So, you’ve finished your pre-licensing coursework and passed the Washington real estate exam. You’re well on your way to starting your career in real estate. The next step is to find a managing broker.
What does this mean? Finding a managing broker is like finding a job. Finding a brokerage to work for is a two-way street since you and the company will benefit if you successfully close deals. Thus, brokerages often offer tools and training to help their agents meet and exceed their goals.
So, how do you find the right managing broker for you?
Key Takeaways
- When choosing a brokerage, it’s crucial to know the commission split structure and any associated fees (franchise, desk, technology, marketing). This will help you understand your potential earnings and budget your expenses accurately.
- Ask about the brokerage’s training and mentorship programs, as well as continuing education and professional development opportunities. This support is essential for your growth and success, especially as a new agent.
- Determine if the brokerage specializes in areas that align with your interests (e.g., residential, commercial, luxury properties) and understand their lead distribution system. This will help you gauge your potential for generating business.
- In addition to the primary questions, consider asking about the company culture, mentor programs, and speaking with current agents to get a comprehensive view of what it’s like to work there.
How to Find a Managing Broker
The good news is that most brokerages want as many agents as possible to work for their company. It’s important to keep this in mind as you talk with the managing broker. It would be best to go into your discussion with specifics in mind about what might be best for your specific needs and goals.
Here are some real estate interview questions that will help you to decide which managing broker is best for you.
1. What is the commission split?
Understanding the commission split is vital when choosing a brokerage. As a realtor, you won’t bring home the entirety of the commission earned on a transaction. Instead, this will be split between you and your brokerage, also known as the commission split. Ask the broker to explain their structure. Does it vary based on performance or tenure? This will give you a better idea of your potential earnings and any opportunities for better splits down the road.
2. What fees should I be prepared to pay?
Most brokerages have fees. These could include franchise fees or transaction fees. Clarify what you’ll be responsible for so there are no surprises later. You should also ask about the following:
- Monthly desk or office fees: Some brokerages charge for office space or desk use. Ask if these fees apply and how much they are. This will help you budget your expenses accurately.
- Any other brokerage-related fees: Ask about any other recurring fees. These might include technology fees, marketing fees, or administrative fees. Knowing all possible charges helps you manage your finances better.
3. Do you offer a commission cap?
While this might sound like a bad thing, it benefits you as an agent. A commission cap limits the amount you’ll need to split with your brokerage once you reach a certain production level. A commission cap will help you keep more money in your pocket during a productive year.
4. What areas or types of properties do you specialize in?
As an agent, you may specialize in a particular niche or focus on a specific neighborhood or location. Knowing the brokerage’s specialization can help you align your career goals. Ask if they focus on residential, commercial, luxury, or any other specific market. This helps ensure you’re joining a team that matches your interests.
5. How are leads distributed?
Understanding how leads are distributed is crucial. Ask if leads are given to agents based on performance, rotation, or another system. This will provide you with insight into your potential for generating business.
6. Who will give me the support and help I need?
Support is key to your success, especially as a new agent. Ask about the training and mentorship programs that are available. Knowing you’ll have guidance can make a significant difference in your early career.
7. How does the brokerage support continuing education and professional development?
The real estate market is constantly evolving. Ask about continuing education and professional development opportunities, which can help you stay ahead of industry trends and regulations.
Other Considerations When Choosing a Real Estate Brokerage
Asking the right questions during your real estate broker interview is key. After all, it’s helping you decide where to start your career! You can also ask about other things, such as the company culture or mentor programs. You may also want to ask for the names and contact info of a few agents working for the brokerage so you can ask them what it’s like to work there.
Ultimately, whatever brokerage you choose will help you find success in your real estate career. For more resources, check out Rockwell’s Career Hub and learn more about Washington broker licenses, becoming a managing broker, and more.
