These are the best questions to ask a real estate broker during the interview process. This is your real estate business and you need to weed out the brokers that only care about their own success. One of the most important decisions in your real estate career is choosing the right real estate company. Make sure you are prepared.
The History Of The Company
- Can you give me a brief history of the company? Who are the owners? Why was it started?
- Is the company an independent operation or a franchise?
- How many offices do they have and where are they?
- History of the current management?
- Does the company have a mission statement? Values? Core beliefs?
- How many agents work here? How many are new agents? Experienced?
- How many agents would bring you to capacity?
- What is your typical turnover rate of agents?
- What professional designations do your agents hold?
- What is the historical record of closed volume this office has done?
- What type of market penetration numbers do you have?
- What affiliations does the company have?
- Does the company own affiliated businesses? Do the agents share in this?
Real Estate Training Programs
- Tell me about your training philosophy?
- Do you have a New Agent training program? How is it structured?
- Can I see the program?
- What is the cost of the program?
- Who are the instructors and what are their backgrounds?
- Where is it held and at what times?
- Is fieldwork encouraged during the program?
- Is there a follow-up career launch type program to help get started?
- Is there a system in place to encourage early accountability?
- What Board of Realtors training is available?
- What type of ongoing training do you do? Can I see your training calendar?
- Is there an office orientation program?
- What type of advanced training is available and who teaches it?
- Do any courses provide licensing credit?
Building Your Real Estate Business
- Does the company have a philosophy on how I should build my business?
- How does the company help me establish priorities and goals? Examples?
- Do we receive help establishing a business plan?
- Can I “brand” myself and my business? If so, how?
- What legal status do I assume with the company? Independent Contractor or otherwise?
- Is there a contract required? Can I see a copy?
- Do you have a Policy/Procedures Manual? May I see it? Do I receive my own copy?
- Does the company offer systems to help build my business? What are they?
- In regard to building my branding:
- What does your signage look like? Are there options?
- Are personal logos (slogans) allowed?
- What card design is used? Flexibility?
- Collateral and advertising materials you use?
- Can I acquire Builder accounts on my own? If not, how are they handled and at what cost?
- Can I acquire Relocation accounts on my own? If not, how are they handled and at what cost?
- How does the company handle incoming referrals? Do your agents consider a fair system?
- Does the company have an advertising policy? Explain how it works? Who pays for it? Can I do my own advertising?
- How are sign and ad calls handled in the company?
- Do you have a floor time requirement?
- Can I direct my own sign and advertisement calls to me directly?
- Do you require Errors & Omissions insurance? Who pays for it? What happens if there is an overage in that account collected from the agents?
- What is my exposure in the event of a lawsuit?
- Do you help with my accounting?
- If our relationship was not successful, who owns the rights to my listings?
- If I were to leave, how are my pending commissions handled?
Economic Programs
- How does your commission/compensation program work?
- Can you take me through a “live” example by the numbers?
- What is the office procedure for getting paid on a closing?
- Are agents in the office on different plans? Explain them?
- What is the initial and ongoing cost of my affiliation with the company?
- Can I hire a personal assistant? Can they be licensed? Does the company charge me a fee for the assistant? What commission program does the assistant fall under?
- Do you have a profit sharing program with agents? How does it work?
- Are their other investment opportunities with the company? How do they work?
- What is the policy and cost if I buy or sell real estate personally?
Real Estate Office Management
- What is the manager’s priorities and basic responsibilities?
- Do they list or sell property as agents of the firm?
- Describe the additional staff and their responsibilities?
- Is agent input encouraged? If so, how is it acquired?
- Describe your meetings in the office? Frequency? Is attendance required?
- Who establishes office policies?
- Describe the type of culture you create in the office? How is this done?
- List the reasons an agent would be asked to leave your firm and why?
- Do you share the company books with the agents? If so, how often?
- How are “housekeeping” items conveyed to the agents?
Real Estate Technology
- What is the company’s basic philosophy in regard to using technology?
- Does the company provide high-speed internet access and at what cost?
- Are the printers/computers/machines in the office networked? Can I hook into this network?
- Do you provide specific software/ What are the programs?
- Do you provide voicemail?
- Do you provide e-mail? Is it private?
- Do you provide a web site for the agents?
- Do you provide any type of computer training?
- Do you provide software training?
- Does the company have a web site? An Intranet site?
- Are their presentations available that are electronic from the company?
- Do you encourage using Personal Data (palm pilots) Assistants? How?
- Does the company provide marketing templates?
- Does the company provide forecasting electronically?
- Can I do my accounting electronically?
- What type of long-term technology support can the company offer?
Office Environment
- Does the office look like a professional environment?
- Who and how are customers and clients greeted?
- How many conference rooms are there?
- How many research rooms are there? Can you look at them?
- How many computers for general use and what software do they have?
- Printer situation? High speed/ Color/ Laser?
- How are incoming and outgoing faxes handled?
- Copiers situation? Cost associated with them?
- Other research tools available to help you? What are they?
- Do you maintain a training facility? Can I see it?
- Do you maintain a computer lab?
- Is the general office cramped?
- Is there adequate parking? For clients?
- What type of desk arrangements are there? What are the specific policies on this?
- Are there expansion plans?
- Is the heating and air conditioning adequate?
- Are there security issues to deal with?