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Thank you tomocox for those answers, I think thats what people like the OP and me are looking for, just how is it for you in your office. No one is asking anyone to speak for any other office. At least I'm not. I find this information valuable because I simply don't know whats out there. And if you don't know, you also don't know what questions to ask, or what possible things you can ask FOR when you have proven yourself down the line. I am happy to hear a wide variety of how it is for YOU.
In my area, you are also required to pay immediately for the privilege of calling yourself a REALTOR to the tune of close to $900. Does your "office fee" of almost $1000 a month include errors and omissions insurance?
No, we pay e&o once a year in KY. Our people pay about $130.00 per year for e&o.
Who is responsible for answering these questions, but the people managing the offices?
There are few fixed rates, and many offices have multiple plans available.
Should they post them like a menu, or present them professionally?
I don't care to see what anyone else is doing in detail, and have no expectation that an office manager would post fees on line for people to see.
OTOH, I think it IS a problem when fees are not clearly disclosed in the interview process.
And so much more can be covered in a 1 or 2 hour interview than in a few short posts. Southlake has some great questions and the people responsible for making commitments should be whom he talks.
I've communicated the name of a very good person for him to meet. I think he will get a lot from someone who will sit and have an intelligent conversation.
Mandatory in office time, duty time, floor time, opportunity time, etc.?
If mentored, cost of mentoring to the agent?
Costs of initial training, books, manuals, classes, in office?
Broker Support? Is the broker available or so busy selling houses to make a living they cannot properly support you?
Will the office provide any leads?
If so, how will they be distributed, and will they be free or at additional cost?
("A cost" would be any split or fee above your typical split to the firm, even when capped.)
Who pays for:
Photocopies
Business cards
Office supplies like binders, envelopes, etc.
Signs and riders
Lockboxes
Continuing Education
IDX
Website
How much for any of these items to be paid to the office?
Branding:
Can you brand yourself, and have that brand portable, or must you be assimilated to the corporate body?
("Portable" would mean that you could leave the firm and have your branding in place with minimal logo changes.)
Can you have a custom website or flyers or business cards without contact information for the office? If office contact is there, can yours be in superior font, size, and position?
Whose phone number goes on the signs for your listings? Yours, the office, both?
If a call comes in from the sign at your listing to the office, do you get the lead by default, or do you have to pay the office for it?
Who owns your database of customers with whom you have done business? What if they are office leads? Do you pay a split for life if they do business with you again?
The managing broker relationship is key - is the broker going to be there, night and day to back you up and support you? Can you call with questions and problems? Are they actually available and knowledgeable? Do they know what they are doing (all don't). How many times has the agency been sued and for what?
These questions could go on and on - which is why you should have lunch with experienced agents and get their take.
Who needs lunch with experienced agents when we have you nice folks to help us out?
Mike, that list of questions is incredibly helpful to me, thank you! I'm going to print it for future lunches with experienced agents :-) Hope their buying, lol.
E&O for RE seems (well is) much cheaper from when I had my stockbrokers license, it was like $340 a quarter then.
Who needs lunch with experienced agents when we have you nice folks to help us out?
Mike, that list of questions is incredibly helpful to me, thank you! I'm going to print it for future lunches with experienced agents :-) Hope their buying, lol.
E&O for RE seems (well is) much cheaper from when I had my stockbrokers license, it was like $340 a quarter then.
There are more questions that I missed, I am sure.
And that is why posting costs as a list is difficult. People get surprised and think they weren't told the whole truth.
And, frankly, a recruiting broker wants to present the value proposition with the costs, to have a chance to close the deal.
E&O is not terribly expensive. It is breathtaking to think that some brokers do business without it.
Of course, you have to shop it every year, because premiums do creep over time.
I believe when I spoke to that broker at CB many moons ago, that the office pretty much did the shopping for E&O, I would just have to pay my share.
I'm happy to listen if you think of any more questions to ask. For me, I'm not worried about the broker not telling me the truth to a direct question, I'm worried about not asking the question and finding out after the fact that there was something I wasn't told because I didn't know to ask.
I believe when I spoke to that broker at CB many moons ago, that the office pretty much did the shopping for E&O, I would just have to pay my share.
I'm happy to listen if you think of any more questions to ask. For me, I'm not worried about the broker not telling me the truth to a direct question, I'm worried about not asking the question and finding out after the fact that there was something I wasn't told because I didn't know to ask.
Yep.. It was a collective "you have to shop it..."
If each broker bought individual coverage, it would definitely be much more expensive, and much more expensive than Rakin is paying to get worthwhile coverage.
I'm happy to listen if you think of any more questions to ask. For me, I'm not worried about the broker not telling me the truth to a direct question, I'm worried about not asking the question and finding out after the fact that there was something I wasn't told because I didn't know to ask.
I talked to Southlake today and one of the brokers he talked to bragged about having over 300+ agents in their one office. That's too many for one office to support and each to make a living. Even in large markets like DFW the average office has maybe 50-60 max with 100-120 at some of the very largest.
If the Manager comes off as bragadosious, they usually are blowing smoke.
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