Interviewing a Sponsoring Broker
In to order to operate as a Real Estate Sales Agent in Texas, you must be sponsored by an established Broker. When seeking out a sponsor, it is important to ask questions to determine if you and the potential sponsor would be a good fit. Below are a series of questions that Champions recommends asking during this process.
Need help approaching potential sponsoring brokers?
Are you wondering what kinds of important questions to ask? We can help! We have compiled a long list of specific questions you can consider asking while interviewing potential sponsors.
- 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 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?
- 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
- How often?
- Who pays for it?
- Who determines which listings get advertised?
- Who writes the ads?
- What is the minimum amount per month?
- Maximum amount per month?
- How many hours per shift?
- 1st choice: _______________________
- 2nd choice: _______________________
- Are either available in this office?
- Announcements
- 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
- How many do you want?
- How many part time agents?
- What is the agent turnover rate?
- What is the average tenure of agents?
- Average per full-time agent?
- Would clerical assistance be available to me such as preparation of monthly mailers, typing letters, preparing flyers, entering and making changes in listings, etc.?
- 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?
- 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?
- What are your expectations of me?
- Do you do property management?
- Will I receive referral fees from a business I may refer to?
- Do you have in-house loan offices?
- Do I get the total amount, or is it split with the company?
- If so, at what split?
- Is it split with the company? If so, at what split?
- 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?
- 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?
- Do you have expansion, move of office, or growth in your immediate plans?