Meeting with Broker on Mon...what to ask? (new agent, Realtors, insurance)
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As many of you know, I am very interested in Real Estate and have been talking for some time about getting my license. Well, now that we are settled into our home and I am beginning to meet people, I have decided to meet with an agency.
I am meeting with Weichert on Monday. What questions should I ask? After speaking to them, I may speak with Long and Foster as well. They seem to be the bigger agencies here in my area. (ReMax is here but I believe you have to be an experienced agent to work for them)
Thanks for any advice.
Oh, and did any of you get your license through on-line courses?
As many of you know, I am very interested in Real Estate and have been talking for some time about getting my license. Well, now that we are settled into our home and I am beginning to meet people, I have decided to meet with an agency.
I am meeting with Weichert on Monday. What questions should I ask? After speaking to them, I may speak with Long and Foster as well. They seem to be the bigger agencies here in my area. (ReMax is here but I believe you have to be an experienced agent to work for them)
Thanks for any advice.
Oh, and did any of you get your license through on-line courses?
What do you have to offer me?
How will you help me become successful?
Training & Education are the 2 most important items for an agent. Find out what they offer.
From TX & what I know Weichert and L & F both have great reputations. I am with an independent like L & F and would lean that direction from what I've heard of them. They are both big in the Relocation business and hopefully after a couple of years experience they will send you some of that business.
Training and education. That's it. Not that splits and such don't matter, but if you aren't trained well you won't last long in this business so the rest doesn't matter. Go for the company that has the best training/mentor/education. You want to be good.
A Realtor is an independent contractor. The Broker works for you. They provide training/education and support in exchange for a percentage of your earnings.
You are paying THEM for their support...you aren't doing them a favor by hanging your license there. Your decision on what company to go with should be based on how that company helps YOU to acheive your goals.
I would suggest you start out by clearly understanding what your personal goals are for a career in real estate and then target your questions to how that Brokerage will help you to acheive those goals.
If you want to be one of the top 10 producers in your area you may need a different environment than if you want to close 5 or 6 transactions a year. Training and support are the primary elements.
I'd ask questions abouot how leads are generated, how they are shared.
What advertising expenses are paid by the brokerage, and which are paid by YOU?
What administrative expense are paid by the brokerage (paper, phone, internet...) and which are your responsibility?
Are there transaction fees? Monthly advertising expenses? Dues (MLS), Insurance (E&O) fees?
What kind of advertising do they do (and are they committed to it)?
What are THEIR expectations of you with regard to floor time, open houses, production, listings, buyer agency, etc?
There's a book out there I think it's Questions I Wish I'd Asked My Broker or something like that...worth a read I think.
I tend to think you're putting the cart before the horse.
Get licensed first - then go talk to brokers.
This is the best advice,yet. A significant portion of people never finish the required classes, let alone take or pass the national and state exams.
Those who do stick with it, pass the exams and become licensed, figure out that absolutely nothing they learned has anything to do with the realities of the profession. The fall out rate in this business is astronomical because there is an enormous difference between expectation and reality.
I know that some people cringe when I say that real estate agents do not sell homes. The reality is that the product being sold is you, the agent.
It's your experience, knowledge, marketing savy, communications skills, ability to compel people to make decisions in their best interests which may not be in your best interest, negotiating skills, detail orientation and knowing the potentially serious consequences, if you make a mistake.
The business is hyper competitive and you are going up against people with serious experience and some of them are seriously skilled. Until you know and are able to convince someone why they should use you, instead of the all the others, it's going to be tough going.
You and your clients are vulnerable to factors you do not control and sometimes clients get very, very emotional .
It's accepting that you only get paid when a transaction closes which means that sometimes you will find yourself out of pocket a serious investment in a listing, time and gas, if for any reason, a transaction does not come together or close. It's a substantially higher risk businesss and therefore the rewards are greater on a tansaction to transaction basis.
If you intend to do this part time or when it's convenient to your schedule, chances are it's not going to work, very well. That one may have other employment, kids at home or something better to do than what a client needs done, does not play out, well, in the long run.
Some people lie to and about you. Some people steal ( time and opportunity) from you. The ability to say " next" in the face of some tremendous adversity and the resiliance to take it in stride are survival skills.
You are paying THEM for their support...you aren't doing them a favor by hanging your license there. Your decision on what company to go with should be based on how that company helps YOU to acheive your goals.
I would suggest you start out by clearly understanding what your personal goals are for a career in real estate and then target your questions to how that Brokerage will help you to acheive those goals.
If you want to be one of the top 10 producers in your area you may need a different environment than if you want to close 5 or 6 transactions a year. Training and support are the primary elements.
I'd ask questions abouot how leads are generated, how they are shared.
What advertising expenses are paid by the brokerage, and which are paid by YOU?
What administrative expense are paid by the brokerage (paper, phone, internet...) and which are your responsibility?
Are there transaction fees? Monthly advertising expenses? Dues (MLS), Insurance (E&O) fees?
What kind of advertising do they do (and are they committed to it)?
What are THEIR expectations of you with regard to floor time, open houses, production, listings, buyer agency, etc?
There's a book out there I think it's Questions I Wish I'd Asked My Broker or something like that...worth a read I think.
Best of luck. Dave
Lot's of good practical stuff, here, Dave.
Am I the only one who dislikes the term " leads"?
Generally speaking, brokerage companies are in a constant state of recruiting because the fall out rate is enormous. One of the ways they recruit new agents is to create the perception that their brand advertizing creates more opportunities ( the so called leads) than all the other brokers.
IMHO, if one is going to rely upon opportunities ( leads) from their broker, chances are one is going to be disappointed with the outcome.
I took my license courses in a classroom environment. I think the discussions that develop in the class are helpful. You'll also develop relationships with other soon to be Realtors. These people can be a good support group.
I've taken continuing ed online but don't recommend it. I was pressed for time back when the market was frenzied.
I started with a Coldwell Banker office and was fortunate that they had an experienced agent to mentor newbies. You can never predict what will transpire as you conduct your business and having someone with years of experience that you can go to for advise is priceless.
Be aware that regardless of what you and others may believe, real estate sales is one of the toughest occupations you could choose.
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