The 10 Best Questions to Ask Your Broker
Are you doing your due diligence when it comes to choosing your real estate company?
I see a lot of people who take time to meet with different brokers but don’t always ask the right questions and then run the risk of making a mistake when it comes to actually join a broker.
Whether you are planning on going straight to Keller Williams and joining or you are going to look at a few different brokers, here is a list of the most important questions you should be asking:
1. What is your commission split? Does it cap at a certain level or is it always the same?
(A good rule of thumb here if you want to make bottom-line comparisons is to calculate… how much money am I going to pay my broker if my production level is $3MM? How about $5MM or $10MM?)
2. Will you show me your training calendar? What kind of training is offered specifically for new agents? What about more experienced agents, how are you helping them?
If an office is serious about their training, they will be able to show you their training calendar for the month. Tip: there should be a lot of things on it…
Also, don’t just look at the training for new agents. You want to be with a company that can help you grow through the lifetime of your career, not just in the beginning.
3. What are the office fees and what do I receive for what I am paying?
Remember, it’s not always about who is the cheapest. I like to tell people I talk with to think about it like this: if company A is going to give you the tools and training to allow you to sell a couple more homes each year, but company B is $50/month cheaper in their fees, which one is going to be more valuable to you? (Hint: it’s A.)
4. What kind of market share do you have in the community? Do people who live here see the agents in this office as being the agents of choice for their real estate needs?
It’s much easier to join a company that is already well-known in your city than it is to join a company no one has heard of and then try to make a name for yourself.
5. What kind of mentorship or coaching programs do you have?
This ties back to the training, however, coaching/mentoring is more personalized. Personally, I recommend it as all the top performers in any industry have coaches.
6. Will you teach me how to find consistent leads so I can build a sustainable business?
This is more important than someone saying they are going to give you leads. Remember that saying about being given a fish versus learning how to fish…
7. What is the culture like in the company?
The culture of your company is very important. We go into much more detail about the KW culture in our other blog posts. But you want to make sure you believe in the mission of the company and what they stand for.
8. What kind of company-wide/office training or events are there?
Keller Williams holds two annual conventions each year: Family Reunion and Mega Camp. These are great opportunities to get even more training and meet agents from all across the country.
9. How do you stay up to date with technology as it pertains to real estate?
Real estate is always changing. As technology progresses, so does the way customers buy and sell homes. If your company is not staying on top of these changes, then you could quickly become outdated. But make sure the tech they have is actually helping you sell more homes and it’s not just tech for the sake of tech…
10. Does your company have agents in other states/countries? If I want to refer a client who is moving out of town to someone (and receive a referral fee) will I be able to find another agent in the company to work with them?
This is something you can only get by joining a larger, national brokerage. If I have a client in my town who’s moving out of state, all I have to do is find a KW agent who can work with them in the city they are moving to and that agent will pay me a referral fee and vice versa.
But if I was with a smaller company that’s only in my city, I wouldn’t be able to do that.
Remember, it’s hard to know everything about a company before you join. But if your broker can provide great answers to all of these questions then, let’s face it… You’re probably talking to someone at Keller Williams.
