Questions for your potential Broker
1. Do you provide training?
a. What form of training? Trainer, Mentor…
b. Do you have a mentor program where I can shadow a top producer for a
period of time?
c. Is there a cost to me?
d. If so, how much?
e. Who will be available to help me after the training?
2. What is the average income of full time agents in this office per year?
3. Do you hire part time agents? If so, what do you expect from them?
4. What is your definition of full versus part time agent?
5. How long has this company been in business?
6. About referrals:
Are the given?
After I am eligible, how many can I expect per quarter?
What are the sources for referrals?
Approximately how many referrals do you give the agents per year?
7. What are your expectations of me?
8. Does this office have a focus on team work, or does each agent operate pretty
well on their own?
9. At what commission split will I begin?
- Do you offer a graduated commission split that pays me a higher percentage as
my production increases?
- If so, and say I reach 60%/40%, do I go back to my beginning split if I stop
producing at that level
- How long are your designated commission periods?
- May I have a copy of the commission schedule?
10. What special rewards could I expect if I become top producer of your
company?
11. What costs will I incur?
Initial:
Licensing, application, business cards, photo, name badge, dues, etc.
On-going:
Monthly or quarterly charges such as long distance calls, desk fees, franchise
fees, (do you have) voicemail, etc.
Per listing:
Sign, lock box, advertising, etc.
Per sale:
Error and Omission Insurance – how much will the insurance cost me?
12. In which publications do you advertise?
How often?
Who pays for it?
13. Do you offer floor duty/time?
What is the minimum amount per month?
Maximum amount per month?
How many hours per shift?
14. Do you send out initial Realtor announcement cards to my farm area of choice?
If so, how many?
15. What accommodations do you offer new agents?
16. Will I be allowed to hold other agents listings “open” to attract buyers to help
me get started? If so, how soon?
17. Do you have a Office Policy and an Independent Contractor Contract?
Do I get a copy and can I review it prior to signing on with you?
18. Do you have computers and a conference room available to agents?
19. Do you have weekly sales meetings and property tours?
What day, time, and how long do the meetings usually last? Could I attend a
sales meeting before I make a final commitment to come on board?
20. Does your company have a dress code?
If so, am I required to wear it?
Questions you may hear from an interviewing Broker:
1 What are your goals for this year? When you invest in any business, you need to
know what the immediate return on investment is likely to be.
2 Do you have these goals written down on paper? No bank will lend to an
entrepreneur who doesn’t have a written business plan. So why would you invest in a
salesperson who doesn’t? Always have salespeople submit their financial goals in
writing to demonstrate that they’re serious about the business.
3 Where do you see your business three years from now? The purpose of this
question is to understand whether the salesperson has a long-term plan that’s
defined. Yes, it’s important for the person to continue growing. But your objective
during the interview is simply to evaluate the salesperson’s level of planning.
4 Who are your potential clients, and what is your plan to reach them?
Interviewees need to be able to give a more specific answer than "my sphere of
influence." There are many different customer demographics within a single sphere.
Salespeople who can describe the different customer makeup of their sphere and
provide a detailed marketing plan are already thinking like a business.
5 What do you need from me to help you reach your goals? Cut to the chase. A
venture capitalist asks this question of potential investments; so should you.