As a real estate agent, it is important that you keep an open mind to all business opportunities that are available in the marketplace. After all, that is your job description as an independent entrepreneur.
Whether if you are considering changing brokerages or just want to see what other opportunities are out there, it is good to have a couple of questions and a plan ready when you begin interviewing different brokerages in the marketplace.
Are you considering switching real estate brokerages? If so, it’s important to ask yourself a few questions first. Switching brokerages can be a big decision, and it’s important to make sure that you’re making the right choice for your career. I
In this blog post, we will discuss the 21 questions you should ask before switching real estate brokerages. By asking these questions, you will be able to make an informed decision about your future in real estate!
21 Questions to Ask Before Switching Real Estate Brokerages
- What is the compensation plan
- What are the training and coaching like
- How do agents work together
- How do agents “play” together
- What can I do in my business
- Do you provide leads
- Do I have to pay for my marketing
- What other opportunities are there
- How convenient is it for me to work here
- Are there any requirements
- What are some free take aways I can get
- How can I help you
- What is the direction of the brokerage
- What is the fee structure
- How will I be supported when I onboard
- How can I get admin support
- How do I get legal support
- How can I become a leader
- What are your marketing resitrictions
- Thank them for their time and follow up
- Are you ready for a change?
1) What is the Compensation Plan?
One of the most important aspects of any business is how you are compensated for your efforts. When it comes to real estate brokerages, there are a variety of different commission splits that you will need to be aware of.
Some brokerages offer 100% commission splits (plus transaction fees), while others may have a lower split with an annual cap. Make sure you understand how you will be compensated by each brokerage before signing on with them.
2) What are Trainings and Coachings Like?
One of the most important aspects of a real estate career is finding a brokerage that offers quality trainings and coachings. After all, you want to be sure that you are getting the best education possible so that you can grow your business.
Some brokerages offer in-person trainings and coachings, while others may only have online trainings available. Be sure to ask about the different types of training and coaching that are offered by each brokerage.
3) How do Agents Work Together?
Some agents enjoy working alone while others like collaboration with a team. When you are interviewing different brokerages, it is important to ask how their agents work together.
Do they have a collaborative environment where agents help each other grow? Or is it more competitive and every agent for themselves? By asking this question, you will be able to get a sense of what the culture is like at that brokerage.
4) How Often Do Agents Play Together?
Just as important as how agents work together is how they socialize together. Some agents like to make friends and spend time with their colleagues outside of business. Team trips, family nights, holiday parties, or even TopGolf are all fun activities that agents may look forward to sharing with their team.
Others would rather keep their work and personal lives separate. Be sure to ask the brokerage how often their agents get together socially. This will give you a good idea of what it’s like to work at that particular brokerage.
5) What Can I Do in My Business?
One of the benefits of working with a larger brokerage is that you have more opportunities to grow your real estate business.
Many brokerages offer their agents the opportunity to work with investors, represent commercial sellers and buyers, manage rentals, or work with pre-construction projects. By asking this question, you can get a sense of how much growth potential is available at that particular brokerage.
It’s important to also ask if the brokerage or team has any restrictions for agents. Some brokerages only allow their agents to do certain types of transactions.
6) Do You Provide any Leads?
Many brokerages provide their agents with leads. These leads can come from a variety of different sources, such as past clients, paid marketing, or lead generation services. Most of the time leads provided by your brokerage or team are not high quality.
Be sure to ask the brokerage if they provide any leads and how those leads are generated. This will give you a good idea of how much work you will need to do on your own in order to find clients. It’s also good to know whether or not you would be paying for any leads that you may not need.
7) Do I Have to Pay for My Marketing Design?
Many brokerages will charge their agents for designing and printing their marketing materials. This can include business cards, postcards, flyers, or any other type of marketing collateral.
Some brokerages may provide templates that you can use, while others will have a designer create all of your marketing materials for you. Be sure to ask the brokerage if you are responsible for paying for your own marketing design. This will help you budget accordingly.
8) What Other Opportunities are There for Me?
When you are interviewing different brokerages, it is important to ask about the other opportunities that are available to their agents.
Do they offer coaching and training for additional streams of income? Will agents get rewarded financially for attracting other agents to the brokerage? By asking these questions, you will get a good idea of what other opportunities are available to you if you decide to switch brokerages.
9) How Convenient is it For me to Work Here?
One of the most important factors to consider when switching brokerages is how convenient it is for you to work there.
Some brokerages have an online system where agents can manage their own listings, do transactions, and view their commissions. This type of system makes it easy for you to work from anywhere with an internet connection.
