Real Estate Industry Knowledge
Important Questions to Ask When Interviewing a Sponsoring Company
- Do you provide training?
- How many days or hours of formal training?
- Is there a cost to me?
- If so, how much?
- Who will be available to help me after the training?
- Is that person easily and readily available to me?
- What other "hats" does that person wear?
- Will I be reimbursed for expenses of my initial classes/training?
- Were you profitable last year and may I see a copy of your current financial statements?
What was your gross volume of sales last year?
What is the average per full time agent? - What is the average income of full time agents in this office per year?
- How many agents did you have three years ago and how many do you have today?
How many do you wish to have?
How many part time agents do you have?
What is the agent turnover rate?
What is the average tenure of agents? - What is your definition of full versus part time agent?
- Do you hire part time agents? If so, what do you expect from them?
- How long has this company been in business?
- If I accept a referral and pay a referral fee, do I pay another referral fee if the same client buys or sells another property?
- About referrals:
When will I be given one?
After I am eligible, how many can I expect per quarter?
What are the sources for referrals?
Approximately how many referrals do you give the agents per month?
Do you have a relocation department?
About listings:
How many listings does the office have?
What is the normal amount?
What is the average list price of the listings?
What is the average sales price of the office?
What percentage of listings are sold in house? - Regarding market share, compared to the top 10 companies in this area, what number is this office?
- What are your expectations of me?
- Explain the advantages or disadvantages of an independent versus and franchise, or multiple office real estate company?
- Does this office have a focus on team work, or does each agent operate pretty well on their own?
- If I leave your company, do I get the same commission split on pending sales and do I take my pending listings with me?
- Do you have a mentor program where I can shadow a top producer for a period of time?
- At what commission split will I begin?
Do you offer a graduated commission split that pays me a higher percentage as my production increases?
If so, and say I reach 60%, do I go back to my beginning split at the end of a designated period?
May I have a copy of the commission schedule? - What special rewards could I expect if I become top producer of your company?
- What is the policy on bonuses received on a sale I make? Do I get the total amount, or is it split with the company? If so, at what split?
- What is the policy on referral fees I receive from sending outgoing referrals? Is it split with the company? If so, at what split?
- What costs will I incur?
Initial:
Licensing, application, business cards, photo, name badge, dues, etc.
On-going:
Monthly or quarterly charges such as long distance calls, desk fees, franchise fees, (do you have) voicemail, etc.
Per listing:
Sign, lock box, advertising, etc.
Per sale:
Error and Omission Insurance – how much will the insurance cost me? - In which publications do you advertise?
How often?
Who pays for it?
Who determines which listings get advertised?
Who writes the ads? - Do I need specific liability insurance on my automobile?
- When will I start property time/ phone duty?
What is the minimum amount per month?
Maximum amount per month?
How many hours per shift? - Do you send out initial Realtor announcement cards to my farm area of choice? If so, how many?
- What accommodations do you offer new agents?
- Will I be allowed to hold other agents listings “open” to attract buyers to help me get started? If so, how soon?
- Do all of your full time agents farm a territory?
- What do I, or any other agent, have to do to protect a territory?
- Please show me the examples of marketing materials available to me.
Announcements
Just listed
Just sold
Just participated in a sale
Door hangers
Free market analysis
Brochure of the company
Company letterhead
Flyer templates
Website templates
Contact Manager
Colored copies - Is there a cost to me for this material? If so, how much?
- Who pays for the postage?
- Do you have a company policy manual?
Do I get a copy and can I review it prior to signing on with you? - How many computers do you have available to agents? What is the ratio of agents to computers?
- What type of copier/fax machine do you have and is there a cost for me to use it?
- Do you have a full time receptionist/secretary?
Would clerical assistance be available to me such as preparation of monthly mailers, typing letters, preparing flyers, entering and making changes in listings, etc.? - Do you have weekly sales meetings and property tours?
What day, time, and how long do the meetings usually last? Could I attend a sales meeting before I make a final commitment to come on board? - Will I have a working partner?
- In understand I will be working as an independent contractor, and that your contributions are limited by that status. However, some companies offer perks such as availability of health and life insurance, retirement, and other benefits. Does your company offer anything along these lines?
- What commission does your company charge a seller for selling a home?
What commission do you charge for undeveloped land or lots?
Do I have the authority to list for less commission under certain circumstances?
If yes, what are those conditions?
Could I list it for more? - Does your company have "Career Apparel"?
If so, am I required to wear it?
Do you have a dress code?
If so, could I have a copy of it?
