New Real Estate Questions for Potential Brokers

3 Replies

Hello Everyone,

I have recently passed my Pennsylvania Real Estate Licensing exam and am currently looking for a broker with which to register my license.  I have my first appointment with a broker tomorrow afternoon and am wondering what sort of questions I should be asking and what I should be looking for in a broker.  

I know some of the basics such as..

What type of training and education does the brokerage offer?

What are the commission splits?

What type of marketing and technology tools does the brokerage offer?

What will I need to pay for and what will the brokerage provide for me? i.e. E&O insurance, transaction fees, marketing fees, MLS dues etc.

What are the circumstances if I would like to sell an investment property on my own?  Do have to list it with the broker or can I simply find my own buyer and waive the seller commission?

Are you a participating or non-participating broker?

But is there anything you wish you would have known or been told before selecting a broker?  Are there any important questions that I may be overlooking?  Do you prefer franchise brokerages or smaller brokerages?  Give me everything you got BP!

I would just like the best base as I begin this excitement new time in my life and career.  

Also, I live in Allentown, Pa if there is anyone on here that an insight to the market and local brokerages.

Thank you very much and have a great day,

Alex Obleschuk

Congratulations on passing your exam and getting into Real Estate. You noted most of the questions that should be asked. To me, I think its important for you to know what the broker’s expectations are of you as an Agent...how many meetings do you need to attend, is there office/floor duty required (yes some still have this), are there sales quotas, etc. It’s also important to be honest with the broker about your expectations or needs as well as goals. Both franchise brokerages and independent brokerages have pros and cons so it really comes down to what you need/expect from the affiliation. Good luck! I hope you find a great fit.

Alex,

Congrats on passing. You may want to go to a local meetup and find some agents at the meetup. Ask them who they are with and why they like them. It all comes down to what your goals are. For me I am with Berkshire Hathaway. I like them because there are no extra fees like office, copier fees. I pay with my commission when I buy and sell. I don't have to worry about a monthly bill. I pay for my EO and my MLS. Otherwise no worries if I have a deal every month or not. That being said every office works differently and every team in an office works differently. You may want to go to open houses to and talk to agents. They could give a wealth of knowledge.

Good luck

Jim

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