As a new real estate broker, one of the most important decisions you will make is choosing your brokerage. This is your home base and support center that will provide the tools you need to bolster your business. You should shop around to find the best real estate brokerage that fits your individual needs and values, but how exactly do you determine this? Simply put, ask questions, lots of questions. In this article, we will review the essential questions to ask a managing broker as a new agent.
First Things First: The Starter Questions
Let’s keep it simple by asking some basic starting questions that will give you a snapshot of the most important factors when looking at a brokerage. How you get paid, receive leads, and your monthly cost should be the first 3 questions you ask any managing broker. Once you have established this starting information you can then start diving into some more specific questions. Don’t be afraid to ask the managing broker simple questions, even if they have simple answers, you never know until you ask.
To begin, start by asking:
- What is the brokerage commission split?
- How do I get leads? Is there a cost?
- What are the monthly costs & fees of the brokerage?
- What type of office support do you provide?
- How do I get professional photos of my listing?
- Do I need any e-signature memberships?
- Can I close my deals in the office?
- What is your policy on agents using the office to work?
- Are there any other resources or extra tools that you recommend for agents?
- Do you offer support for commercial real estate agents?
- Do you offer support for leasing real estate agents?
- Can you provide references from other agents who have worked with your brokerage?
- Is there an onboarding process to help me learn the main brokerage processes?
Growing Your Business: Marketing, Leads & Technology
Marketing is one the biggest aspects of the real estate industry and any brokerage worth your time will support your marketing efforts. The support you receive and the technology provided will vary widely from brokerage to brokerage. Some brokers need full turnkey levels of support, while others that have a better grasp on the tools & technology available to them require less direct support.
While it’s up to you to know what level and depth of support you require, these more technical questions will help you make that decision:
- What kind of marketing support do you provide?
- How do I get social media graphics?
- How do I send newsletters to my clients?
- How do I send mailers such as postcards?
- How do I get mailing lists?
- I can make my own graphics, what are your company branding guidelines?
- What kind of technology support do you provide?
- What CRM software does the brokerage use?
- What MLS does the brokerage use?
- How does the company generate its leads for agents?
- What tools do you provide to help generate leads?
- How do you help new agents build their businesses?
- Can you help me set up and manage online ads?
- Do you provide signage for listings?
- How do I get custom signs with my headshot?
- Can I do open houses for other agents at the brokerage?
- What type of support do you provide for open houses?
- Do you offer any incentives for bringing agents into the brokerage?
Staying On Top Of The Game: Training & Support
The real estate world is an ever-evolving industry that requires constant training to stay at the top of your game. This rapid and constant change is simply out of anyone individuals control. But, what is in your control is the continued training and education you engage in to stay informed. A managing broker that supports good habits in their agents and provides the tools & resources to do so, will be the best place to grow as a new or experienced agent.
Be sure to ask about the different areas of training & support that are offered:
- What kind of training and support do you provide?
- What kind of administrative support do you provide?
- Do you offer any one-on-one coaching?
- Do you offer any mentorship opportunities?
- What kind of professional development opportunities do you offer?
- What kind of networking opportunities and events do you offer?
- Do you have a brokerage training library?
- Do you offer a fast-track program for full-time agents?
- Do you offer any assistance with the transaction process?
- How can I join a team?
- How do you hold agents accountable for company-generated business?
- How do you support collaboration and teamwork among your agents?
- How do you handle conflicts or issues that arise between agents?
- What are your expectations of me in terms of production and success in my first year?
- What is the average price point/listing price of the properties you work with?
- What is your experience working with luxury real estate?
- What is your company’s culture like?
- Can you describe any unique niches or specialties of your brokerage?
- Is the brokerage involved in the local community?
- What type of charity or fundraisers is the brokerage involved with?
Choosing the right brokerage is crucial to your success as a real estate agent. Asking the right questions and doing your research can make all the difference. From understanding the commission split to determining the type of support you will receive for marketing, leads, and technology, to finding out what kind of training and support you will receive, these questions will help you find the best fit for your needs and goals. By taking the time to ask the important questions, you can feel confident in your decision and find a brokerage that will help you grow and succeed in your career as a real estate agent.
Leave a Reply
You must be logged in to post a comment.