Any Tips When Selecting a Broker?

[Darcy Reynolds]

Hi BP!  I am taking my New Jersey State exam next week and am looking for advice as I begin to interview brokers. What are the right questions to ask? What are the important things to look for? I have been told mentorship and training are key starting off, and that a bad first step can set you up for failure.  Appreciate the advice.

[David M.]

@Darcy Reynolds

You don’t necessarily want a team because you won’t be working the whole “trade” as an agent. Teams are basically mini-companies within a brokerage — they sit as as quadi brokerages that they NJ Real Estate Commission hasn’t figure out how or whether to regulate.

From what I’ve seen, many teams wind up having you do a function of the process. For better or worse they are completely branded under that agent’s name. Also, you normally don’t get credit for the sales. So, when one looks up your production/sales history there won’t be anything. Since everything, including advertising, is under your team lead’s name, you aren’t getting your name out there.

I honestly think it’s silly because clients sign on for the name of the team lead, but most of the time never get to see/talk/communicate with that agent. They get “bounced” around the myriad of agents working in the “team.”

Actually, my most “troublesome” transactions have been when the otherside is represented by a team.

Some brokerages have a policy that if you a join a team you can can’t go out on your own — you basically have to leave and join another broker if you want to be your own agent.

It’s basically whether you really want to work for yourself or work for someone else and but have a self employed status. So you limit your downside risk by ensuring that as long as your team lead and lead generation agents are doing well, you will have some income. However, you also limit your upside potential because you aren’t able to “take advantage” of actually being a true independent contractor and getting the whole commission.

Ps. We just had another thread about questions to ask brokerage today. One poster gave a long list of good questions. When I find it I’ll send it over.