I have a template of a few question I should have when interviewing brokerages. Could use some advice or additional questions I should ask. I plan to be a investor agent I got my license to be able to assist sellers when not able to wholesale properties and to provide more value.
Your feedback is appreciated.
Keep in mind....all of your real estate activities will fall under the supervision of your broker. All. So your broker would need to approve you wholesaling.
Brokers have different policies on how they handle sales of agent-owned property -- commission splits, LLCs, limit of x per year able to run through the firm, etc., so make sure you understand each one's policy. For instance, the broker I went with will not let me sell any LLC-owned property where I'm even a small, part-owner through the firm, but I can sell 3 per year in my own name through the brokerage. This works for me now, but if I started buying and selling more again, I'd have to find somewhere else to place my license.
Hey @Renae Pinkney,
Definitely what @Russell Brazil said. Make sure you get in with a broker that allows and understands wholesale dynamics. The brokerage I am at has several wholesalers that are licensed there, but they have a few different protocols that they have to follow.
A few questions that I would ask:
-what kind of trainings/mentoring does the brokerage offer? Do they offer specific training on investing/investors and/or working with investors. What is the process for training a new agent from the ground up?
-what systems are in place to help the agents succeed? (Do they offer a CRM, online trainings, transaction coordinators, electronic documents/systems, etc)
-what fees/splits are associated with the brokerage and do those fees apply if you are buying/selling your own deals? Do the fees change based on volume produced and/or reset? Also are there any limits to buying/selling your own properties.
I would also ask if the broker has their own investment properties and understands investments. You definitely don't want to get under someone that has no investment experience and can't help you if you run into issues.