Who you are in business with matters – how they treat you is critical to your success. Here are 20 important questions to ask about the real estate company or franchise system you are currently with, or considering joining:
Twenty Questions To Ask a Real Estate Company
1. Does the company allow you to build your own agent brand? Can you put your own logo, name, phone number and website on yard signs and in your ads? Can it be larger than or as prominent as the company’s?
2. Does the company allow you to directly receive the sign calls or inquiries on your own listings without going through the up-desk or office switchboard?
3. When a person is seeking you on the company’s local or national website, can they quickly (within two or three clicks) get directly to you, your own website and your own business phone number?
4. Can you do agent-to-agent referrals without going through the company’s relocation division and paying them a portion of your referral fee?
5. If you decide to leave the company, do they let you take your listings with you? Do they still pay you the same commissions you were owed on your pending transactions – without any penalties or reduction in splits?
6. Does the company seek your input and advice on important financial and policy decisions? Do you have a say in what goes on?
7. If you are a top-producing agent do you get to serve on a council that discusses and votes on company changes in policy and fees?
8. Does the company open its books and allow you to see and review monthly financial records – such as Profit & Loss statements?
9. Does the company offer you an opportunity to share in its profits? Is the profit sharing amount greater than 30% of the company’s net income?
10. Do you have the opportunity to earn residual income from the company that will continue even after you leave the company or retire?
11. Does the company cap the money you pay it on an annual basis (Company Dollar), so that you do not have to keep paying them on all your production?
12. If you are affiliated with a National Franchise, do they cap your royalties (or service fees) annually, so that you don’t have to keep paying them a portion of all your commissions?
13. Does the company allow you to earn 100% commissions without having to pay monthly fees even when you don’t have closings?
14. Does the company provide a way for you to earn more than 100% – to be paid more by the company than it costs you to be with them?
15. Does the company provide all levels of sales and business training- from the fundamentals of real estate all the way up to hiring staff, building a team, managing your expenses and creating a business?
16. Does the company provide wealth-building information and training? Do they give you good advice and consulting on how to gain financial independence?
17. Do the leaders of the company take the time and make the effort to share with you research, strategies ad systems that you can use to improve your business and your career?
18. Have the leaders of the company written best selling books that are used and respected in the real estate industry? Do they speak with knowledge and authority on the issues that matter to the agents?
19. Does the company have a set of written beliefs and values that it shares and sincerely seeks to live by? Does the company have a spirit and culture of teamwork and positive energy?
20. Is the company clearly agent-centered? Does it understand that the consumer selects the agent, not the company? Does that awareness show up in the way the company does business?
The answers to these questions may help you understand which company you want to be with – which one will provide the most support for achieving your own personal and professional goals.
The interesting thing is this? At Keller Williams Realty the answer to every one of these 20 questions is YES!