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Embarking on a career in real estate can be both exciting and daunting. As you begin to navigate your path within the industry, selecting the right brokerage is crucial to your success. Here are some insightful questions to guide you during your interviews with potential brokers, helping you find a fit that aligns with your career ambitions and personal needs.
1. Training and Mentorship
- Training Programs: Ask about the types of training and mentorship available for new agents. It’s important to know how a brokerage supports the continuous professional development of its agents.
2. Commission Structure and Fees
- Understanding Costs: Inquire about the commission structure and any fees you might be expected to pay. Clarify what these fees cover, such as administrative support, marketing resources, technology, and continuing education.
3. Broker Accessibility
- Support Availability: Determine how accessible* the managing broker is for calls, texts, and queries. Also, understand their policy on broker support during negotiations and transactions.
Here's a memorable moment from my early days in real estate: On my very first day of floor duty, which involved answering phone calls in the office, I received a complex inquiry about building listed for sale and a 1031 Exchange. At the time, I had no idea what a 1031 Exchange even was! Thankfully, my managing broker went above and beyond—coming into the office on a Sunday afternoon just to explain the process to me. With his guidance, I was able to confidently make a follow-up call and appointment. It was a fantastic learning experience that I'll never forget!
4. Office Environment and Culture
- Work Atmosphere: Explore what the office environment is like, whether it's physical or virtual. Consider attending a weekly meeting to get a feel for the dynamics of the place. Ask about the culture and camaraderie among the agents, and find out how the brokerage facilitates interaction and team-building in a virtual setting. This can give you insights into how well you might integrate and collaborate with your peers, even remotely.
5. Franchise vs. Non-Franchise
- Brokerage Type: Identify whether the brokerage is a franchise or a non-franchise, and understand the implications of this status on fees and operational differences.
6. Educational Opportunities
- Learning and Growth: Find out about ongoing learning opportunities, such as continuing education (CE), certifications, and informal learning sessions like Lunch and Learns. Check if membership in any REALTOR® organization is required or optional.
7. Office and Technical Support
- Support Resources: Ask about the office and technical support available, including clerical support, equipment, technology access, and board memberships.
8. Broker Support
- Operational Assistance: Learn if the brokerage offers help with market materials, listing presentations, and drafting contracts. Explore whether they have a competing broker, buddy system, or a team-based approach.
9. Earnings and Additional Costs
- Financial Details: Request details about traditional splits, 100% commission concepts, and any associated fees like desk fees and transaction costs. Understand typical agent expenses including licensing fees, insurance, and marketing materials.
10. Contractual Obligations
- Contract Clarity: Ask for an overview of the key terms in the independent contractor agreement, including the expectations and responsibilities outlined. Also, if you leave for a different brokerage, then what happens?
As you evaluate potential brokerages, consider these questions carefully to ensure you choose a place that not only fosters your professional growth but also feels like the right organizational fit.
