No broker is created equally.
Every broker is different and while some are similar, their makeup of agents is never the same…Just like a parcel of land. These are the questions I wish I had known to ask when I got my real estate license:
What does your training calendar look like? I remember I was promised training yet there was never an actual calendar. A broker who truly cares about training for the agents makes a commitment every single month. That means they actually write down a plan and communicate it. Again, every month and not just when someone gets in trouble with the real estate commission.
Does your marketing plan compete with my marketing plan? Some brokers will boost their extensive marketing plan. Great! Unless those leads come directly to you without you needing to pay a referral fee back to the broker, then they are competing with you….their very own agents.
What administrative fees will my clients pay? Most agents ask about their monthly fees…WRONG QUESTION! Ask about client fees also known as broker administrative fees. I really have no idea what they are or what they cover but I do know some of them can be fairly costly which means it costs your clients more money to do business with you.
What are the monthly agent fees? Ok, now you can ask! However, don’t just listen to the number, know what the fee actually covers. I asked one of my former managers to tell me what my $180 a month fee was covering, not that I wasn’t happy to pay it, and they had no idea. In fact, they asked me to research it and let them know…so I researched new brokers instead!
What are the commission splits? I don’t really like the phrasing of that question yet I know you are all waiting for the prize winning “how much money will I make” conversation. I am okay with steep splits with a broker if they are actually offering a TON of value. Otherwise, you are just paying for their kids’ braces. Worry about your kids’ braces instead. Don’t be more loyal to your broker than you are to your family. Commission splits can happen several ways however, my favorite commission split is one that goes way! That means you can earn the right to make 100% commission. And, I hope you earn that right! 100% commission is a game changer because of what that money can do for those who are dearest to you.