worth having!

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#436715 - 06/11/14 02:09 PM Re: What questions should I ask a broker? [Re: TravisF]
SMOODY Offline
Junior Member

Registered: 06/11/14
Posts: 1
Loc: Las Vegas
Great Thread! This was exactly what I was looking for. Thank you all for your contributions. I feel very confident in screening brokers now. I have compiled a list of questions I felt were important to me. Most of which are from this thread. I recently passed my state exam here in Las Vegas, Nv. and will be interviewing brokers over the next week. Any advice is greatly appreciated.


[b]COMPANY[/b]

Can you give me a brief history of the Company?
What is different about your company from your competitors?
What do you think makes a successful agent?
Does the broker in charge also do transactions?
What is the his/her personal production?
How does she/he generate business?
How long has this office been open?
Is the company an independent operated franchise or a corporate franchise?
How many current active listings does this office have?
Can I prospect around them?
Are there any protected farms?
How many total transactions did this office do last year?
What type of market penetration numbers do you have?
How many agents are in this office?
What is the agent turnover rate?
Who is the most successful agent on staff?
What types of advertising does the firm do?
Can I do my own marketing?
Do you have a full time receptionist or agents doing phone duty?
Does the company provide leads?
How are leads distributed?
Do you pass leads to other agents on my listings?
Do you charge any fees above the typical split for these leads? Even if capped?
Who is your preferred lender?
Who is your preferred title company?
Who is your prefered home inspector?
Can agents take their clients and listings with them if they leave?
Do you require mandatory in office time, meetings, floor time, opportunity time, etc.?
Do you have broker opens/caravans?
Do you have a profit sharing program with agents?
What are the specific policies on desk arrangements?
Can I hire a personal assistant?
Do you provide a listing kit?
May I have a copy of the office manual and Independent Contractor Agreement?


[b]Training[/b]

Tell me about your training philosophy?
Do you have a new agent training program?
Mentoring?
Cost of mentoring ?
Who chooses mentor?
Costs of training, books, manuals, classes, in office?
What kind of training ( CMA, Contracts, Disclosures, marketing, ,lending, prospecting etc.)?
Formal Training Schedule? May I have a copy?
Broker Support, is the broker available for consultation?


[b]Branding/Marketing[/b]

Can I brand myself and have my brand be portable?

Can I have a custom website, flyers, business cards without contact information for the office? If office contact is there, can mine be in superior font, size, and position?

Who’s phone number goes on the signs for your listings? Yours, the office, both?

If a call comes in from the sign at my listing to the office, do I get the lead by default?

Can I acquire Builder accounts on my own? If not, how are they handled and at what cost?

Can I acquire Relocation accounts on my own? If not, how are they handled and at what cost?

If our relationship was not successful, who owns the rights to my listings?

Who owns my database of customers with whom I have done business? What if they are office leads?



[b]Technology[/b]

CRM software?
Lead generation?
Auto drip market reports?
DNC scrubbed Phone Prospecting lists



[b]Compensation[/b]

Commission Split?
Commission cap?
Franchise fees?
Transaction fees?
Desk Fees?
Referral splits?
BPO splits?
What is the policy and cost if I buy or sell real estate personally?
What is the office procedure for getting paid on a closing?
Are agents in the office on different plans? Explain them?
What is the initial and ongoing cost of my affiliation with the company?
Do you provide property management services?
What commission is charged to investor/owner of rental?
What is the split?
Any other PM fees?

Who pays for:
Photocopies
Business cards
Office supplies like binders, envelopes, etc.
Signs and riders
Lockboxes
Continuing Education
IDX
MLS
E & O
Website


Edited by SMOODY (06/11/14 02:12 PM)

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#436727 - 06/12/14 12:59 AM Re: What questions should I ask a broker? [Re: TravisF]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
With that many questions on your list, you may have to send the Questionnaire out in advance . . . . and then see if any of them still want to interview you.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#438106 - 08/06/14 03:31 PM Re: What questions should I ask a broker? [Re: SMOODY]
Betty.Set.Go Offline
Junior Member

Registered: 08/06/14
Posts: 1
Loc: NC
Thanks for the list SMOODY! I cut & pasted it as a starting point to create my own abridged version :) for my initial meetings.

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#438927 - 09/09/14 03:10 AM Re: What questions should I ask a broker? [Re: TravisF]
KWCareers Offline
Member

Registered: 11/27/12
Posts: 94
Loc: Worldwide
Can I see your training calendar and who is teaching the classes??

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#441541 - 12/10/14 07:57 AM Re: What questions should I ask a broker? [Re: nwrealtor]
AndreaSellsMore Offline
Junior Member

Registered: 12/10/14
Posts: 1
Loc: Maryland
Really great list! Thanks!

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#441716 - 12/18/14 12:25 PM Re: What questions should I ask a broker? [Re: AndreaSellsMore]
Thunderstruck Offline
Member

Registered: 05/17/10
Posts: 250
Loc: Townsville, Australia
What question should I ask a broker?

Can I get free training?

Read VABroker's comment, they are right!

To you or me we are just a number in their system.

KW why are you on this forum? If you can use this forum to fish for agents why don't we let every brokerage give their spill too?

I mean isn't KW able to do it's thing without you coming on this forum?

If you notice there is so much FREE real estate training in this forum and on the Net, it is crazy to pay for it. What is needed is ACTION ... and you either got action or you don't.

O ... by the way, is ALL the training at KW Free??? I don't think so.

The ONLY thing that matters to a brokerage is themselves and their cut.

Ask yourself this question, will the brokerage stand with me in hard times? Sure they are gonna be with you during good times, that is a given. But what about tough times? Something to think about.

