Just got my salesperson license… what questions should I ask the brokerages I’m considering working with to help evaluate which is the best fit?
1. How does the commission split look like?
2. Who I can talk to when I have a question? Who I can talk to when the first person is not available?
3. What is the expected response time when I have a question?
Big brokerages will usually take a bigger chunk of your commission but will have more resources/people available for you.
Small brokerages will take a lot less of your commission but when you have questions might take a while to get answers.
If you go small brokerage option right off the start take experience agents for lunch close to the area they live. Try to secure two or three that will answer when you are in the middle of a crazy situation.
1. What are the real commission splits? Do you take 6% off the top of every transaction and do you have a 10%-20% mentor fee and if so, for how many transactions? Do you have a cap that will get me to 100%?
2. How many personal deals do I get a year? Meaning if I buy or sell my own property, how many times can I avoid paying a commission? (I actually don't recommend this at a cap brokerage because I would rather cap if you are active as an agent)
3. Is there in-person training and online training available?
4. What are my all-in fees for the brokerage? E&O, office, tech fee? What are my expected board and MLS fees in this area with one MLS?
I chose Keller Williams because of their mentoring / coaching, teamwork, huge network, capped commission, residential and commercial focus options, and the outlook that you are building your own business and it can look like whatever you want it to be based on your life goals.
Hope that helps!
@Joaquin Camarasa super, thx so much for the fantastic advice!!
@Jonathan Greene thx so much!! #4 is such a great question that often gets overlooked
@Susie Wyshak thx! Meeting with KW to learn more :)
Hello @Michael H. & congrats on obtaining your license!
With respect to training, make sure to find out the names/titles of the actual trainings that take place. I've attended dozens of trainings (before learning my lesson) that added very little value and had actionable steps that were not very practical for me at the current stage of production that I was in. For example, a brand new agent with no cold calling experience or skills learns a TON from a 60-90 minute training on 'using social media to get buyer/seller leads'. However, what good is this if you are not equipped with the skillset and knowledge to convert the leads to signed clients?
Training as a new agent should revolve around 'income producing activities' - i.e. Cold calling script practice, handling objections, buyer consultations, listing presentations, best practices for lead/prospect follow-up, etc.
Best of luck to you moving forward!
@Abel Curiel super helpful, thank you!
1. Let me see the training room. Every broker says they have training, but if there is no training room I would question how dedicated they are to training YOU>
2. Let me see the training calendar? No calendar, I would also question how committed they are to training.
3. How much does the training cost?
4. What expectations do you have for me for production?
5. What is my monthly and yearly fees?
6. Do you have a cap on what I pay you?
7. Are you profitable? Tell me about your growth for the last year? Are you debt free? Do you have profit sharing?
8. What other opportunities will I have to invest and grow in your brokerage?
That should get you started.
@Bruce Lynn fabulous advice, thx so much!!