Beginner questions for the veterans

**tomyco** · 03-30-2007, 06:56 AM

I am currently taking the Real Estate course and plan to get my license this June. I have met with some brokers and have asked a few questions, but I think what would be extrememly helpful to people just starting out, if you veterans can give us approciate questions before joining our first broker. The questions I have asked;

1. What training is available.
2. fee split
3. floor time
4. if the broker also sells real estate

What other questions should we be asking.

I've heard also which was a surprise to me, is that some brokers make you pay for the newspaper advertisements. Is this correct?

What other expenses can we expect?

I went to 3 different brokers and they all told me they were number 1 in my town. I quess I should of asked, number 1 in what category.

Do most sales people and does it make sense to go with a broker that is in your home town versus 30 minutes or more away?

I know that training is the most important thing when you are first starting out? what would be the next 2, 3 or 4 things that we should focus on.

Office with less agents vs office with fewer agents?

This is valuable information I hope some veterans will respond to.

Thank you!

**gjtrafl** · 03-30-2007, 05:56 PM

1. What training is available. The bigger companies tend to have more programs. The smaller companies tend to have more one on one support. All depends on the BIC. Ask questions and meet other new agents to verify. My BIC offered contact info for other agents 1 yr with the company. I called them.

2. fee split Expect 50-60% starting out with larger companies. Expect 60 and above with smaller companies. This is their (smaller companies) competitive advantage since they can't offer national name recognition

3. floor time You need floor time. Thats how you learn and you may not be incredibly busy otherwise.

4. if the broker also sells real estate. I am not crazy about competing BICs. Some companies do it and some don't. Your larger companies don't do it. It builds a level of distrust if not handled appropriately.

Hope this helps! In the end, every company is different. You just need to ask and compare. ULTIMATELY the best thing to do is choose an office that you like and will be happy working with. When this is in place, everything else will be fine! PM me if you have more questions.

**JChristin** · 03-30-2007, 07:30 PM

Nationally known brokerages most likely provide a well-tailored training program. Developed over many years and updated to keep pace with today's marketplace. If you go to such a brokerage, and one that is a well populated office, if can be easy to get lost in the "numbers." Especially after your initial sphere of influence has been worked and reworked and then sucked dried.

Locally known brokerages may also provide a well-tailored training format, comparable to any nationally known programs. Many of these smaller office brokers received their training from the "big names" brokerages. They get to trailor their training to the local market and may be able to spend more "one-on-one" time with the newer broker/agents. If it is an office with a small number of brokers/agents, there may be more opportunity to establish a more initmate relationship with the managing broker.

When I was in the residential sector, I worked at both, at separate times of course. Residential real estate is a number's game. The more number of agents, the increasing opportunity to earn more money. Those unable to "produce" once their sphere of influence is dried up either go elsewhere, develop the ability to work with unknown customers, or leave the industry. There's a "fresh" batch every season.

Personally, I like the "special "niche" brokerages that cater to a particuliar market segment.

Good luck!