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20 Questions to Ask When Choosing a Real Estate Broker

CEO Khai Intela
Choosing the right real estate broker is crucial for your successful career in real estate. With so many differences among brokerages in terms of offerings, commission splits, expectations, and culture, it's essential to ask the...

Choosing the right real estate broker is crucial for your successful career in real estate. With so many differences among brokerages in terms of offerings, commission splits, expectations, and culture, it's essential to ask the right questions to make an informed decision. In this article, we'll explore the 20 questions you should ask when choosing a real estate broker, as well as provide advice for newly licensed agents.

Financial Considerations

1. What are your commission splits?

You'll want to understand the percentage of commission you'll receive compared to the broker. This will help you gauge the financial opportunity and whether it aligns with your expectations.

2. Are there any franchise fees?

Some brokerages charge additional franchise fees on top of the commission split. Knowing about these fees will give you a clearer picture of your potential earnings.

3. Do you offer a commission cap?

A commission cap sets a maximum amount of commission the brokerage will keep each year. Understanding this cap will help you determine your net earnings.

4. Are there any other brokerage-related fees?

Additional fees, such as monthly office fees, MLS fees, insurance, education fees, and start-up fees, can impact your overall earnings. It's essential to be aware of these expenses.

5. What other expenses might I be responsible for?

Apart from brokerage-related fees, you might have to bear additional expenses like lockboxes, signage, business cards, REALTOR designation, website hosting, and IDX fees. Understanding these costs will help you plan your budget effectively.

Broker Benefits and Offerings

6. Do you offer any of the following?

Find out if the brokerage provides benefits like business cards, signage, lockboxes, a stand-alone website, and if they offer leads for homebuyers or sellers. If leads are provided, inquire about their distribution, referral fees, and the conversion rate.

7. Do you have a closing coordinator and technology support team?

Having a closing coordinator and technology support team can make your job more efficient. Inquire if the brokerage offers these valuable resources.

8. Are continuing education classes available?

Quality education is essential for growth in the real estate industry. Find out if the brokerage offers classes and whether they are in-person or online.

9. Who can I contact if I have questions about a contract?

Knowing who to contact for contract-related queries and their availability is crucial to ensure you receive timely support.

10. Do you have a mentor program?

A mentor program can be instrumental in your early success as an agent. Inquire about the mentor program and any associated commission sharing.

Brokerage Environment and Expectations

11. How many real estate agents are in the office?

Understanding the size of the office and the number of agents can give you insights into the level of competition and potential collaboration opportunities.

12. How often do you have team meetings and social events?

Team meetings, happy hours, and other social events can contribute to a supportive and collaborative office culture. Inquire about the frequency of such gatherings.

13. Are there any mandatory attendance meetings?

Some brokerages have mandatory meetings that you'll need to attend. Knowing this information will help you plan your schedule accordingly.

14. What do you do to promote listings, the office, and the agents?

Understanding the brokerage's marketing efforts can give you an idea of how they support their agents and promote their listings.

15. Is desk or phone duty required?

Some brokerages require agents to cover desk or phone duty. Inquire about the frequency and duration of these responsibilities.

16. How are you involved with the community?

Having a brokerage that is actively involved in the surrounding communities can provide additional networking and marketing opportunities.

17. What are your expectations for me as an agent?

Understanding the brokerage's expectations, such as sales targets, attendance requirements, or other obligations, will help you assess whether they align with your goals and capabilities.

Company Culture

18. Can you describe the atmosphere of the office?

Knowing the office atmosphere can help you evaluate whether it's a supportive and collaborative environment.

19. Would it be possible to get a tour of the brokerage and meet some of the agents and staff?

A visit to the brokerage can give you a firsthand experience of the work environment and allow you to interact with potential colleagues.

20. Can I have the phone numbers of agents working in the office?

Speaking with current agents can provide valuable insights into the work culture and opportunities within the brokerage.

In Summary

Choosing the right real estate broker is pivotal to your success and happiness in the industry. Take the time to research and ask these essential questions to make an informed decision. Remember to consider factors such as financial considerations, broker benefits and offerings, education and support, brokerage environment and expectations, and company culture.

While it may be challenging to gauge the atmosphere and company culture, gathering as much information as possible beforehand is critical. A supportive and nurturing environment can make a significant difference to your real estate career.

Editor’s note: This article was created by Kerry Lucasse, Founder of Building Better Agents and Realtor at eXp Realty. Information deemed reliable but is subject to change.

About Building Better Agents: Building Better Agents is dedicated to helping agents build successful real estate careers without relying on cold calling, door knocking, and chasing expired listings. Leaders Kerry Lucasse and Kary Perry, proud agents with eXp Realty, provide guidance on developing a plan, building a database, and working smarter to uncover the keys to success in the industry.

For more information, please contact us today!

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