Questions To Ask A Potential Broker

[Tim L.]

So I'm a freshly minted real estate associate, planning my strategy for interviewing brokers.  Over the last few hours, I've put together a list of questions that I would like to ask each potential broker, and I would like your advice if it is sufficient, or if I am missing anything?

I don't plan on following this to the T, but I want to have this in front of me in order to help direct the conversation, and to make sure all my questions are answered.  I plan to also make another document that highlights myself and what I'm looking for out of a broker, so that I can make sure that we are all on the same page.  

Please look this over and let me know what you think.

Introduction

- What do you feel makes your brokerage stand out from the rest?

- If I were a seller/buyer, why would I choose to use your brokerage?

Training

- Do you provide training?

- How much training is provided? What areas does it cover?

- Is there any way to shadow one of your top agents in order to learn the ropes?

- How accessible is management?

What costs can I expect to incur from holding my license here?

- Initial – business cards, dues, etc.

- On-going – monthly/quarterly charges, desk fees, franchise fees, license fees, etc.

- Per listing – advertising, sign, lock box, etc.

- Per sale – error and omission insurance

The business

- How many agents work out of this office?

- How many top agents do you have?

- How many listings does the office have?

- What is typical of this brokerage?

- What is the average number of listings for a part-time/full-time agent?

- What is the average list/sale price?

- How long is the average listing on the market?

- Percentage sold vs. expired

- List price vs. sale price

- What’s the least amount of time it’s taken a new agent to close a transaction after being hired?

- How many of your new agents succeed beyond 2 years?

Advertising

- How do you do it?

- Who takes the pictures, writes the ads, publishes the listing, etc.

- What would be your advice to someone just starting out with advertising my brand?

- Examples of advertising?

Office time

- What is required?

- Are we able to work from home?

- What is expected of part-time agents?

Car Insurance

- Do I need to get any additional liability insurance?

Compensation

- What is your typical commission charged to a seller?

- What is your current commission split structure? Is it negotiable?

- Do you offer a graduated commission split as production increases?

- Would I be able to offer a lower commission under certain circumstances? Ex: Listing/buying my own property

- Any bonus programs for exceeding goals, recruiting other agents, etc.?

Additional Benefits?

- Individual contractors

- Health/life insurance?

- Retirement?

- Other benefits?