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#445759 - 05/29/15 02:50 PM Re: What questions should I ask a broker? [Re: TravisF]
MarioJann Offline
Member

Registered: 05/15/11
Posts: 52
Loc: Louisville, Colorado
A lot of great answers so far.

I would focus on what type of training and mentoring they offer in your first year. Very important.

Thanks--Mario
_________________________
Realtor with RE/MAX Alliance in Louisville, Colorado

Author of the top selling book: "The Honest Real Estate Agent: A Training Guide For a Successful First Year and Beyond as a Real Estate Agent"

Check out my podcast on iTunes for new and aspiring Realtors: The Honest Real Estate Agent

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#446515 - 07/18/15 02:46 PM Re: What questions should I ask a broker? [Re: TravisF]
VancouveRealtor Offline
Member

Registered: 07/18/15
Posts: 35
Loc: Vancouver, BC, Canada
In your first year, you’ll need a lot of support from your managing broker. Make sure they will be able to dedicate you the time of the day!
Be ruthless in asking all the questions you want. After all, you will be paying a substantial amount of money for the service and it is only wise to shop around!
_________________________
Eugene Erchov
Vancouver BC Canada
www.eugeneerchov.com

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#448139 - 10/07/15 12:58 AM Re: What questions should I ask a broker? [Re: estatereal]
James Warren Offline
Member

Registered: 09/14/15
Posts: 43
Loc: Shanghai, China
Yes, this is what I call long term thinking. Working for a brokerage is one thing, but once you leave, take along with you which is worth most. That is all the time and effort you invested in your previous venture. Creating a website and personalizing your business is key.

If you dont own your business you still own yourself. So you need to market yourself as if you were your business.
_________________________
PartnerGo is an online B2B real estate referral network that serves as a platform to match and connect real estate buyer and seller agents as well as real estate developers around the globe. Learn More at: http://www.partnersss.com/

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#448602 - 11/02/15 01:49 AM Re: What questions should I ask a broker? [Re: TravisF]
Newbie2015 Offline
Junior Member

Registered: 10/29/15
Posts: 9
Loc: Indiana
How many questions is appropriate when interviewing a broker?

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#448740 - 11/08/15 05:35 AM Re: What questions should I ask a broker? [Re: TravisF]
John_Myers Offline
Member

Registered: 08/09/12
Posts: 43
Loc: NM, USA
Commission splits and is there a cap on the commissions

What type of training do they provide. Generating leads is the most important issue for real estate agents. You need to understand the laws, practices, and procedures. No leads, no business, no commission.

Understand all of the fees you will be required to pay.
_________________________
Myers & Myers Real Estate






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#450702 - 02/21/16 11:37 AM Re: What questions should I ask a broker? [Re: nwrealtor]
Jon Roussel Offline
Junior Member

Registered: 02/21/16
Posts: 1
Loc: Brooklyn, NY
Excellent list. Having an experienced mentor to work with is a great idea.

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#452702 - 05/23/16 03:40 PM Re: What questions should I ask a broker? [Re: TravisF]
louiefrias Offline
Member

Registered: 05/23/16
Posts: 24
Loc: Las Vegas/OC
Ask us HOW we see ourselves participating in YOUR success.

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#455409 - 11/14/16 09:24 AM Re: What questions should I ask a broker? [Re: TravisF]
TheBPOExpert Offline
Member

Registered: 01/22/12
Posts: 114
Loc: Georgia
If you plan to do BPOs you should ask him if he has a problem with you doing bpos first of all. You should also address up front whether he will allow you to keep your BPO money or whether it is subject to the commission split.
_________________________
The BPO Expert
Free BPO Company List
“You will get all you want in life, if you help enough other people get what they want.” -Zig Ziglar




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#455411 - 11/14/16 10:41 AM Re: What questions should I ask a broker? [Re: TheBPOExpert]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
Originally Posted By: TheBPOExpert
If you plan to do BPOs you should ask him if he has a problem with you doing bpos first of all. You should also address up front whether he will allow you to keep your BPO money or whether it is subject to the commission split.

And ask if s/he will have a problem providing a copy of the Brokerage's E&O Policy to your BPO Mills . . . . as most now require proof of Coverage. Some also want the General Liability and Auto Policies as well; but E&O is the most common.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#457497 - 04/27/17 12:21 AM Re: What questions should I ask a broker? [Re: estatereal]
Finance Daksh Offline
Junior Member

Registered: 04/26/17
Posts: 4
Loc: Uttar Pradesh
The best thing is to create your own brand.

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#457541 - 04/27/17 03:11 PM Re: What questions should I ask a broker? [Re: TravisF]
Dripping Springs Offline
Member

Registered: 04/27/17
Posts: 30
Loc: TX
BPO's are great but if your broker is unfamiliar with them how will he oversee it from a liability standpoint?
_________________________
Ross Quade Realtor Extraordinaire
Visit my website to learn more about the Texas Hill Country just West of Weird!

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#459416 - 10/18/17 10:25 AM Re: What questions should I ask a broker? [Re: TravisF]
Hailey Offline
Junior Member

Registered: 10/16/17
Posts: 5
Loc: Australia
Nice thread! Keep it coming..

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#459447 - 10/20/17 01:13 PM Re: What questions should I ask a broker? [Re: John_Myers]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 117
Loc: New Hampshire
Originally Posted By: John_Myers
Commission splits and is there a cap on the commissions

What type of training do they provide. Generating leads is the most important issue for real estate agents. You need to understand the laws, practices, and procedures. No leads, no business, no commission.

Understand all of the fees you will be required to pay.

There isn't much else that needs to be said in this thread, IMO. Training, splits, costs, and supervision.... I can't think of anything else.

But, I can think of a question new agents ought to be asking themselves: Am I willing to prospect daily for business. Without a definite 'YES!' answer, there is nothing any broker could do to help a new new agent.

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