Asking the right questions in the real estate industry isn’t hard as long as you have a couple years of experience. Where ever you are in your real estate career, it’s best to go into an interview prepared… Just like you would with a lead!
As someone who has been a part of multiple brokerages since 2018 and LOVES checklists, I compiled a list of key questions you should ask when interviewing a potential brokerage.
Before diving in, here’s a downloadable/printable list of all these questions:
Table of Contents:
- Company Culture Questions to Ask While Interviewing a Real Estate Broker
- 1. What are the core values here? (& do you hold people to them)
- 2. How involved are you with the local community?
- 3. Do you have an office?
- 4. How would you describe the atmosphere of the office?
- 5. Do you do any team building events?
- 6. How many full-time agents are at this brokerage?
- 7. Can I get a tour of the brokerage?
- 8. What 3 agents sell the most houses and how many do they sell?
- 9. Can I meet those 3 agents before joining?
- 10. How long do agents typically stay here?
- Financial Interview Questions to Ask a Potential Real Estate Brokerage
- Education Questions to Ask when Picking your Brokerage as a Real Estate Agent
- Support Questions to Ask when choosing a Real Estate Brokerage
- Question the Obligations of Joining the Real Estate Brokerage
- Questions for yourself After interviewing the Real Estate Brokerage:
- Final Thoughts on Questions to ask when Choosing a Real Estate Brokerage
Company Culture Questions to Ask While Interviewing a Real Estate Broker
These first 10 are the MOST important questions in my opinion… Do you want to be a part where the brokerage culture is a bunch of people bitching, complaining, and NOT making money? Probably not, so pay attention!
1. What are the core values here? (& do you hold people to them)
This is more important when you have to rep the brokerage’s brand with other agents at the office. You don’t want the reputation of one bad apple to potentially spoil business in the future.
2. How involved are you with the local community?
It’s great to get out and do community service events.
3. Do you have an office?
If so, you are paying for the office.
4. How would you describe the atmosphere of the office?
Hardworking, light, friendly, fun, banter?
5. Do you do any team building events?
Meetings – Lunches – parties
6. How many full-time agents are at this brokerage?
How many part-time agents are here?
7. Can I get a tour of the brokerage?
8. What 3 agents sell the most houses and how many do they sell?
If the top producers aren’t closing 20+ deals annually, I wouldn’t go there!
9. Can I meet those 3 agents before joining?
If so, ask those agents the above questions and also:
- Does the managing broker stand up for you here?
- What type of real estate agent won’t succeed here?
10. How long do agents typically stay here?
Financial Interview Questions to Ask a Potential Real Estate Brokerage
11. What are the commission splits & is there a cap?
Commission splits are the percentage of your commission that go to the brokerage. A ‘Cap’ is the max amount you will pay into a brokerage. Our firm has 80/20 splits until a $16k cap.
12. Are the splits/cap negotiable?
Smaller brokerages and franchises usually decide on an office by office basis how much each agent will pay to be there. If you are a top producer and don’t want to pay splits without a cap, bring it up. At our brokerage they aren’t negotiable, but VERY agent friendly across the board.
13. Are there any fees at all?
- Transactional Fees
- Annual Fees
- Franchise Fees
- Desk Fees
- MLS fees
- Realtor association
- Referral Fees
14. What other expenses might I be responsible for?
- eKey (to access property lockboxes)
- Business cards
- REALTOR designation (usually $400+ per year)
- Website hosting and IDX (MLS feed)
15. Do you supply leads?
If so, how are the leads distributed?
Do we have to pay for them?
What is the quality of leads? (average close %)
Note: Lead Generation is MONEY. Generally speaking, real estate teams will supply leads but take a much larger split of your real estate commission.
Education Questions to Ask when Picking your Brokerage as a Real Estate Agent
16. Do you have a mentor program for New Agents?
If so, follow up with:
- Does the mentorship program cost anything?
- How long is it?
- Or how many transactions will it take to graduate from it?
17. Are training programs provided?
- Who teaches those classes? (Local competitors likely won’t give you all their secrets)
- Are those classes in person, live online, or online on demand?
Both of these questions are important for new real estate agents and experienced.
Support Questions to Ask when choosing a Real Estate Brokerage
18. Do they offer any of the following:
- Transaction Coordinator
- CE Classes (Continuing Education)
- Signing software like DotLoop & Docu-sign
- Customer Relationship Management (CRM) system
- Discounts with local vendors
- Marketing resources (try to get lots of details about what is available)
- Clerical or administrative support
- Business Cards
- Legal Support
19. Do you promote the office listings and the agents?
Question the Obligations of Joining the Real Estate Brokerage
20. Are there mandatory meetings?
21. Are there Desk or Phone duty requirements?
22. Do I market the brokerage or can I market myself?
Important to take into account:
- Your Marketing Plan and Marketing Strategies
- Social media (Linkedin, Instagram, Facebook, etc)
- Are there salaried employees to help me modify marketing materials?
Questions for yourself After interviewing the Real Estate Brokerage:
23. Has anyone here done what I’m trying to do?
If someone there is taking a similar path that you want to in your real estate business, I’d suggest signing up with them.
24. Did the broker give you energy?
25. Do they seem like a good leader?
26. Is this a community I want to be a part of and associated with?
Final Thoughts on Questions to ask when Choosing a Real Estate Brokerage
I cannot emphasize enough how important culture is. The people you surround yourself with on a daily basis are arguably one of the most crucial decisions in your life. Wherever you are in your real estate career, new or experienced, and thinking about switching brokerages, you will get where ever you want to go MUCH faster with a guide. Everything else is just gravy.
I built a traditional team that did 570+ transactions in 3 and half years then switched to a much more high speed & adaptable ‘team’ model. Interested?
Don’t forget to schedule a call with me to ask all these questions 🙂