What Can They Offer You?
You've made it through licensing school and passed your state exam, but do you really know what it's like to be a real estate agent? don't feel bad if the answer is “no.” It's a career you won't truly understand until you begin working at a firm, where You'll be exposed to many situations. To do that, it's essential to choose the right agency — not necessarily the largest or busiest agency in town but an office where many positive elements come together to create a good working environment for new agents and, most important, for you.
Take a legal pad or other type of tablet with you to the interview. You have many questions to ask and the only way to remember important details is to jot down the answers immediately.
Does the Firm Provide Training?
All new agents need real-world training. Your licensing class covered the legal aspects of being an agent but it didn't teach you how to deal with real estate buyers and sellers. That is something You'll learn on the job, and You'll discover that real estate firms offer varying levels of training. Some firms have one or more agents who act as mentors or conduct in-house training sessions on a regular or as-needed basis. Larger agencies often hire trainers to help their new and seasoned agents. Franchised agencies that are part of a large network sometimes have regional schools, where you can attend intensive training sessions. Some firms pay all or a portion of your tuition costs for approved schools.
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Find out how many agents the firm brought onboard during the previous year and how many of those are still around. While some loss is to be expected, if more than
If the firm offers no training at all, it might be best to put it on the bottom of your list unless you determine that its other benefits outweigh the downside of seeking and paying for outside training.
Errors and omissions Insurance
Errors and omissions coverage, called E&O, is a type of liability insurance for real estate agents. It helps pay for the legal costs that you incur when someone believes you did not represent them as you should have and follows through with a lawsuit. It also pays a portion of resulting judgments or settlements. Even if you did absolutely nothing wrong, you can accumulate a great deal of debt while defending yourself, so the insurance is a must.
Find out if the firm provides E&O coverage for its agents. If so, how much coverage and what is the cost? (You can read more about E&O insurance in Chapter 14.)
Leads for agents
Does the agency give buyer and seller leads to new agents? Leads are the names and contact information for people who are interested in buying or selling real estate. The leads passed on to agents are usually people who have called or stopped by the office to ask a question without asking for a specific agent. Leads often come to you during floor duty, hours that you work in the office to help people who call or walk in. Ask several questions to learn how the firm's agents receive leads:
Are all agents scheduled for floor duty?
How often will you have floor duty?
Are phone leads and walk-ins given to agents who are on duty when the leads occur?
How does the agency distribute leads when messages are left on the office's answering machine or in its general voice mail?
How are referrals from offices in other locations handled?
Buyer and seller leads are crucial to your success. If you find they are distributed on a seniority basis or if they go to the firm's owner, put the agency at the bottom of your list.
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You might be surprised how many leads come your way on all days you are in the office, not just during your scheduled duty hours. Duty agents must sometimes leave for last-minute appointments or they get tied up in other ways. If you're there and ready to step in, those new buyer and seller leads could be yours.
Computers and other Tech Equipment
Computer equipment is a must for today's real estate agent. You'll likely access area listings on an Internet-based system, and lead-tracking software makes it much easier to keep track of your clients.
Having your own desktop or portable laptop makes the job easier, but does the agency provide computers and printers for agents to use at the office? What types of software are available on the main office computers?
How about a digital camera for taking photos of listings or previewing properties for buyers? Is there a scanner you can use to prepare print photos for e-mails and the Internet? If the firm does not provide them for agent use, plan to purchase a computer, digital camera, and other important equipment as soon as possible.
