Newly Licensed Agent. Best Questions to ask potential Broker?

Question

Hello my fellow BP Members!

Its always a pleasure to receive feedback from such knowledgeable individuals. So here is my question for you:

I recently (yesterday) passed the Florida state exam to obtain my Real Estate License. I obtained it for Real Estate Investment purposes, but need to hang my license with a broker. I am currently living in Fort Myers, FL. My question is, what are some "Must Ask" questions, as well as some good questions that I should ask my potential broker while discovering which one is the best for me to hang my license with? Thank you for your time.

Lala Weiss · Answer

@Jeff Valentino I noticed this is an older thread but relevant to me now. I'm getting started as an agent but with no knowledge of buying and selling. Can you elaborate more on the differences between broker choice when getting your RE License for investment reasons vs to do retail transactions? I would like to do some investing but am not sure what questions to ask, what kind of training would be good for me etc. My idea was that getting into retail transactions would give me a good lay of the land for when I want to invest down the track. I would appreciate some guidance from some more experienced professionals here.

Jake Thomas · Answer

@Dimas Espejo Do you need training or do you understand the process of buying and selling? When I received my license I had already bought and sold several houses so no training was needed. If you need training starting with one of the larger brokerages might be best as they are designed for newbies to jump in and learn. The most important question I would ask is the commission splits. You don't want to give away 50% of your hard earned commission on a lead you have been working on for months do you? I am with a flat fee brokerage and average around 12% of my commission held back by the broker. Call around to enough of them and you will figure out who you want to work with. Don't forget you are interviewing them as much as they are you since this is not a normal W2 type of career.

Sam Lin · Answer

@Dimas Espejo The good news is most experienced brokers by now have heard all sorts of questions, so they should be prepared by the time you ask them these questions. You'll easily weed out the good ones from the bad ones by based on their preparedness.

One thing some brokers do very well is answer your question that isn't quite on point, but with conviction. For example, if you ask about training and they said they have multiple classes each week from experts, they'll show you calendars and example materials. But if you work a full-time job, the only time you have to attend these training classes may be evenings and weekends, then those training classes better be available then (which they sometimes aren't). So be specific and don't let a broker get away with a canned answer.

Good luck!

Dimas Espejo · Answer

Thanks for your response @Vance Olson. I will definitely do as you stated and interview multiple brokers before making my decision. I think training is surely going to be vital with my choice for my first broker.

Vance Olson · Answer

Congrats! Lots of great offices in town. I would check 5-6 out. A lot depends how much training you need. Good Luck!

Jeff Valentino · Answer

Great, well the you want to know who can help you learn the business. Be as specific as possible with what you really want to learn. What kind of training do you have for CMA, lead gen, investing, transaction coordination etc.

What kind of marketing support do you offer? This can be helpful when you are deciding on types of marketing to do. Will they pick up some of the cost or help in design etc.

Also ask what kind of support they have when you have a question, because you will have questions. Can you text a trainer and expect a response in a reasonable amount of time? Do you need to email the broker who may be out in the field or wait till the next meeting? Having these questions answered would be the most important to me, so I can have the right expectations.

A good office culture can really set you on the right path in this business even though you may not be there forever.

Lastly, what's all that gonna cost?! :) Good luck!

Jeff Valentino · Answer

Congrats @Dimas Espejo!

What are you looking to do? Just keep your license for investing or to do some retail transactions as well? I ask because I would suggest different things based on your plans.

If it is just so you can invest, then it makes little sense to pay high desk fees and splits.

If you plan on working as an agent too, I would make some other suggestions.

Let me know, and I'll give my opinion!

Dimas Espejo · Answer

Thank you very much for your detailed responses @Sam Lin and @Jake Thomas. Both of you offered insight and wisdom that is truly appreciated. Thank you so much for your time.

Dimas Espejo · Answer

Thank you so much for your detailed response @Jeff Valentino! Truly appreciated. I will definitely ask these questions while interviewing my potential brokers. Thank you for taking the time out to answer my question.

Dimas Espejo · Answer

Thank you so much @Jeff Valentino. At first I would like to build my capital to ultimately go full time on the investment side. So at first, I would be working as an agent in retail, as well as investing. But later on, would like to transition to full time property investing. Any pointers would be greatly appreciated!

Newly Licensed Agent. Best Questions to ask potential Broker?

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