Questions To Ask A Real Estate Company
If you are interviewing other real estate companies, ask them these important 43 questions
- What is your company mission statement?
- What is your company vision statement?
- What is your company values statement?
- What is your company belief system?
- Who makes decisions on a local, regional & national level within your company that will affect how your firm is run and that will affect my business?
- Do you have a leadership group of agents within the company that together work with ownership to make decisions on how the company is managed?
- What are the annual administrative fees at your company?
- Is there a “cap” on the administrative fee?
- What is the “split” at your company?
- Are there franchise fees? If yes, do they have a “cap”?
- If there is a “cap” on the amount, I pay the company, what if I do not produce enough to meet the cap? Is the remainder forgiven?
- Do you offer a “true” 100% commission plan?
- Can I advertise my own phone number on all of my advertising, flyers, signs, WebPages, newspaper etc. without including the main office number?
- Regarding my personal marketing & listings, can anyone in your office receive calls on my advertising? Do all calls come directly to me?
- What type of “structured” training does your company offer for: New agents? Experienced agents? Mega/Top agents?
- How often is your training available & what is the cost?
- 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?
- What types of tools, systems, training, education & models has your company developed to assist agents in making their first sale? Taking their business to a completely new level?
- Does the broker of your office compete for listings and sales?
- Would I be considered a true “partner” or “stakeholder” in this company?
- Do you have a system in place that rewards me if I was able to help grow the company? Tell me in detail how that system works.
- How does your company view “Team Building”? Would I be encouraged and trained to add assistants/sales staff to my real estate practice? Would there be additional fees for assistants?
- Does your company have a relocation department that “sells” leads back to your agents? Or do referrals go direct “agent to agent” for a more typical 20-25% referral fee?
- If I choose your company but for some reason does not work out and I want to make a change to another firm what would my independent contractor agreement say regarding my listings and pending sales? Would they automatically come with me, no questions asked?
- Would my split remain the same no questions asked? Can you show me your contract where this would be explained?
- Does your company offer floor time? If so, why? If not, why?
- Does your firm do local, regional and/or national advertising? If yes, why? If no, why?
- Are all agents treated equally with the same opportunities for earnings?
- Are there agents in your company that pay ownership/management more than others do?
- Do some agents have “better deals” than others do? How would I know for sure?
- Do you have a charitable foundation set up to contribute to community needs? National needs? Needs of agents in the company?
- Does your firm have a national convention what percent of your firm attends?
- If you offer a 100% commission plan, do I pay a monthly fee to get 100%? Do I pay as I earn?
- Tell me about your technology. Do your agents get personal websites?
- What expenses will I have for each transaction?
- What expenses will I have each month? Year?
- How many offices do you have? Are they individually owned and operated?
- How many top producing agents have left other firms and joined yours in the last 12 months? Could I have their names and numbers to contact them and ask why they chose your company?
- What is your company policy on hiring new licensees? Are there requirements? Are new licensees held accountable to perform? Are new licensees automatically hired if they ask to join your firm?
- What is your policy or procedure for bringing an agent from another company? Do you have a process to determine if this agent is indeed a good fit for the company?
- Do you have culture? What is it? How do you keep it?
- If I join your firm and years down the road I retire, how much money will I potentially earn after my last sale?
If the Real Estate Company you are interviewing falls short, cannot substantiate, or hedges in any way, you are interviewing the wrong company.
Make sure the Broker/Owner/Management can back up any and all statements. Take a “show me” attitude! Do not be shy; this could be the most important business decision of your life!
