2,684,769
Hi, Cole.
What are YOU looking for from a Broker? Split? Leads? Advice? Fairness? Office staff, copier, computer terminal? A brick and mortar office where you can meet clients? National name recognition?
You said, "Someone fighting for my success." How do you define "success"? Money? Prestige? Closed sales? How will that Broker help you achieve that success?
Make a list of what YOU want. Ask the Broker what he/she/they will do for you.
And of course, ask them what they expect from you... some Brokers want to see X number of listings and Y number of closings per quarter. Can you make those numbers?
-
Fred Griffin Florida R...
Tallahassee, FL
-
Candice A. Donofrio
Fort Mohave, AZ
-
Kathleen Daniels, Prob...
San Jose, CA
-
Shayne Stone
Fulshear, TX
-
Susie Kay
Plano, TX
2,785,456
This is an excellent question and the answer that comes to my mind is two-fold. One getting to know one another may take more than one meeting and in different places and circumstances. two: Another way of doing Broker homework is talking to others who swe share with in common and a third is meaningful Q & A about what is important to both parties. Whatever you do or don't, have fun with it maybe even treating it like dating...LOL
-
Kathleen Daniels, Prob...
San Jose, CA
-
Shayne Stone
Fulshear, TX
-
Susie Kay
Plano, TX
-
Fred Griffin Florida R...
Tallahassee, FL
-
Cole Davidson
Sandy, UT
195,522
Here is a video I made about how to pick your first real estate broker.
Good luck.
-
Fred Griffin Florida R...
Tallahassee, FL
-
Pete Xavier
Pacific Palisades, CA
-
Shayne Stone
Fulshear, TX
-
Karen Climer
Orlando, FL
5,245,334
Your initial questions should be focused on training. Both inhouse and third party. Ask about associated costs of each. As the conversation continues assess the chemistry between the two of you. If you feel good about the chemistry ask about technology and the associated costs. If you feel it is a good fit for you you can ask about the split which is least important if the training and experience will jump start your careeer. When you feel uncomfortable exit and continue your search.
-
Candice A. Donofrio
Fort Mohave, AZ
-
Fred Griffin Florida R...
Tallahassee, FL
-
Kathleen Daniels, Prob...
San Jose, CA
-
Shayne Stone
Fulshear, TX
5,063,130
It's a series of questions, not just one. There are some good answers here. As a new agent, if that's the case, I would want to know more about their training and mentoring, and the availability of the broker. What kind of support will you get from a marketing standpoint?
-
Candice A. Donofrio
Fort Mohave, AZ
-
Fred Griffin Florida R...
Tallahassee, FL
-
Kathleen Daniels, Prob...
San Jose, CA
-
Shayne Stone
Fulshear, TX
509,449
Think about what's important to you and perhaps write it down and rank it. Ask each broker what's important to you and how they will help you. For example, if training is your #1 priority, ask how the broker is going to train you. Also, call some agents under that brokerage and ask how they like it there, any improvement that they think their broker should do etc.
-
Kathleen Daniels, Prob...
San Jose, CA
-
Shayne Stone
Fulshear, TX
-
Fred Griffin Florida R...
Tallahassee, FL
-
Susie Kay
Plano, TX
588,348
Other than the great advice you already received.
I learn this one the hard way. I suggest you find a brokage with two (2) Brokers. So (and I hope it never happens) if one of them should pass away, the buisness can continue. But no matter, whatever contracts you have already written, they will move forward. It's the listings you have that haven't received any signed offers on.
When my broker (and he was also my brother) passed, our MLS terminated all our listings once they learned of his passing!
-
Kathleen Daniels, Prob...
San Jose, CA
-
Shayne Stone
Fulshear, TX
-
Susie Kay
Plano, TX
-
Fred Griffin Florida R...
Tallahassee, FL
6,858
I'm so surprised with the support in the comments! Thank you all!
I have had under 2 years of experience where I was working under a newer principal broker in Oregon and he was always in direct competition with me. He took listings for himself rather than training and guiding me to successful deals. I was effectively left in the dark. After so long he then tried to expand his business outside of just RE and took me off of building my pipeline which meant I went months without pay. Unfortunately it did not pan out and I joined the Military for education. Now 4 years later I'm looking to utilize my experience and really make a great career for myself. (Education will be on the side and paid for, for life W/Military GI BILL!) --
-- I think training is definitely a valuable factor in my decision because I don't want to just be a buyers agent or a listing agent, I'm looking to really explore what options are out there in investing, commercial, foreclosures, and land sales etc.. I really hope I can find a good fit but if not, Kathleen Daniels, Probate & Trust Specialist you have inspired me that you can make it to independency.
Also, Carla Freund You brought up many great points I hadn't really thought about with support staffing and administrative assistance. Very valuable factors.
Fred Griffin Florida Real Estate , Success for me would be Sales and Building a strong "RE Resume". Also diversifying my RE portfolio with more advanced technical deals. I'm sure it will take time but that's my end game.
Discussing this is great because I think now I'm looking for a broker that is knowledgeable and willing to show me some of the advanced RE options. A partner who looks out for my best interest.
- After all, we only make a strong team if we work together. So I guess training/mentoring is a huge part in my search. Hopefully I can find Chemistry with a broker like that.
Jeff Dowler, CRS , Marketing is another aspect I expected to do all myself and I never really considered they might offer support in that. Advertising and marking can make or break you. Thanks for the reminder of that, it's very important.
Thank you all for the support again, I can see you all have a wealth of experience and knowledge I hope to gain myself. You guys ROCK!
