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.

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.

[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

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.

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

Make sure you speak to other realtors who work for the broker too - they can be a wealth of information...

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.

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

Agreed, biggest thing to ask a broker is: commission split and training. For new agents training is a very important factor!

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

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.

This is the best reason for having your own domain in your email address...it carries with you along your journey. Good for you!

On the list above, #10 and #41 are critical IMO :-)

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 - WOW! Thank you for this VERY extensive list! I jotted down almost all of them in preparation for my informational interview tomorrow.

[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.

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.

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.

I have 3 interviews coming up this week, this thread is great, thanks everybody :)

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.

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!

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.

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?"

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.

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

do you have mandatory meetings, floor time ,open houses etc...also are you restricted by a farm?

Can I see the program?
How many offices do they have and where are they?

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.

Can I do My own marketing?
Can I brand myself along with the brokerage?

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!

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.

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!

i.e. just for being there ?

You may see it differently once you have acquired some listings of your own.

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.

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.

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.

^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.

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.)

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.

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?

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.

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.

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.

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.

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.

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.

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.

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 ...

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.

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.

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.)

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.

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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