Ask these questions at your next Real Estate Brokerage interview
What exactly are all of the various fees Agents are responsible for?
- Who pays for the Errors & Omissions (E & O) Insurance? (How much?)
- Do you charge Desk Fees? (How much?)
- Do you charge Annual, Monthly or Periodic Fees? (How much?)
- Do you charge any other required fees like Legal Fees or Advertising Fees, Etc.?
- Do you have any Franchise Fees? (How much?)
- Do you charge Transaction or Administrative Fees to the customers and if so, what are they? If I fail to collect a Transaction or Administrative Fee from a customer, am I responsible for paying the fee on their behalf to the brokerage?
- Do you charge for any Training Classes that you provide?
When I am in the brokerage’s office, will I have access to:
- FREE long-distance calls?
- FREE High-Speed Internet?
- FREE US Mail Postage? FedEx/UPS?
- FREE Color Copies? Black & White Copies?
- FREE Company stationary (envelopes & letterhead)?
- How do I get Floor Time and is it available to me?
Do you provide me with any marketing materials?
- Business cards?
- Name tags
- For SALE / RENT yard signs?
- Car / vehicle magnets?
- Branded email address?
- Smartphone pocket backs?
- If so, what is the quantity and cost, if any?
What business software & digital tools are provided by the brokerage?
- Do you provide a CRM?
- Do you provide a Lead Management system?
- Do you provide Transaction Management software?
- Do you provide Cloud Storage?
- Do you provide E-Signature software?
- Do you provide office essential software such as Microsoft Office or G-Suite (Google Enterprise) ?
How do I access the necessary transaction forms?
- Listing Agreements, Purchase Contracts, Leases, etc.?
Advertising & MLS
- What kind of advertising does your company do and pay for?
- Does the brokerage provide me with access to any websites or print advertisements where I can advertise my listings?
- Do you provide me with Post Cards for Just Listed / Just Sold / Farming? (Quantity and cost, if any?)
- Who enters my Listings into MLS and updates them when needed?
- Does the company provide me with customer leads (Walk-ins? Call-ins? Internet leads?)
Board of REALTORS®
- Does the brokerage require me to join The Board of REALTORS®? (If so, which ones are you a member of?)
- Can I join any Board of REALTORS® that I want?
- Do you offer any initial training for someone brand new to your brokerage or the real estate industry? (Any cost to me?)
- Do you have classes to teach me how to do contracts and take listings, etc.? (Any cost to me?)
- Do you have a mentor or manager to check all my files for compliance and accuracy? (Do they take an additional portion of my commission split from me for their assistance?)
- Do you offer other classes and if so, what kinds of classes? (Any cost to me?)
- Do I have 24/7 Access to the Broker or another Manager if I am unsure of something or need support?
- Are Managers and Brokers in competition with the Agents?
- Do I have any minimum performance requirements?
Equipment / Physical Plant
- Will I have access to a desk in the office?
- Will I have access to a computer in the office?
- Will I have access to IT equipment such as telephones, scanners, fax machines, printers and copiers in the office?
- Do you have other offices that I can work out of if this location is too crowded or if my customers are looking in other areas that aren’t near this location?
- What is my starting Commission Split and can this increase based on my performance?
- Do you ever reduce a Commission Split if I am not performing at a certain level?
- What results do I have to produce for an increase in my Commission Split?
- Is the Commission Split you are quoting me NET to me, or is anything deducted (fees of any kind, such as franchise fees, etc.) from that before I am actually paid?
- How soon after a sale or rental will I receive the commission check?
- Do you offer an opportunity to get paid at the Closing Table on the date of Closing?
What other professional services does your brokerage offer to assist in my transactional real estate business?
- Title insurance?
- Property management?
Staff / Employee Resources
- Do you have an in-house attorney?
- Do you have an in-house trainer?
- Do you have in-house IT staff?
- Do you have in-house social media staff?
- Do you have in-house marketing & advertising staff?
- Do you have in-house reception?
- Do you have in-house compliance officer?
- Do you have in-house customer service staff?
- What is your brokerage company’s mission statement?
- What is your brokerage company short or long range planning objectives and goals?
- Do you have a Policy and Procedure Manual?
- Do you have a Training Manual?
For more information on The Signature Real Estate Companies or to arrange for a confidential meeting with our firm’s Broker, James Scuttina, please feel free to contact James directly at firstname.lastname@example.org or 631-764-5578 (mobile).
James Scuttina, Licensed Real Estate Broker