Other brokerages may require you to come into their office every day. Be sure to ask the brokerage about their online system and how often agents are required to come in-person. This will help you decide if the brokerage is a good fit for your lifestyle.
10) Are There any Requirements?
Many brokerages have production standards that their agents are required to meet. This can include a certain number of transactions or a minimum dollar amount in closed sales.
Some brokerages also require their agents to do floor duty. This means you will be working at the brokerage’s office and meeting with clients in person and taking any incoming calls.
Be sure to ask the brokerage about their requirements before deciding if it is the right fit for you. You don’t want to interview with a few different brokerages only to find out that they all have requirements that you don’t want to meet.
11) What are Some Free Take Aways I Can Get?
When you switch brokerages, it’s important to get as much value out of the transition as possible.
One way to do this is by asking the brokerage if they offer any free take aways. This could include things like guest access to their online system, coaching, and training.
By taking advantage of these freebies, you can experience for yourself all of the benefits at your new brokerage instead of just listening to someone talk about them.
12) How Can I Help You?
Agents like to be valued, so it’s important to ask how you can help them.
Many brokerages are always looking for agents who possess certain skillsets that can help their business like lead generation, recruiting, or client follow-up.
By asking this question, you will get a good idea of what the brokerage is looking for and how you can be of assistance. This will also help you decide if the brokerage is a good fit for you.
13) What is the Direction of Your Brokerage?
Real estate is a lifelong business. So if you are considering making a switch to a new brokerage it is important to ask about the direction of their brokerage for the future.
Are they planning on expanding in the near future? What markets do they currently serve? You will want to know where the brokerage is headed so you can see if it is a good fit for your future goals.
14) What Does the Fee Structure Look Like?
Different brokerages charge their agents different types of fees.
Some brokerages will require you to pay a desk fee in order to have access to their online system. Others may charge you only a commission split which is the percentage of the total sale price that they will take from your commission check.
Be sure to ask about all of the different types of fees that the brokerage charges, including E&O, transaction fees, broker review fees, and franchise or royalty fees so you can budget accordingly. You don’t want any surprises after signing with a new brokerage.
15) How Will I Be Supported When I First Onboard?
Onboarding to a new brokerage can be challenging for busy agents.
Make sure to ask the brokerage how they will support you when you first onboard.
Some brokerages offer a full-service concierge onboarding service where an assistant will help you take care of all of your onboarding paperwork and show you how you can set up your new systems at your brokerage.
16) How Can I Get Admin Support?
Admin support is a crucial part of any real estate business.
When you switch brokerages, be sure to ask about the type of admin support that they can offer you.
This could include things like tech support, accounting, payment processing, and marketing. By having access to these resources, you will be able to focus on what you do best – selling real estate.
17) How Do I Get Legal Support?
Having access to a managing broker can be extremely important for an agent.
If you are in the middle of a transaction and in need of legal support then having direct access to a managing broker can literally be the difference that makes or breaks a deal. Make sure to find out how you will get legal support from brokers.
18) How Can I Become A Leader at Your Brokerage?
Agents work their entire lives for their teams and brokerages, building a business that serves not only themselves but also their broker-owners for the entirety of their career.
What many agents don’t stop to think about is how they can be rewarded by their brokers for being such a loyal and high-quality members of their company. In the corporate world, long-time successful employees earn stock and equity in their companies for their service. In real estate, agents rent their business from their brokers instead of owning it.
See how your broker will thank you for your long-time service to their company when you interview them. How can you take on a leadership role? What benefits does that come with?
19) What are Your Marketing Limitations?
Many agents are surprised to learn that their brokerages put limitations on the type of marketing they can do.
Some brokerages only allow their agents to advertise on their company website or in their print publications. This can be a major limitation for agents who want to market themselves aggressively and reach as many potential buyers as possible.
Be sure to ask your potential brokerages about their marketing limitations so you can be sure that they will fit with your business model.
20) Thank Them For Their Time and Follow Up
Regardless of your decision, it is always wise to never burn bridges and leave the interview and recruiting process on good terms with the broker, team leader, or recruiter.
Remember that this was not just a time expense for you, but also a time expense for them as well to take time out of their business to introduce you to their team or brokerage and answer your questions.
21) Ready For a Change?
Before making the decision to switch brokerages, take some time to think about what it is you are looking for in a new company.
Do you need more admin support? More marketing freedom? Exclusive benefits with service providers?
Once you know what it is that you are looking for, finding the right brokerage will be much easier.
Don’t forget to ask the important questions during your interview process! Switching brokerages can be a major decision, but it is one that can pay off big time if you find the right company. Good luck in your search!
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