Know the Answers to These Questions Before Deciding on a Real Estate Broker
So you got your real estate license…Congrats! But now it’s time to begin interviewing and while that’s not always the most fun, it’s important. Knowing all the important questions to ask a potential real estate broker can be a daunting task, so we’ve highlighted what we think are the most essential points to touch on.
Be sure to ask about training, opportunities to shadow top producers, mentors & offered continuing education classes. This should be your very first question asked. If the brokerage doesn’t offer training, move on. The brokerage with the best training, education and support should be your top contender because this will continue to build your business and further your own success. Additionally, this shouldn’t put a massive dent in your commissions, either. Be sure to ask whether or not their support comes with a price tag.
2. Commission Splits
At what percentage will your commission split start out as? Most agents will begin with a 50/50 or a 60/40 split between themselves and their real estate broker. This is a traditional beginning split for your first transactions, but be sure to ask if they offer graduated percentage increases as your production is met. Down the road this will be your greatest incentive to keep on selling—a bigger paycheck!
3. Provided Business Necessities
Is there an office space? Tech support? Business cards? Available computers their real estate agents are able to use? Be sure to know which–if any–business essentials a real estate broker is able to supply.
A follow-up question to this would then be asking what sort of costs will then fall onto you. Will you need to supply your own computer? Buy your own business cards or signs? This should be a big factor in your final decision.
4. Marketing Materials
Announcements? A website? Brochures? Door hangers? Anything at all? There are massive benefits for real estate agents to own their own marketing materials, but when you’re just starting out these little costs will add up. Getting what you can paid by your broker and saving where you can makes an impact.
5. Referral Network
Is the real estate broker you’re interviewing apart of a real estate referral network? Most likely no, but if they are (and there is no additional cost associated with it), then this could be a deciding factor so it never hurts to ask!
Happy interviewing and good luck!