How to Interview & Choose a Real Estate Brokerage | New Agent Tips

hey everyone my name is charlotte i'm an interior designer and a student at the humber real estate salesperson program and thank you for joining my channel in today's video we will be looking at questions to ask a brokerage we'll look at you know what types of questions to ask how to be best prepared to interview a brokerage remember because you are interviewing them they're not interviewing you you want to come prepared to know how to choose a brokerage that's right for you and make sure you negotiate the terms that would best benefit you so in this video i will cover three general topics of what types of questions you should ask your brokerage okay so training about the brokerage and the services they provide and yeah let's jump right into the video so the first type of question or the group of questions you should ask has to do with training because as a new agent you're obviously going to want to get trained at the best brokerage possible um and sometimes a broker check that gives very very good training might not have the best split but yeah you might want to make sure that you are getting trained adequately so you are prepared for this career so one question that would be really helpful to ask in this interview is do you have access to the program record to a manager or to a specific coach that can help you out and as you are learning and the ropes and um and even taking you through the first few transactions the second question i would ask is what kinds of training do they offer each brokerage will have a different training program um see how long their program is and another good question to ask within this training is to ask as you become more and more experienced does the training also increase accordingly or the types of training also adapt accordingly do you have training for more experienced realtors or is it training only for beginners and another thing you can also ask is do are there masterminds are there weekly calls what sorts of training is it are they live trainings are they more textbook reading how does it all work the last thing you might want to ask if you are interested in joining a team the splits might be a little different the training might be a little different so make sure to ask about that as well now let's look at the second topic that we want to ask in our interview which is all about the brokerage so how many realtors are in their office like how many branches do they have um what are their standard operating procedures do you have to sign a contract how long will the contract be if you have if you want to leave the brokerage can you take your clients is there a minimum notice that you have to provide the brokerage before you leave these sorts of things are super super important to ask if you join a team do they have a contract they might not have an answer for you if you're interviewing with a general manager um but it might depend on the team but um that's something you might be able to ask do you have to do floor time meaning do you have to um sit into the office and for a certain number of hours and take calls and do administrative work other things you you probably want to ask is if you are an investor or you have real estate yourself what are the policies for um disposing your own property so if you sell your own property or you sell a parent's property a relative's property a friend's property is there a special rule around that do they do they do you still have the split commission with them if not what is the processing admin fee to to do a a close family member transaction or your own transaction and then the third topic today are the services provided so remember that when you join a brokerage it's a win-win situation they get a split of your sales of your commission but in turn they have to offer something to you so what services do they provide so marketing is going to be one of your biggest expenses as a real estate agent and so what does the brokerage do for you do they do they offer a crm system which is a customer relationship management system and and is you know a way to put put in all of your emails and contact information and manage all of that do they offer facebook ads do they offer um administrative assistants who can handle paperwork and fill up the aps for you they provide business cards so they have a market so some larger brokerages will have a marketing department that will have you design your business cards your signs um or even print out brochures for you in a short with a short time time limit or uh you know if you're on a time crunch they will have in-house printers to do that for you so that is an asset and that you might want to think about how and when is commission paid what is the split you definitely have to ask that what are the desk fees what's included in the nest fees so some brokerages charge you a monthly desk fee um that includes maybe you know their crm system and there's a few things that the desk fee pays for and sometimes if they're a branch of a larger brand of brokerage they have to part of that das fee is a percentage that goes to the the parent company or the the main the main branch another thing you might want to ask is a website do they provide you a website so um i believe that uh real estate websites there are like a special kind of website called idx and on that has that syncs up with the mls and allows people to search your listings like right from your website do they have that for you do you have to pay for that you know docusign that's another thing for e-signatures super important these days do they offer that service to you you know is there a charge or is that part of the best fees you definitely want to ask about all of that stuff what services they offer to you what's included what's additional so for example um they might include printing for certain uh certain brochures but they might not include printing for you know larger brochures so by asking the right questions you'll get to know this brokerage you'll also get a feel for if you vibe with them if you can see yourself working with them also gage if they are very enthusiastic and responding to your questions if they have a lot to add you know versus if you feel like they're not so interested they're you're leading the conversation versus they are leading the conversation and they know they don't seem as interested that that might not be a brokerage you want to work for another thing i haven't mentioned is the cap every brokerage has a cap which is the amount in dollars that you have to pay them before either you have no more commission slits or your commission split goes up a new tier which means you split less so for example some brokerages if you might start off from as a 70 30 split or you keep 70 they keep 30 and then um maybe if you pass a certain uh threshold or cap so let's just say if you pay them 16 000 out of the 30 that comes out of your your com your sales commission if that has reached that 30 percent has a reach 16 000 you might move up into a new tier where now your split is 90 10 so you know you get to keep 90 and give them 10 or sometimes it's no more it once once you hit the cap there's no more split and you only have to do all you have to do is pay a transaction fee and administrative fee to do this transaction and what i always do at the end of every interview is ask them to send you a sample of their contract so even if you don't you don't have to decide um to go with them right now right right there and then but get them to sign send you the contract so you can review all the information that was discussed like all of the you know the legalese all of the important stuff so you know what you're getting into and you also have that as a reference to compare with other brokerages other contracts so you can make an informed decision so that was a lot of information i hope that was helpful to you i hope that you will find a brokerage that you'll really enjoy working in because they are critical to your success as a new agent if you have any questions for me at all about choosing a brokerage leave it in the comment section below i'll try my best to get back to you and that's it for today's video make sure to leave a thumbs up and subscribe to my channel if you want to see more real estate um and design content and i will see you in the next one take care

Channel: Charlotte Kwok Real Estate

Views: 16,569

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Id: GRbquNyXQbQ

Length: 8min 42sec (522 seconds)

Published: Thu Apr 01 2021