10 Questions For New Real Estate Agents To Ask Real Estate Brokerages
Starting a real estate career is an exciting opportunity, but knowing which real estate company to affiliate with, can be the difference between real estate success and failure. The real estate licensing process is not designed to teach a new real estate agent what it takes to be successful as a real estate agent or how real estate companies are different, it is simply preparing a potentially new real estate agent for passing their real estate licensing exam. Below, we have compiled a list of the ten most important questions a newly licensed real estate agent should ask to a potentially employing brokerage, if you are really serious about being a real estate business owner…not just looking for a real estate job.
1. Is their real estate company:
- Dependent – Focus on generating the real estate business and making it cheaper for you to be an agent, but not training you how to generate your own real estate leads and how to build your own real estate business.
- Independent – You are responsible for generating your own business and all costs associated with running your real estate business, don’t get a lot of training and support, but keep a high percentage of your real estate commissions or just pay a transaction fee per transaction.
- Interdependent – Have a say in the direction of your office, agents work together and share ideas, focus is on training agents how to generate their own leads and build their own real estate business.
2. What is their Commission Split/Office Fees? Do you ever reach a point where you earn 100% of your commissions?
3. What kind of training is provided, who is teaching the classes(if any) and can I see your training calendar?
4. What kind of technology is provided? What does their technology cost? Website, contact management system, mobile app, etc…
5. What kind of support/support staff is provided?
6. Are their additional ways that I can earn income, like profit sharing?
7. If I decide to leave the brokerage, will I get to keep my listings?
8. Can I build a real estate team?
9. Regarding market share, what is the ranking of this office in that local market?
10. What makes you different?