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#455409 - 11/14/16 03:24 PM 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.
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#455411 - 11/14/16 04:41 PM Re: What questions should I ask a broker? [Re: TheBPOExpert]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
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.
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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 05:21 AM Re: What questions should I ask a broker? [Re: estatereal]
Finance Daksh Offline
Junior Member

Registered: 04/27/17
Posts: 4
Loc: Uttar Pradesh
The best thing is to create your own brand.

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#457541 - 04/27/17 08:11 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?
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Visit my website to learn more about the Texas Hill Country just West of Weird!

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#459416 - 10/18/17 03:25 PM Re: What questions should I ask a broker? [Re: TravisF]
Hailey Offline
Junior Member

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

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#459447 - 10/20/17 06:13 PM Re: What questions should I ask a broker? [Re: John_Myers]
Long Walk Online   content
Member

Registered: 06/27/08
Posts: 410
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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#461038 - 03/27/18 07:57 AM Re: What questions should I ask a broker? [Re: TravisF]
Roger Perry Offline
Member

Registered: 09/22/16
Posts: 18
Loc: United Stat, California
This is great..... All the best...

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#461040 - 03/27/18 10:33 AM Re: What questions should I ask a broker? [Re: Roger Perry]
Long Walk Online   content
Member

Registered: 06/27/08
Posts: 410
Loc: New Hampshire
Originally Posted By: Roger Perry
This is great..... All the best...
Roger -- all your posts read like a VA increasing a post count for a customer. Are you a licensee?

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#462552 - 09/30/18 03:59 PM Re: What questions should I ask a broker? [Re: TravisF]
ALSTIEL Offline
Member

Registered: 08/17/18
Posts: 20
Loc: Pa.
Another couple of questions if they haven't been specified, is ask how many agents they have hired in the last year?

How many of those agents are still with you?

How many agents do you have working here?
Then follow up with how many of those agents have been with you over the last three or even five years?

If they say they have 25 agents and only 10 have been there for three to five years or more. Those 10 are probably the only ones making a good living there.

I asked a broker and an agent this in the last week and they said that usually less than 20% more like 15% are still active in real estate five years after getting their license.

Are these brokerages just looking at a cattle call or is the brokerage serious about you actually making money for them.

I had one office manager tell me that she made most of her money recruiting agents for the brokerage. She got a bonus for every licensed agent she pulled through the door over her quota.


Edited by ALSTIEL (09/30/18 04:00 PM)

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#462553 - 09/30/18 04:32 PM Re: What questions should I ask a broker? [Re: TravisF]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Originally Posted By: ALSTIEL
". . . I had one office manager tell me that she made most of her money recruiting agents for the brokerage. She got a bonus for every licensed agent she pulled through the door over her quota . . ."

Quota of what? You would think that an Office Manager would be on Salary; not on a some kind of production quota. Maybe she's really the Sales Manager ?

From a practical point of view, the Brokerage can't afford to pay anybody anything unless those Agents are also productive . . . . but most don't have the temperment to produce anything; and nobody knows which ones those are until they try. That's why so many are called but so few are chosen.
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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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#462568 - 10/03/18 09:05 PM Re: What questions should I ask a broker? [Re: TravisF]
ALSTIEL Offline
Member

Registered: 08/17/18
Posts: 20
Loc: Pa.
Vermont, The way she put it was she had a quota that was expected of her in the number of Agents she got to join the brokerage. She got a bonus for every "body" she could bring in over that base number each quarter.

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#462569 - 10/03/18 10:23 PM Re: What questions should I ask a broker? [Re: TravisF]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Still sounds odd to me. If "she made most of her money recruiting agents for the brokerage", then what does she do the rest of the time ?

Don't bother answering unless this is the brokerage where you finally landed.
_________________________
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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#462588 - 10/08/18 11:32 PM Re: What questions should I ask a broker? [Re: TravisF]
Flavius Offline
Junior Member

Registered: 10/08/18
Posts: 1
Loc: Florida
One of the first questions should be what's the commission on selling your house, usually it's around 3% ... you can find more details here about How much does a Real Estate Agent make?

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