Great advice everyone it really helps as I go through this process again.. Trust me, I'm making notes on this so you guys are helping me tremendously :) "Fingers Crossed" that I find a good fit :)
-
Fred Griffin Florida R...
Tallahassee, FL
-
Shayne Stone
Fulshear, TX
-
Georgie Hunter R(S) 58089
Haiku, HI
381,637
Well for me that question was asked before I was an agent and it was "will you marry me?", but from my perspective she's a great broker because she's available to her agents all the time.
-
Jerrill Ewing
Eatonton, GA
-
Tammy Lankford,
Eatonton, GA
-
Shayne Stone
Fulshear, TX
907,072
It depends on what is important to you. If you're a new/newer agent, I would suspect training, direction and accountability are important. I've heard 50% of agents drop out of Real Estate in the first year and 80% by year 3. I believe a big portion is because of accountability or lack of discipline on the agents part. If you have a good broker who has great training in place and holds you accountable, that will take you far in your career. If you're an experienced broker then it might be different. For me, I want a broker/office that has great training for expereinced agents. I also like that our office has a staff that supports agents. My primary office is at home, my office stays in touch with me and keeps me up to date on what's going on. If I need something, I know who to reach out to. For example, the closing attorney delivers the closing check to my office. My office scans it to me and we handle everything electronically. This means I don't have to go pick it up and turn it in. It helps me be more efficient with my time. There are a variety of other ways the office supports its agents. I also like that there is a lot of energy in the office and that I have other top producing agents I can ask questions of. I also love the energy and freshness the new agents bring. Our broker and staff will really try to get to know us and help us in ways that's important to us. So, start with the things that is important to you.
Second and first as well go with a broker that has integrity and a good reputation. If you can't trust them then move on.
Other questions to ask might be:
Is the broker in production or will you also be competing against them?
Who will be doing the training? Many brokers haven't sold RE in a long time.
Is the training relevant?
Do they train you how to run a RE business, how to get business, how to manage your business, how to write a contract, etc.
What are the splits?
What are the fees outside of the splits including board related fees?
Is there a cap on the fees once you sell a certain amount?
What do they offer vs. what you pay for (ie lockboxes, signs, copier, office space, leads, website, crm)?
Who do you call if you need help with a contract?
What expectations do they have of you?
What is the culture of the office?
That should get you started.
-
Fred Griffin Florida R...
Tallahassee, FL
-
Kathleen Daniels, Prob...
San Jose, CA
-
Shayne Stone
Fulshear, TX
1,057,554
Are you a new licensee? 'What kind of training do you provide?'
ALSO . . . what is the typical tenure of the agents on board?
Good brokers retain happy agents.
-
Fred Griffin Florida R...
Tallahassee, FL
-
Shayne Stone
Fulshear, TX
3,350,539
I wish you all the best. I have nothing constructive to add. In 2012 I went out on my own as an independent broker. Why? Because I never did find that right fit for me. I am the right fit for me. I've never looked back. I love flying solo. No one has the ability to tell me, effectively, to just close the deal, and in doing so, throw my client under the bus. Not. Going. To. Happen. 18.5 + years and counting ... may you find the happiness and success that found me.
-
Fred Griffin Florida R...
Tallahassee, FL
-
Kathleen Daniels, Prob...
San Jose, CA
135,824
How long have other agents been there says a lot. My wife's last broker was where she stayed until she died. And even when she was very ill her broker kept showing up with checks for her repeat business even though the broker was doing the job. She's family to me.
-
Cole Davidson
Sandy, UT
921,504
There is only 3 questions you should ask. The response to those question reveal EVERYTHING you need to know about that broker and office. These lead to OBJECTIVE criteria rather than subjective 'feel good' bs.
Those questions are:
1. How many licensed agents are in the office regardless of the role they fill. (everylicense)
2. Total transactions sides for that office in the last 12 months.
One brokers office in the Tampa Bay area closed 1,230 sides. Wow! But the answer to question on was 3,000. Clearly this is the office where agents go to die.
If you read my book you would know to interfive agents and brokers to gather the following information.
What is the average number of transactions per agent in your mls area?
What is the average number of transaction per agent by FRANCHISE.
This is important information. If the AVERAGE is 8, and the broker you are interviewing shows the data to be 5 per agent in that office you can not the systems in that office ARE NOT WORKING.
ON the other side if the broker reveals the offic average is 15, you can know the training, support, marketing, compensation and systems of that office ARE working.
And, if the broker asks to see YOUR real estate agent business plan, that's when you do the happy dance. You do have a business plan, right? All small business owners are highly encouraged to have one.
-
Cole Davidson
Sandy, UT
7,870,799
Ask about the services that will meet your personal needs.
-
Shayne Stone
Fulshear, TX
6,424,502
Join a great team like those with Ben Kinney or Kristan Cole , they will teach you how to sell real estate at a much higher level.
-
Shayne Stone
Fulshear, TX
766,669
913,978
Do you pay cash? ( just kidding). Tell them that you'd like to work for sellers, buyers, or both. Then ask about training opportunities, if any trechnology support is available, and ask other agents about mentoring programs?
420,003
What do you need to be the zillion dollar happiest real estate agent? Information, answers, mentoring, kindness, a kick in the joy juice, a pep talk, someone to look at your mailer, direct you to a lawyer, tell you what worked for them, keep you honest, make you get up out of bed- make the bed - do jumping jacks smiling and sing on the way to work. The answer is to train your heart, open your eyes to experience, and plan for the best.
3,141,413
There are many important questions to ask before making the commitment to a brokerage. Do your research and be diligent!