I just passed my Real Estate test, NOW WHAT?

Congratulations, for putting in the hard work to get this far, it is time to start building a life by design.  Real Estate is a career with infinite growth potential. Starting in Real Estate?  It is time to think like a business owner and not an employee. What questions do you ask your new broker?  In my opinion, the first lesson to learn is that you are now starting a business.  It is time to start thinking like a business owner, and not an employee.  This is hard for some new agents to understand especially faced with picking what broker they want to interview.  I challenge you to flip that script and start thinking about what the broker can do to build your career.  Here is a great list of questions to ask when interviewing a Broker or Team Leader.

Office Space

• • Is this your only office in the city?
  • Is this the office I will be headquartered at?
  • Is there a cost to rent a personal office?
  • Do you have a competing Broker?
  • Do I have access 24/7?
  • Is the coffee unlimited?
  • Are there any required times I am in the office?  Weekly Meetings?
  • Are there places to meet my clients if I do not rent a space? Water and coffee for my clients?
  • Is there a dress code?
  • What is the company culture like?
  • Is there a contract to sign or am I free to leave if I’m not the right fit?

Marketing

• • How are leads distributed?
  • How many agents work in your brokerage,  New vs experienced agents?
  • What is the office market share?
  • Am I allowed to BRAND myself?  Are there any restrictions on marketing?  (Can I have my own social media and websites? Billboards?)
  • Do you have any special services that you feel make your office stand out against other brokerages
    

 Costs

• • Is there a split of the commission? Can it change over time?
  • Do you over a commission CAP?  (maximum paid into the office in a year)
  • Is there a transaction fee?
  • What is included in my fees?
  • What fees are above and beyond the city fees? (Franchise fee, Training, MLS, Printing fees, ETC?)
  • What are the fees I will pay to be a Realtor in town? (MLS, Association, CE)
  • What MLS are you a member of?
  • Do I have to pay for all of my own marketing?  Signs? Business Cards?

Training

• • Are you required to join a TEAM?
  • Is there training onsite?  Virtual?
  • Who provides the training?
  • How often are classes held in person?
  • Is there mentorship available?  For how long and at what cost?
  • Can you help me get my license?
  • Do you reimburse agents for their Real Estate Class?  Offer free classes?
  • Is someone available outside of business hours?
  • Would I be allowed to host an open house for other agents?

Technology

• • Do you provide a CRM?
  • Who owns my database? – Export and big data
  • What all equipment am I required to provide  (Laptop, Computer at office, Signs)

First Year

• • What are the expectations of a new agent?
  • How many deals does an average agent in the office perform in the first year?

Profit Share or Bonus

• • Do you have any recruiting bonus programs?
  • Do you offer a profit share?  How does it work?
  • What can I do to help grow our office?
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Finally,   Overall, What makes your brokerage different from the REST?  Remember they are here to help you learn, grow and run a successful business.  Make sure you are seeing value in the amount of money that you are paying for your brokerage.