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As a newly licensed agent, or a seasoned one who is considering switching firms, these thirteen questions will help you to get an understanding of the company you are about to join. Why is that important? Well, you are about to associate your professional reputation with this company and trust them to help build your new livelihood. So doesn't it make sense to have at least thirteen questions? Of course, you may not get the opportunity to ask all of them, and many of them may be answered during the interview process, but these are some essential things to know in advance and consider before you decide to hang your hat. How did we come up with these questions? Well, if you do a little research, you'll realize that there is not a lot written about this VERY important subject, so we took it upon ourselves to go out there and ask brokers, former agents, and current agents in New Jersey to help us compile the most important questions to ask before joining an agency. The Garden State Apartments staff has filtered the answers down to the following thirteen that will help you make the right decision when evaluating your choices. We hope this helps you make the right decision and leads you to success in your career. All of us here are wishing you the best of luck!
The Garden State Apartments Top 13 Questions to ask your broker
1. Ask about broker
- How long has he/she been doing this?
- How many agents does she/he have?
2. Training Program
- What does the program consist of?
- How many hours does it take?
- How long is the training program?
- What happens after the completion of the training?
- What is the success rate of the agents that have completed this training?
- How many agents are trained annually?
- When was the training updated last?
- What is the loss of ratio of the new agents and their fall after completion of the paperwork?
3. Is there a public board where the agents record their listings?
4. What is the manager’s track record in raising agent productivity?
5. How are your agents segmented into income brackets?
6. What fees can you tell me about?
- What is the E&O insurance fee?
- What are your advertising costs, long distance calling and other?
- What are your fees for personal ads?
- Who pays for listing advertising?
- How about MLS?
- How about the Real Estate Board?
7. How does floor duty work here?
- Are all the agents scheduled and how often?
- Are phone leads/walk-ins given to those on floor duty?
8. Regarding Office Meetings:
- How often do these meetings take place?
- How long is the training and informational sessions?
9. What software is used for the training?
10. Is the broker or manager available to offer advice on weekends? If not do they assign other agents to assist?
11. About the commissions:
- What is the split?
- When are they paid?
- How long after closing?
- What is the sample commission settlement statement?
- Is it open for negotiation later depending on their performance?
12. What is the number of listings generated a month and the nomuber of rentals / sales?
13. Can I see a Commissions Settlement Statement and Office Procedure Manual?
What did you think of these questions? Do you want to add one? Change one? Discuss it on the NJ Apartment Message Board!
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