7 Tips To Nail Your Interview
The legal structure in real estate undergoes various changes regularly, so it is crucial to know what you need to ask a broker before starting to work under his or her supervision. There are many financial factors involved that can impact your career, so it is in your best interest to get the clarity of the situation as early as possible.
You can structure your career in a better way if you get the right experience working at a reputable brokerage. You have to undergo an interview with the broker before you can start working in a firm, and we would like to give you 7 tips to follow while interviewing at a real estate broker to kick start a great career.
1. Ask about their Training Programs
First of all, you need to receive a clear vision of the type of training you will receive in the brokerage. Various mentorship programs are going on at different brokerage firms, and you need to ask whether you will be provided with one or not.
You also need to know about the mentor you will be assigned, and whether he or she has the credentials and the experience to give you the training which will be helpful for you in the real estate market. With the best available training in the market, a real estate agent can enhance his or her potential to perform better in the market.
2. Understand the Structure of the Company
Try to ask about the business entity formation you would have with the brokerage firm. Most of the real estate brokers offer you a sole proprietary contract, which won’t be in your best interest if you don’t have savings because it does not provide litigation protection as well as a tax reduction.
You should find a real estate broker that can provide you with an LLC contract because not only you will get protection from any potential lawsuits, but you will also be able to save a lot of money through tax deductions.
3. Find Out the Costs Involved
Ask your broker about the costs involved in working with the brokerage firm. It will be essential to buy error and omission (E&O) insurance because if you can buy the right coverage, you can definitely save a significant amount of money, and instead, put that capital to work in other parts of the business. It is necessary to understand the coverage you will be provided by the brokerage and how you can maximize it to help you in sustaining your business in the real estate market.
It is pretty tricky in the beginning to run a business solely on your own savings, so you need support from the brokerage firm. Make sure that the broker you are talking to is not greedy, and is trying to take every penny you earn without even giving you value in other ways, such as services or training. It is essential to look out for yourself because nobody else is going to do it for you in this field.
4. Will They Provide You with Marketing Support?
One of the most important tips regarding when you interview with a real estate broker is to ask him about the marketing material his or her firm will provide for you. Marketing is one of the most critical factors of success for a real estate agent.
There are different kinds of marketing material provided by various brokerage firms, and every one of them will give you a different angle. You need to know that the firm you are going to work for is committed to going to provide you with the best kind of marketing material, both in word and graphics form.
5. Request a Copy of their Policy Manual
Before starting to work for a brokerage, it is essential to read their policy manual, so you are aware of all the guidelines and policies. This way, you will not risk making a mistake after you get hired. Often times, real estate agents forget to ask for a policy manual, and they later realize its importance once they get into a situation where they break one or two policy guidelines. Then, its damage control, and they have to pay for it.
If your real estate broker is not comfortable in sharing the policy manual with you, it is definitely a sign that there is something fishy going on in the organization, and you should leave immediately.
6. Inquire about the Percentage Commission Split
Starting from the very first meeting with the real estate broker, you need to know the percentage split of the commission to save yourself from any issues in the future. Finances are the backbone of any kind of business, and you will earn most of your money in real estate with the help of a good commission structure.
Get to know the industry standards of the commission split, and then bargain with your broker. Make sure the commission split being offered is reasonable and acceptable to you because it will affect your future goals.
7. Request an Independent Contractor Agreement
It is vital that the brokerage you are going for provides an independent contractor agreement. Get it done before starting your career because you have to ensure you’ve got the bargaining power in your hands.
Legal help could also enhance your chances of getting an independent contractor agreement, and you should pursue it legally if necessary. If you are in an interview with an experienced real estate broker, he or she will agree to provide you with such a contract if you can impress them as a promising real estate agent.
Such a contract builds a trustworthy relationship between both parties, and you won’t have to worry about your rights being violated at your time with the brokerage firm. On the contrary, if you are working without a contract, even if your rights are being violated, it won’t be possible for you to legally fight the brokerage. It is this kind of an agreement that leads you towards having a more honest relationship with the broker. You can start working without being worried about facing issues in the future which could negatively affect your career as you will have a legal foundation to stand on.