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!

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!

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.

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.

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.

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...

Oops.

Done.

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?

Excellent contribution, nwrealtor. This sticky thing might work after all! Thanks to Perky for putting it here!

If you want all of that as a new agent look to be giving away a huge chunk of your commission in the beginning.

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!

I'm in the same situation...I guess I need to create some branding, and that's a good idea

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.

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.

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.)

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.

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.

Get your own leads! If I had to depend on my broker for leads, I'd be one sorry agent.

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.

"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.

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.

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]

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.

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%.

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.

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.

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!

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.

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.

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.

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?

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?

Trainng - training - training
Focus on that first and everything will come later with ease...

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.

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.

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.

RE:

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

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.

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=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.

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

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...

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

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

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

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".

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?

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.