Most Realtors are self-employed. Picking the right office to work for can be no easy task especially when you are self-employed. With self-employment there are lots of start up costs and real estate is no exception to the at rule. Because of this it can be very expensive to change real estate offices. Be sure to interview several offices when choosing to become a Realtor. Even if you are an established Realtor this list will help you choose the best real estate office experience.
Side tip for established Realtors: Don’t be afraid to negotiate to get a better deal if switching offices. The broker wants your business so don’t forget to ask for a better commission split, paid marketing expenses, office space, etc.
The following questions will help you get the best office experience and help you know what to expect from the office that you choose!
- What would my starting commission structure be? How will this change as I stay with the company?
- Is there a franchise fee on top of the commission split? If so, how much is it?
- Am I required to sell a certain amount of houses/revenue each year to stay with this company?
- Does this company require that I have a business plan? If so, what does the company do to help me stay of track of my plan? Does the company hold me accountable for this plan? If I don’t reach my plan/goals are their any penalties?
- What are the office dues? What does that include?
- What tools are provided for me? Email, website, phone, voice-mail, copier, fax, scanner, computer, and/or printers? If so, are there any additional costs for these services (IE: long distance, number of copies, etc)?
- Do I have to work out of the office? Can I work out of my home? If I want to work out of the office what work space will be provided for me? Is there an additional fee for this? Am I allowed access to the office after hours?
- Does the company provide E&O (Errors & Omissions) Insurance? Is there a deductible associated with that insurance? Does that insurance cover me or just the company?
- Does the company require that I have certain insurance on my car? If so, do I have to have the company named on my insurance plan?
- Is there an office receptionist? Does the company have the agents work the front phone? Is so is it required or mandatory? What are the benefits? How do you sign up? Are the times assigned or do I get to pick them? Is training required for this? And what other duties does it entail?
- Does the company allow me to work part time? Can I work for another company too? Or take leave of absences?
- How does this company assist me if I have a client who needs assistance while I am out of town or on vacation?
- Does this company allow me to have a real estate partner? If so, would I be allowed to split costs with my partner that the company charges me?
- Can I represent myself when buying a home? Selling a home? What is the commission split on my own sells and purchases? Will this count toward my commission structure?
- Do bonuses count toward my commission structure? How much of the bonuses do I get to keep?
- Do leases and/or referrals count toward my commission structure? What does the company allow me to charge or receive for those services?
- How are referrals handled that come into the office? How do I get those referrals?
- Is the company partnered with any local or national relocation company? If so, which ones? How do the agents get that business? Is any special training required? Is the training free? If not, how much does it cost? If I pay for the training, does the relocation company guarantee me a certain amount of clients? Is there a fee associated with the business that they send me?
- What type of training does the company offer? Is any of this training mandatory? When and where is this training held?
- Do I have a trainer with my first buyer? First seller? If not, is this an option? Are there any fees associated with using a trainer?
- How many leaders work for this company? What hours are they available? Can they be reached after hours? Do I compete for business with leaders who work for this company?
- How many paid employees? Of the paid employees do any provide any assistance to me? Do any assist me with my paperwork?
- How many agents work for this office?
- Is there an award system in place for agents? If so, what is it?
- Are there office meetings? If so when and where? Are they mandatory? What do they cover?
- How does the office help me stay up to date on the market?
- What in house companies are here to assist me (mortgage companies, title companies, warranty companies, etc)? Am I required to use these companies? If not, and I do use them. do I get any additional benefits from this use? If so, is this something that must be disclosed to my clients?
- If I ever left the company, do my listing stay with the broker or could my clients request to leave with me?
- Is joining the MLS (Multiple Listing Service) required? If so, what are the cost associated with joining? What does it include? And how do I go about joining?
- What other marketing costs can I expect? Are any of these items mandatory? And do they have to be acquired from a certain place? Does the company assist me with acquiring any of these items? Or assist with paying for any of these items (IE: name badge, business cards, etc)?
- Does the company use a sign company? Of do I install my own signs? What are the fees associated with signs?
- How does the company help me get buyers? Sellers?
- What marketing for my seller does the company pay for (IE: newspapers, magazine ads, etc)? Is this marketing exclusive to a certain area? And if so, what is the readership or viewer numbers of this marketing?
- How are showings coordinated for my sellers? Is there a fee associated with this service?
- Do you have a presentation made that I can use to show my sellers? If so, is it also available to so I can tailor it to my needs?
- Can I list the company listings on my website?
- Am I required to charge a certain commission to my sellers? Buyers? If I wanted to cut my commission what is the protocol?
- How are the sign calls handled on my listings?
- Does the office tour office listings as a group? If so, what is the policy to put my listings on tour? Is there an area limit? What is the average group turn out?
Leave a Reply