The whole interview process for finding a broker to hang your license with is different than most job interviews. Usually you go in prepared to toot your own horn a little and dust off all of the employment buzz words that we all have saved in the proverbial rolodex to pull out in certain occasions in hopes that we get a job offer. In real estate however, sure there is a little horn tooting, but for the most part you need to be ready to ask THEM what they can do for YOU! The first interview I went on, I was not at all prepared for this line of questions and therefore left the interview completely perplexed and a bit defeated, but it was definitely a learning experience and I took all of my mistakes to make a tentative list of questions which of course brought new questions. So when all was said and done I had about 30 questions, which made it a lot easier to decide on a broker when I knew what the hell to ask them! So here they are…
- Is there new agent training available?
- Is there a set days or hours to be met before I am able to start prospecting my own clients?
- Is there a cost to me? If so, how much?
- Do you have a mentor program?
- Would it be the same mentor or would I have someone different to shadow through out all of the aspects of buying and selling?
- How often is continuing education offered
- Is it offered in house or elsewhere?
- Who should I ask if I have questions after the training period is over?
2. What do I need to get started?
- What costs will I incur from the initial to the ongoing?
- Is it paid out of commissions or is it a separate charge?
- How often are fees paid? Monthly? Quarterly? Per Transaction?
- Do I need specific Liability Insurance on my car? How much? Do I need to list the broker as an interested party?
- Do I need separate E&O insurance? (Errors and Omissions)
- Are there marketing materials available to me?
- What web based services are available to me?
- Are there any mobile Apps I will need or benefit from?
- Is there an IT person to help me get all of the programs set up or there if I have any ongoing issues. Are they available only during office hours?
- Do I need to purchase a computer or specific software?
- Is there an approval system for any marketing materials, advertising, or social media that I put together on my own?
3. Brokerage Specific Questions
- How do referrals work in your office?
- What was your gross volume of sales last year? How does that compare to this year?
- Are most of your agents part-time or full-time?
- Will I be expected to attend all in-house team meetings, etc?
- Does the office focus on team goals or am I pretty much on my own?
- How often am I expected to work out of the office?
- Is there a way to access the office after normal business hours?
- What commission split will I start at?
- Will that change after a period of time?
- Is there a cap placed on how much I will pay into transaction fees, royalties, etc.?
- What is the referral split?
- If I am on a team will I have to split any additional commission to the team leader?
And last but not least I always asked my interviewer, What is something that you know now that you wish you had known when you were getting started? I was amazed at the different answers but they were all full of good advice. I hope someone can learn from my ignorance!