Questions You Should Ask a Real Estate Company

If you are looking at getting into real estate or making a brokerage change, there are many questions you should know the answer to. Here are a few to think about before you sign up with a broker!

Education - what does that look like? Is someone assigned to help you get started? Who do you go to with questions? Is there a formal training program and is that something you can do on your own time or is class time required? Can you sell real estate before you finish the required class?

Cost/Fee Reimbursement for New Licensees - does the company offer any reimbursement of expenses for a new licensee? If so, would you be better off getting paid in a higher split versus taking reimbursement. Be sure to analyze both sides of that coin.

Hours/Expectations - do you have to be in the office a specific amount of time each day/week/month? Are there specific tasks you must complete?

Compensation - are you compensated on each transaction that you close? What is your split (amount of the commission paid to you and the company) on each closing?

Fees - what other fees will be you charged? Monthly? Per transaction? What is included in those fees?

Signs/Marketing Materials - do you pay for these or does the company? Are they branded to you or to the company? Whose contact information is on them?

Capped Company Dollar - is there a limit on what you will pay in a given time in company dollar? Once you've contributed a fair amount - will your commission split reach 100%?

Technology - what technology does the company provide for you? Generally you will be an independent contractor for the real estate company that you choose - what technology is provided in any fees, etc. that you will be paying and what will you need to pay for on your own.

Leads - what leads are provided by the company/relocation companies? What are the fees charged on these? Are you paid in a different split for company referrals/relocation leads?

Competing Brokerage - does your company advertise on any platforms to get leads? If so, how are those leads distributed? Does the company have a general phone number on the signs? Who gets those leads? How about websites? Where do those leads go?

Open Houses - do agents in the company share their listings for new agents to host open houses?

National Affiliation - what does this do for you if it applies? What events can you be a part of on a national level and how does that benefit you?

Recruiting/Profit Share/Revenue Share - if you choose to help bring others to the company, how will you be compensated?

Publicly Traded or Privately Held - is the company or parent company (if a franchise) a publicly traded company (answering to stockholders) or privately held (answering to the agents in the company).

Vision for the Future - where does the company see itself in a year, in two, in five, in ten? You want to be sure your company has a clear vision of what it wants to look like beyond the immediate.

Leadership Opportunities - what else exists for you in this company? Are there chances to grow as your business grows? Can you build teams and what does that look like? Can you become a leader in education locally, or open your own office, coach, etc.?