Interviewing a Sponsoring Broker

Need help with potential sponsoring brokers? Try asking these questions!

• Q: Do you provide training?

  • How many days or hours of formal training?
  • Is there a cost to me?
  • If so, how much?
  • Who will be available to help me after the training?
  • Is that person easily and readily available to me?
  • What other "hats" does that person wear?

• Q: Do you have a mentor program where I can shadow a top producer for a period of time?

• Q: At what commission split will I begin?

  • Do you offer a graduated commission split that pays me a higher percentage as my production increases?
  • If so, let's say I reach 60%. Do I go back to my original split at the end of a designated period?
  • May I have a copy of the commission schedule?

• Q: Do you have any bonus programs such as in house sales, exceeding goals, recruiting other agents, etc?

• Q: What costs will I incur?

  • Initial: licensing, application, business cards, photos, name badge, dues, etc.
  • Ongoing: monthly or quarterly charges such as desk fees, franchise fees, phone bill, etc.
  • Per listing: sign, lock box, advertising, etc.
  • Per sale: error and omission insurance

• Q: In which publications do you advertise?

  • How often?
  • Who pays for it?
  • Who determines which listings get advertised?
  • Who writes the ads?

• Q: Do I need specific liability insurance on my automobile?

• Q: When will I start property time?

  • What is the minimum amount per month?
  • Maximum amount per month?
  • How many hours per shift?

• Q: My choices of farm areas are:

  • 1st choice: _______________________
  • 2nd choice: ______________________
  • Are either available in this office?

• Q: Will I be allowed to hold other agents' listings “open” to attract buyers? If so, how soon?

• Q: Do all of your full time agents farm a territory?

• Q: How do I get a protected territory?

• Q: What marketing materials are available to me? Please show me examples of the following materials:

  • Announcements
  • Just listed
  • Just sold
  • Just participated in a sale
  • Door hangers
  • Free market analysis
  • Brochure of the company
  • Company letterhead
  • Legal-sized, pre-printed shells for flyers
  • Letter-sized, heavy shells for color brochures
  • Web pages
  • Prospecting tools

• Q: Which marketing materials does the brokerage pay for? Which ones will I be responsible for?

• Q: Who pays for postage? (bulk and individual)

• Q: Do you receive a company policy manual? Will I have a copy if I sign on with you?

• Q: How many full time agents do you have?

  • How many do you want?
  • How many part time agents do you have?
  • What is the agent turnover rate?
  • What is the average tenure of agents?

• Q: What was your gross volume of sales last year? Average per full-time agent?

• Q: How many computers do you have available to agents? Do I need to purchase my own computer and software?

• Q: Do I have to pay for my board MLS training?

• Q: Would clerical assistance be available to me, such as with monthly mailers, letters, flyers, listings, etc?

• Q: Do you have a full time receptionist?

• Q: About referrals:

  • When will I be given one?
  • After I am eligible, how many can I expect per quarter, assuming I prove I can do a good job with them?
  • What are the sources for referrals?
  • Approximately how many referrals do you give the agents per month?
  • Do you have a relocation department?

• Q: How many listings does the office have?

  • What is the normal amount?
  • How many is that per full time agent?
  • What is the average list price of the listings?
  • What is the average sales price of the office?
  • What percentage of listings are sold in-house?

• Q: Regarding market share, where does this office rank compared to other top companies in the area?

• Q: What is the average income per year of full time agents in this office?

• Q: Does this office have a focus on teamwork, or does each agent operate pretty well on their own?

• Q: What is your definition of full versus part time agent?

• Q: Do you hire part time agents? If so, what do you expect from them?

• Q: Do you have a commercial department?

  • Do you do property management?
  • Will I receive referral fees from a business I may refer to?
  • Do you have in-house loan offices?

• Q: What is the policy on bonuses received on a sale I make?

  • Do I get the total amount, or is it split with the company?
  • If so, at what split?

• Q: What is the policy on referral fees I receive from sending outgoing referrals?

  • Is it split with the company? If so, at what split?

• Q: Does your company offer any perks to those working as independent contractors such as health & life insurance, retirement, and/or other benefits?

• Q: Will I have a working partner?

• Q: What commission does your company charge a seller for selling a home?

  • What commission do you charge for undeveloped land or lots?
  • Do I have the authority to list for less commission under certain circumstances?
  • If yes, what are those conditions?
  • Could I list it for more?

• Q: Do you have weekly sales meetings and property tours?

  • What day, time, and how long do the meetings usually last?
  • Could I attend a sales meeting before I make a final commitment to come on board?

• Q: What are your office goals?

  • Do you have expansion, move of office, or growth in your immediate plans?

• Q: What special rewards could I expect if I become top producer of your company?

• Q: Will I be reimbursed for expenses of my initial classes/training?

• Q: What is the business dress code for this office?