As a new agent, interviews with a potential brokerage can be intimidating. It is important that you remember one thing: YOU are interviewing THEM.
Selecting a brokerage is one of the most important decisions you will make in your real estate career. We recommend interviewing and comparing several brokerages before selecting one.
Here is a list of questions you should be asking at your next interview:
1.Do you provide training? Your real estate course taught you the basics. Post-license training is what prepares you to apply what you learned to the real world- the stuff you can’t learn from a text book. Ask how often training takes place, if it costs extra and if they have a mentor program in place.
2.What commission split will I begin at? Some firms offer 100% commission plans but they are usually reserved for experienced agents. Most firms will offer a graduated commission split that will increase as your production increase. Ask how much you will have to produce to increase your commission and if your production resets after a given term.
3.What costs will I incur? You will want to find out your Initial, on-going, per-listing and per-sale costs. Brokerages vary drastically in their costs. Be sure to find one who’s fees fit your needs. For example, some brokerages charge E&O insurance per-month while others charge per-transaction. If you are closing less than 12 deals per year, you would want to select a brokerage who charges per-transaction.
4.Will there be opportunities to hold open houses for other agents? Holding open houses is one of the best ways to build your customer base as a new agent. It is rare that you will find a buyer for the house you are holding open, but you will meet people who are in the market for a new house.
5.What is your referral policy? Ask about their referral source and how often you can expect to receive them.
6.What tools are available for me? Does the office have WiFi, computers and printers for agents to use? Will you be provided marketing materials? Does the office use an online filing system? Ask if you will have to pay more to use their tools and if so, how much more?
7.Do you offer floor time? Floor time is another great way to start building up your customer base. If you are interested in floor time, be sure to hang your license at a firm with a high-traffic location. Ask how much floor time is available and what it will cost you.