Top Questions To Ask When Choosing a New Brokerage

Well, you’ve made it this far! Congratulations on getting your real estate license or at least committing to taking the real estate classes in order to get your license.

If you have experienced the overwhelm associated with burying your head into a textbook or spending countless hours watching online videos, just know you are not alone. I mean, after all, there is nothing more fun than learning how many square feet are in an acre and how to utilize the Gross Rent Multiplier Formula.

As if it’s not complicated enough, once you pass your real estate exam you are expected to play detective and know all of the questions to ask in order to find the right brokerage for you. All of a sudden, you find yourself being a “free agent” in the open market with every real estate company promising you that they have the latest and greatest technology or best commission splits to make their argument convincing as to why their company is the best so you join them.

With every shiny object being thrown at you, how are you supposed to know what to ask? How will you identify the best real estate company for your individual needs? How will you make sure the company is in alignment with your core values and beliefs?

The Locker Room is here to help! We have provided some questions for you to consider asking when interviewing real estate companies. This should not stop at the superficial questions regarding items such as commission structure, technology, or how to get business as a new agent – although those things are important to consider.

Keep in mind, the real estate company you choose to affiliate with is for YOU. Research shows that nearly 96% of clients selected their agent based on the agent’s reputation and personal relationship. A very small percentage chose the agent solely based on what company they were affiliated with. Clients choose to work with YOU so it is important that you select the company that best meets YOUR needs.

We hope this list of questions to ask a real estate company allows you to feel prepared and in control of the interview!

QUESTIONS TO ASK A REAL ESTATE COMPANY

These questions should help you choose a company that is best for you, your family, and your career.

1. What is your company “value” proposition as to why an agent would want to work here?
2. What would my “split” be at your company? Does that ever change?
3. What are any monthly fees I would be responsible for paying?
4. What type of structured training does your company offer for:

• New Agents?
• Experienced Agents?
• Mega/Top Agents?

5. Does the broker and/or manager of your office also sell?
6. How does your company view/support building a real estate team?
7. If I choose your company but for some reason, things do not work out and I want to move to another company, what does your independent contractor agreement say in writing regarding my listings and/or sales?
8. If I did move to another company, would any pending sales I have be paid on my normal “split”, or would my “split” change on those sales?
9. Does your company do local, regional, and/or national advertising? If yes, why? If no, why?
10. What technology do your agents receive such as a personal website and CRM system? What do I have to pay for that?
11. Outside of the commission split, do I also have to pay a transaction fee on each closing?
12. Do I pay for photocopies if I want to print something? How much?
13. What are the qualities you look for to ensure an agent is a fit for the company?
14. Is there room for growth and/or opportunity if I decide I don’t always want to sell, and eventually want to do something else real estate related?
15. What do you expect from your top producing agents?
16. Are commissions negotiable when working with sellers and buyers? If so, can I make that decision or do I need permission?
17. How would you describe your company culture?
18. What are the production levels of your top 10 associates?
19. Can I expect to get any leads from the brokerage? If so, how is it decided who gets the lead?
20. What do you do to help increase the level of production of your agents?
21. What principles did you adopt from the brokers you were with as an agent, and what did you learn you needed to do differently?
22. How have your past experiences as an agent and/or leader help shape your company today?
23. What percentage of your agent roster has not produced in the past 6 months?
24. How fast are your new agents getting into production?
25. How many homes does the average agent close per year with your company?
26. What do the top producers in your company do differently than those who are struggling?

You may or may not use the entire list, but let this inspire you to ask your own questions or select the ones most important to you from the list and go in with an open mind!

You deserve to weigh all of your options and find the best brokerage “home” for you!