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Questions when interviewing Brokers....
I'm working on a list of questions that I will ask when I interview and so far this is what I've come up with (sources: this real estate forum and online):
1) Do you require a full-time commitment?
2) What type of training is offered for new agents?
3) Is the training "task" based or "skills" based? Does the program emphasize writing offers, filling out required disclosures, preparing CMA's (comparative market analysis) VS. an emphasis on where to get business, how to work with buyers & sellers, closing & sales skills?
4) Do you offer mentorship or shadowing programs?
5) Do you provide a detailed training manual?
6) Is training free or will I be expected to pay for all or a portion of the costs?
7) Do you have a full-time trainer or mentor (broker or experienced agent) for new agents?
8) If part of a franchise, are there local or regional training sessions for new agents? If so, who pays for the training?
9) How many new agents has the firm hired during the past year? How many of those agents are still with the firm?
10) Are all agents scheduled for floor duty, and if so, how often?
11) Are phone leads, walk-in customers, and referrals given to the agents on duty when those leads come in? If not, how are they distributed?
12) What commission rate do you offer? Are commissions paid on a sliding scale, with the percentage earned increasing as I bring more income to the firm?
13) Are commissions paid immediately upon closing?
14) What percentage of each commission earned is retained as a franchise fee (for franchised agency)?
15) Who pays for office expenses? Do you charge agents a flat monthly fee, or a percentage of certain expenses?
16) Can you give me an itemized list of start-up expenses?
17) Am I required to join local, regional, and national professional organizations? Are there recurring monthly or quarterly expenses for membership?
18) Do you pay for advertising expenses? How about for sale and other signs, do you provide them to agents free of charge?
19) Do you carry E&O (Errors & Omissions) insurance for your agents, or am I expected to purchase this liability insurance myself?
