38 Questions to Ask When Interviewing a Sponsoring Company
We know how hard it can be for student to choose between so many possible sponsoring companies – how do you know which one will be the right fit for you? For this reason, Champions School of Real Estate has created this simple – and helpful – list of questions you should strongly consider as you meet and network with potential companies.
Important Questions to Ask When Interviewing a Sponsoring Company
Originally Posted as a Champions School of Real Estate Article, here.
- 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?
- Do you have a mentor program where I can shadow a top producer for a period of time?
- 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, and say I reach 60%, do I go back to my beginning split at the end of a designated period?
May I have a copy of the commission schedule?
- Do you have any bonus programs such as; in house sales, exceeding goals, recruiting other agents, etc.?
- What costs will I incur?
- Initial: Licensing, application, business cards, photo, name badge, dues, etc.
- On-going: Monthly or quarterly charges such as long distance calls, desk fees, franchise fees, (do you have) voicemail, etc.
- Per listing: Sign, lock box, advertising, etc.
- Per sale: Error and Omission Insurance
- In which publications do you advertise?
Who pays for it?
Who determines which listings get advertised?
Who writes the ads?
- Do I need specific liability insurance on my automobile?
- When will I start property time?
What is the minimum amount per month?
Maximum amount per month?
How many hours per shift?
- My choices of farm areas are:
- 1st choice – _______________________
- 2nd choice – _______________________
- Are either available in this office?
- Will I be allowed to hold other agents listings “open” to attract buyers to help me get started? If so, how soon?
- Do all of your full time agents farm a territory?
- What do I, or any other agent, have to do to have a protected territory?
- Please show me the examples of marketing materials available to me.
- Just listed
- Just sold
- Just participated in a sale
- Door hangers
- Free market analysis
- Brochure of the company
- Company letterhead
- Legal size pre-printed shells for my flyers
- Letter size, heavy shells for color brochures
- Is there a cost to me for this material? If so, how much?
- Who pays for the postage? (Bulk and Individual)
- Web pages
- Prospecting tools
- Do you have a company policy manual? Will I have a copy if I sign on with you?
- How many full time agents do you have??
- How many do you want?
- How many part time agents?
- What is the agent turnover rate?
- What is the average tenure of agents?
- What was your gross volume of sales last year?
- Average per full-time agent?
- How many computers do you have available to agents? Do I need to purchase my own computer and software?
- Do I have to pay for my board MLS training?
- Do you have a full time receptionist/secretary?
Would clerical assistance be available to me such as preparation of monthly mailers, typing letters, preparing flyers, entering and making changes in listings, etc.?
- 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?
- 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?
- Regarding market share, compared to the top 10 companies in this area, what number is this office?
- What are your expectations of me?
- What is the average income per year of full time agents in this office?
- Explain the advantages or disadvantages of an independent versus and franchise, or multiple office real estate company?
- Does this office have a focus on team work, or does each agent operate pretty well on their own?
- What is your definition of full versus part time agent?
- Do you hire part time agents? If so, what do you expect from them?
- Do you have a commercial department?
- Do you do property management?
- Will I receive referral fees from business’ I may refer to?
- Do you have in-house loan offices
- 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?
- What is the policy on referral fees I receive from sending outgoing referrals? Is it split with the company? If so, at what split?
- In understand I will be working as an independent contractor, and that your contributions are limited by that status. However, some companies offer perks such as availability of health and life insurance, retirement, and other benefits. Does your company offer anything along these lines?
- Will I have a working partner?
- 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?
- 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?
- What are your office goals?
- Do you have expansion, move of office, or growth in your immediate plans?
- What special rewards could I expect if I become top producer of your company?
- Will I be reimbursed for expenses of my initial classes/training?
- What is the business dress code for this office?