Questions to Ask When Considering a Real Estate Agency
If you’re interviewing real estate agencies, these 55 questions will help you choose a company that is best for you, your family, and your career.
- What is your company value statement?
- Who makes decisions on a local, regional, and/or national level within your company that will affect how your firm is run?
- What is your company mission statement?
- Do you have a leadership group of selling and listing agents within the company that works together with ownership/management to make decisions on how the company is operated?
- What is your company vision statement?
- What amount will I pay annually to your company from my sales?
- Is there a limit or “cap” on that annual fee?
- What is your company belief system?
- What would my split?
- Does your company charge franchise fees?
- If you charge franchise fees, is there a limit or “cap” on those fees?
- If there is a “cap” in the annual fee I pay to the company but I do not make the necessary sales to pay the entire cap, is the remainder forgiven on my anniversary date?
- Does your company offer a true 100% commission plan or am I always going to be paying some amount of my commission to the company?
- Can I advertise my own direct phone number on all of my “for sale” signs, flyers, internet sites, home books, newspaper ads, and business cards in addition to the main office number?
- Can anyone in your office ever take a call on one of my advertisements, flyers, internet sites, “For Sale” signs, etc? Do you have a policy that guarantees all calls come directly to me if I am in the office, even if they don’t ask for me?
- What type of structured training does your company offer for:
- New Agents?
- Experienced Agents?
- Mega/Top Agents?
- New Agents?
- How often is your training available?
- What is the cost of your training?
- Where do I go for the training?
- Who is responsible for developing your training curriculum?
- Is your company “Open Book?” Do you allow your associates to see the financial statements from the company?
22. What types of tools, systems, training, education and business models has your company developed to assist your agents in making not only their first sale but in achieving whatever level of success the agent desires?
- Do the broker and/or manager of your office compete for listings and/or sales?
- Would I be considered a “partner” or “stakeholder” within your company?
- Do you have a system in place that rewards me for helping increase the profitability of the company? Tell me in detail how that system works?
- How does your company view “team building?” Does the model for a team have one lead agent or are there equal partnerships between agents?
- Would your company encourage me and train me on how to add administrative as well as sales assistants to my team?
- Would there be additional fees for my assistants?
- Does your company have a relocation department?
- Does your relocation department “capture” leads and then “sell” those leads back to your agents? Does my split remain the same for relocation leads?
- Does all relocation or other referrals go directly “agent to agent” for a more “typical” 20-25% referral fee?
- If I choose your company but for some reason things do not work out and I want to move to another, competing company, what does your independent contractor agreement say regarding my listings and/or sales?
- Would my listings belong to me and my new company or would they remain with your company?
- If I did move to another company, what about any “pending” sales I have, would I be paid on my normal “split” or would my “split” change on those sales?
- Will you show me the section of your independent contractor agreement that covers this issue?
- Does your company offer “floor time?” If yes why? If no, why not?
- Does your company do local, regional and/or national advertising? If yes, why? If no, why?
- Are all agents in your company treated equally with the same potential for earnings?
- Are there agents in your company that pay higher annual fees to ownership/management than others do?
- Do some agents in your company have better deals than others? How would I know for sure?
- Does your company have a charitable foundation set up to contribute to community needs? National needs? Needs of agents in your local office?
- Does your company have an annual convention? If yes, what percent of the agents attend each year?
- If you offer a 100% commission plan, do I pay a monthly fee more than $100 to get 100% or do I pay only as I make sales?
- Does your company offer Intranet sites for your agents to use?
- Would I get my own personal website? What is the cost?
- What fees does your company charge for each transaction?
- Does the company supply me with business cards? Just in the beginning or forever?
- Do I pay for long distance telephone service?
- Do I pay for photocopies? How much?
- How many offices do you have? Are they individually owned & operated?
- How many respected, top agents have left other companies and joined your company in the last 12 months? May I have their names and numbers so I could call them to discuss why they chose your company?
- What is your company policy on hiring new agents? Are there requirements? Are new agents held accountable to make sales and contribute to the office culture?
- What is your policy for hiring agents from other companies? Does your company have a system in place to determine if this agent would be a good fit for your company?
- Do you have culture in your company? What is your culture? How do you maintain the culture?
- If I join your company and years down the road I retire, how much money will your company potentially pay me each month even after I make my last sale?
If the Real Estate Company you are interviewing falls short, can’t substantiate, or hedges in any way, you’re interviewing the wrong Real Estate Company.
Make sure the Broker/Owner/Manager can back up any and all statements. Take a “show me” attitude! Don’t be shy: this could be the most important business decision of your life!
