Questions to Ask a Broker Before you Join an Office.
After selling 3000 homes and practicing for 28 years, I have been with 3 brokers. Here are some questions you should ask the broker:
- How long has the broker been in real estate? What are his/her accomplishments?
- Is there an office manual you may read?
- What is the net I can make? (Commission splits?)
- Does the company have a 100 percent plan? What is the cost in writing?
- Does the broker have other splits available?
- For experienced agents with a prior sales history at what split will you begin?
- What is the broker’s commission policy? How does the breakdown apply to you?
- What is the commission turnaround time from closing to check-in-hand?
- Does the broker charge transaction fees to agents per deal side? What are they?
- List all fees: MLS fees, company fees, Omission and Errors, Board Fees etc…
- What is the number of agents in the office?
- How many listings do they generate a month? How many sales a month?
- What is the broker’s market penetration or saturation?
- What percent of the market does the broker control? What is the broker’s market share?
- What marketing does the broker’s company do? Where can you see it?
- What is the percentage of producers: top, middle and bottom?
- Request an Independent Contractor Agreement to read before signing.
- What are the monthly fees for desk, and services?
- Are there restricted farming areas?
- Can you use your own loan officers?
- Can you use your own closing attorneys? Inspectors? Handymen?
- What technologies does your office have available, and at what cost?
- What are the costs of color copies, binding materials, presentations, and support services available? Other costs?
- Does the office provide: desk, shared desk, cubicle or office space?
- Does broker provide or reimburse: stationery, letter head, farming materials, signage?
- What is the company’s Web presence: company e-mail, toll-free numbers, personal Websites? Cost?
- Voicemail, long-distance calling, call forwarding etc…? Who pays and what are the costs?
- Does the office provide: connection for PCs, terminals, printers, copiers?
- Are you required to do desk duty/ floor time , or answer phones?
- Are office meetings, caravans held, how often, and are they mandatory?
- What is the company policy on: assistants, advertising?
- What company training is offered? How often?
- Is the broker available to offer advice on contracts? Available weekends?
- If not, does the broker assign other experienced agents to assist you with contract questions?
- Does the broker offer a mentor program for new agents?
- How do I get leads? Make Money?
Kathy Toth, Toth Team Worldwide Network, 734-426-6669