Questions to Ask Before Deciding which Firm to Join
Deciding what firm to affiliate with is one of the most important decisions you make when you are just starting out in the real estate business. When you get your license the schools will teach you how to handle contracts and basic real estate law. They do not however give you the sales tools you need to be successful, therefore you will need to make sure that you join a firm that will help you learn the skills needed.
Here are a few questions to ask before deciding to join a firm:
- Do they have a specified training program for new agents?
- Do they have plenty of meeting space for meeting clients?
- Do they have a broker in charge that is easily accessible and can help when needed?
- What are the commission splits and expected monthly fees for their agents?
- Is there a franchise fee?
- Does the company reimburse agents for getting designations?
- Does the company charge a referral fee for company provided leads?
- What types of things does the company do to help promote their agents and their agents listings?
- Is there a schedule for office time or phone duty?
- Does the company provide a CRM (Customer Relationship Management) program?
- Does the company provide agents their own IDX website? (this is a website that propagates MLS listings to company/agent websites)
- Are there charges for the copy machine?
- Is there an office desk fee?
- How often do they meet with agents to discuss their personal growth plans?
- How many buyer/seller leads would new agents expect to receive?
- Does the company have an Errors and Omissions insurance policy for their agents?
- How would you describe the company culture?
Feel free to add any other questions you would like but these questions should give you good insight as to how supportive your new company will be to your success and development.
Sometimes people get hung up on commission splits but a really low commission split will not help provide leads and marketing support that today's agents desperately need. A higher commission split does not necessarily mean that you will be getting a high level of support either, so it is important to ask the questions.
CLICK HERE to contact Mike for a confidential meeting to discuss the answers to these questions.