Questions To Ask Real Estate Broker When Interviewing
You have just passed your real estate license exam and now you are ready to pick a broker. Or just have already with a real estate brokerage and you are thinking about making a change but you want to ensure the change you make is the best for you.
This blog post gives you some of the best questions to ask real estate brokerages. The questions are in no particular order and you can you should use as many of the questions you like. This list will be constantly updated with relevant questions to ask any real estate brokerage/broker.
Do you have questions relevant to the list? Share them in the comment section and we will update this post accordingly and credit you for the question.
This article is a continuation of the video below:
Tip: Bookmark this page so you have these questions handy so you can refer to them when necessary.
Questions To Ask Real Estate Broker When Interviewing:
1.What types of agents most succeed here?
- People friendly
- Tech agents
- Numbers-driving people
- Independent agents
2.What strategy have you found to be most successful?
- Social Media based
- Door knocking
3.Can you tell me about your real estate sales training program for new real estate agents?
This is an open-ended question and the broker should tell you about their available programs for new real estate agents and experience real estate agents.
4.What MLS will I have access to? (Multiple Listing Service)
- Fairly easy question. Some brokerages have multiple MLS services and you may have to subscribe to one or possibly more.
5.Do you provide administrative support for your real estate agents?
- What kind of support is provided? None? Full support? Transaction coordinator, etc?
6.How are incoming and leads handled?
- Are these fielded to specific real estate agents only?
- Or you have a system that rotates these potential leads?
- Is there even a system at all?
7.Can you tell me about your commission structure?
- How is the commission split?
- Do you take most of my commission?
- Is the same split across all transaction
8.What types of marketing materials do you provide to real estate agents?
- (Signage, Social Media Management, Business Cards, Video Marketing, Real Estate Agent Spotlights, etc.)
9.Outside of my commission split, what fees would I be responsible for?
- Will your fees be transactional? Will they be monthly? How much will they be? How often? Will they be your sole responsibility? Or do you get some kind of discount from your broker? These are all questions relevant to this specific question.
10.What kind of technology do you have available?
- Transaction Management
- Business Phone Line, etc
11.What type of marketing support do you provide? Tell me about the process.
- Is there some kind of agent spotlight?
- Do you handle my marketing?
- Do you handle some of my marketing?
12.Does your real estate office have a specialty and niche? Tell me about it.
Find out if the real estate office specializes in a particular niche. Here are some real estate niche examples below:
- First time home buyers
- New construction
13.Who are the top real estate agents in the office and can I learn from them?
- Who are the top agents in the office?
- Do they give back to the broker and it’s agents? Do they offer mentorship and share tips, business?
14.What is the format of your meetings? How often do the agents in this office meet together?
- Are the real estate meetings collaborative?
- Are they lectures?
- Are the meetings mandatory or voluntary?
15.How many real estate agents work at this office?
- How many agents work here? Will I get the training, time, and attention I need to thrive as a real estate agent with your company?
16.What is the average number of years of real estate experience?
- This question will tell you how in tune the broker is with the agents in the company and the office's production.
17.Do you offer me an office and will I have to share the office?
- Tell me about the office situation.
- Some people need an office, and some don’t.
- At eXp Realty, we close most of our transactions without an office. We do a lot in the cloud and with technology so we don’t really need offices. However, if we do, offices are available.
18.How would you describe your office culture? How would you describe the brand culture?
- Is it high sales like a Wallstreet kind of environment?
- Is it really relaxed, no pressure, no deadlines, no requirements?
- Do the people stay in touch with each other or is every real estate agent for themself?
- Are there cliques or people that work well together and others that work well individually and all by themselves?
Selecting the right brokerage is critical to your success as a real estate agent. I chose my broker with some of these specific questions in mind and I attribute a lot of my success and growth to being prepared to have the topics in this article addressed.
For those interested in learning about my current real brokerage, check out my full review here.
PS. If you have any questions or comments to add, please comment below so others can learn and hear from you. Looking forward to hearing from the community.
DigitalRealEstateStrategy.com – Jerome Lewis, eXp Realty, Philadelphia, PA.