First Time Real Estate Agent

[Tony Iwen]

Hello Everyone,

I am meeting with my first brokerage firm tomorrow. What are some things I should know before going in? What are questions I should ask? What are some things I should bring? 

[Billy Daniel]

A good broker will provide training and support.  Ask what you can expect in those departments.  Also ask about any type of mentorship program.  Ask what kind of office culture they have.  You probably don't want to work at an office with a bunch of sharks starting out, unless that just appeals to you.

Chances are as a new agent, you will be on a pretty low split for commissions.  Ours typically start with a 50/50 split and then they earn their way up as they close more and more deals.

The truth is, most agents leave their broker for a new one based on training, support, and culture.  Rarely will an agent leave their office for money alone.  Keep that in mind!

[Janelle Eagle-Robles]

Hey @Tony Iwen, congrats on getting your license and making it to this point. Choosing your brokerage is definitely one of the most important decisions you'll make in your new career as a real estate agent. 

For me, I initially started with a small boutique brokerage and eventually left because the split wasn't favorable (50%) and the owners did not have a strong desire to train, mentor, teach or coach me. 

When it became time to move on, I interviewed with four different brokerages - some of the standards that had big reputations and big infrastructure (and therefore big caps), others that were more midsize and geographically convenient, and finally decided to go with eXp Realty because of its progressive attitude, profit share, and friendliness towards investor/realtors (you get three personal transactions annually with no commission). 

Based on your priorities, pre-existing relevant experience in other fields, and general interests or niche preferences, you should ask questions about what resources and support are offered that will help you ultimately obtain your goals. Some questions to consider:

1. How long do you consider an agent to be "new?"

2. Is the split / cap different for new agents vs. seasoned agents?

3. Are there structured mentorship opportunities? If so - what do those look like?

4. Is there help or encouragement to pursue certifications or niche/specialties (i.e. REO, Probate, etc.)

5. How long have most of the current agents been at the brokerage?

Hope those help a little bit! Just remember that you are interviewing THEM as much as they are interviewing YOU. If it doesn't feel like a personality or culture match, I suggest you RUN. 

And of course, if you'd like to speak further about the brokerage I mentioned I joined (eXp) please let me know and I'd be happy to share my experience! 

[Bruce Lynn]

#1....ask to see the training room.  Every broker says they have training, but no room, then you have to question how serious they are about training.

#2....ask to see the training calendar.  Same thing...if it is not on the calendar it doesn't exist.

#3....ask how much the training costs?

#4....ask if there is lead generation training?

#5...ask for a list of contacts on who you go to for questions and the timing of that.  Is there anyone available lets say at 8pm on a Saturday night when you are writing contracts due at 10pm?

#6....ask if they are profitable and if they share financials with the agents....if they're not profitable in the last 2 years, how will they teach you to be profitable?

[Maijia Donovan]

@Tony Iwen Here are top questions I would ask during your broker interview that I found was very helpful on figuring out which brokerage will become your partner in your real estate business.  Let me know if this helps!:

20 Questions to Ask When Interviewing Brokerages

1. Does the brokerage allow both full & part time agents?
2. What type of training do you offer new & experienced agents?
3. Is the training in person, virtually, or available on demand?
4. What mentorship opportunities do you provide new agents? Is there a fee for this mentorship program?
5. Do I have access to the managing broker for support and at what times? Who do I speak with when I have contract questions?
6. How many full & part time agents are in the brokerage?
7. Do you offer team meetings, masterminds, lunch & learns, etc? If so, how often & when?
8. Where is the office located? Can I get a tour of the office?
9. Do I have any obligations to the brokerage? Is desk or phone duty required for agents?
10. What is the culture of the brokerage like?
11. How are agents who are successful recognized?
12. What platforms & technologies does your brokerage offer?
13. What lead generations tools will be available to use? Do you provide leads to your agents?
14. Do you have any restrictions on personal branding?
15. What are your brokerage & franchise fees?
16. What are your commission splits & cap?
17. Are there any other expenses you should know about?
18. How are transactions processed?
19. Are there any additional benefits you offer your agents, such as revenue or profit share, stocks, insurance, etc?
20. How does your brokerage set you apart from other brokerages?

[Eliott Elias]

See what kind of value they can add to you and your goals. Make sure they are investor friendly and allow you freedom to be entrepreneurial