Friday, June 6, 2014

What are questions I should ask when interviewing brokers?

About the Firm:

  1. How long has the firm been in business?
  2. Is it an independent company or franchise?
  3. How many locations to you have?
  4. What is the background of the qualifying broker and management team?
  5. How many agents do you currently have?
  6. What's your retention rate?
  7. How many listings does the office currently have?
  8. How many listings did you have last year?
  9. What's you close ratio?


Training Program:

  1. Do you offer ongoing training?  If so, is there a cost for it?
  2. Is there a structured new agent training program?
  3. May I see a sample training schedule?
  4. Do you reimburse for outside training?
  5. Who provides the training and what is their background?
  6. Is there a mentoring or shadowing program?
  7. Do you have a new agent orientation program?
  8. Are there opportunities for licensing credits?


Income and Expenses:

  1. What compensation plans do you offer?
  2. What expenses should I expect to incur monthly? Annually?
  3. What is the average income for agents in this office?
  4. Do you offer bonuses?
  5. How are referral fees handled?
  6. What type of auto insurance should I have?
  7. What's the procedure for getting paid for closings?
  8. Are there annual, monthly or other ongoing fees?
  9. How are my own real estate transactions handled?
  10. To which multiple listing service(s) does the company belong?

Marketing:

  1. Where does the company advertise?  Publications? Websites?
  2. May I see samples of your advertising/marketing efforts?
  3. Can I create/use my own logo?
  4. Do you have established advertising/marketing guidelines?
  5. Are templates available for print material?

Agent Development:

  1. Are leads provided?  If so, on what basis?
  2. What are your expectations of your agents?
  3. Is phone time or duty agent opportunities available?  When would I be eligible to start?
  4. Do you send out announcement cards and press releases for new agents?
  5. Can I host open houses for office listings of other agents?
  6. Do you help new agents with business planning?
  7. Do you provide business cards and other start-up materials for new agents?
  8. Are agents allowed to brand themselves?

Office Management:

  1. Is your office team-based or do agents work independently?
  2. Is there a policies and procedures manual?
  3. What staff is available in the office?
  4. Is there an office manager?  What is their background?
  5. What are the office manager's primary responsibilities?
  6. Are there regular sales meetings?
  7. What is the office culture?
  8. Do your agents do property tours together?
  9. How are Errors and Omissions insurance claims handled?
  10. What happens to my listings if I decide to change brokers?

Technology:

  1. Are computers and printers available in the office for use by agents?
  2. What other office equipment is available? Are there additional fees?
  3. What software/systems are available to help me manage my business?
  4. Do you provide websites for agents?
  5. Do you provide voice mail?  Email? Direct phone numbers?
  6. Are sample listing/buyer presentations available?

Facilities:

  1. Is office/work space available for agents?
  2. Are conference rooms available for meeting clients?
  3. Is there a dedicated training room?
  4. Are there any satellite offices around the city?
  5. Is 24-hour access available to the office(s)?