I am in the process of finding a broker. What are the most important questions recommended to ask brokers? Thanks
@Tycee Tyler Are you looking for a broker to work for or for a broker to be your agent to find you deals? Also do you specifically want a broker or an agent, as the right agent is more important than the broker because each brokerage can have good and bad agents.
@Casity Kao I am looking for a broker to become an agent under sorry I did not make that clear.
Commission split and fees, any required office hours, mandatory meetings, mandatory seminars, mandatory broker open houses, do you have to join Realtor association, what training offered (in addition to normal free MLS training classes). Basically, what your costs in money and time will be if you join their firm. Do they provide any free marketing? Do they provide you any leads? If so, how often and how does it work? Figure out what is important to you. If it's training over commission splits, then look for that. For me, I wanted a broker that would let me be independent but still offered assistance if I required it, low fees, no mandatory hours, meetings, broker's opens, let me do my own continuing education on my own time, etc.
Also, importantly for investors, special commission splits on your own purchases/sales, or not? LLC ok, or not, if you have one. My broker allows 3 personal sales per year, unlimited purchases, but nothing involving any LLC that I have ownership interest in due to their insurance requirements.
@Tycee Tyler Whats the split? What type of support do you get with that split? Do they invest themselves and do the investing you want to do? What other investors do you know that are with that brokerage
Since you're new you'll probably want to find a brokerage with educational/training opportunities. So I would definitely ask about that. And you definitely want a place with a track record and presence (it can still be a mom&pop shop but the name recognition will help you when starting out)
@Lynn M. very helpful information and I also want a broker similar to your style. I want to do my own thing but still have the training the commision split is least important to me I have a full time job I know I will not be doing much real estate deals in beginning so less fees and lots of training is what I am looking for.
@Dave Van Horn thank you I see your point.
I just got my real estate license in Missouri about a month ago. When I went to all the different brokerages I spoke with the brokers and agents, The place with the happy agents is the place where I want to work, they’re making money. I finally decided that the best fit for me was Keller Williams Lake of the Ozarks Realty. They offer tons of free training ( I am on my way to a free training seminar right now ) with lots of other perks. If you are interested I could have a team leader near you set up a meeting they could explain it and show you much better. Wherever you go there’s going to be a lot of work but you will be rewarded in the end. Good luck in your path through real estate if you have any questions just ask.
@Tycee Tyler before interviewing a Broker, you need to find out what type of properties you want to be involved in, Residential, commercial, , short rental, and them go first with the one with more education, you need to learn the business first before negotiating your split
If you leave the brokerage, what happens to your existing business and is your commission effected?
What stories of success can they tell for agents in a position like the one that you are in? What is their track record for success?
Do they offer training specific to what you are looking to learn?
Is the culture one of sharing and collaboration? Who are the top agents and is it possible to meet with them to learn about how specifically they scale and grow their business?
What are the opportunities within the brokerage beyond just selling real estate or growing a team? If I want to move vertically or build horizontal income what is built in to allow me to achieve that?