Whether you’re considering switching brokerages or joining a team, it’s as much an interview for them as it is for you, writes Troy Palmquist.
October is New Agent Month at Inman. Follow along as we go deeper on the tools, tech and tips you’ll need to survive and thrive in 2024. For curated content crafted just for first-year agents, be sure to subscribe to our weekly newsletter, The Basics.
With all of the changes that have come to the industry in past months, it’s no surprise that agents are thinking through their career options. Some may be considering switching brokerages, while others may be looking for the chance to join a team. Either of these paths can mean more money, more support and more opportunity to grow your career.
If you’re going in to talk to a new broker or team leader, remember it is just as much of a chance for you to interview them as it is about them interviewing you. Here are some of the best questions to ask:
1. Technology and tools
- Can you describe your technology stack and how it helps agents manage transactions, leads and marketing?
- What CRM system do you use, and how user-friendly is it for tracking leads and nurturing client relationships?
- Do you provide training on new tools and technologies? How often are these tools updated?
- How does your tech platform integrate with mobile devices for agents on the go?
2. Lead generation and marketing support
- Do you provide exclusive leads, or do agents have to generate their own?
- What lead generation systems do you have in place? How are leads distributed among agents?
- What kind of marketing support is offered? Do you have in-house services like design, photography, video production, copywriting or graphic design?
- Do you help with digital marketing, such as paid advertising on social media or search engines?
- How do you support agents in building their personal brand? What are the limits on personal branding, marketing and PR?
3. Agent performance and attrition
- What is the average number of transactions per agent annually?
- What is your attrition rate, and why do agents typically leave the brokerage or team?
- How do you support new agents in ramping up quickly? Is there a mentorship program?
- Do you have specific programs to help agents avoid burnout and maintain a healthy work-life balance?
4. Training and professional development
- What kind of ongoing training and professional development do you offer agents?
- How do you support agents who want to specialize in niche markets like luxury homes, commercial real estate or new developments? What niches are not currently represented at your brokerage that you would like to connect with?
- Is there any formal coaching, accountability or performance tracking in place?
5. Compensation and fees
- Can you explain the commission split and how it changes with performance?
- What are the monthly fees and transaction fees agents are responsible for? Are there any hidden costs or unexpected expenses?
- Are there any opportunities for agents to reduce fees or increase their earnings through hitting certain milestones?
6. Brokerage culture and environment
- How would you describe the culture of the brokerage or team? Is it more collaborative or competitive?
- How do you maintain a positive team environment, especially in times of market shifts or economic uncertainty?
- Are there regular team meetings, social events or retreats that foster connection among agents?
- How does your brokerage support diversity and inclusion within the team?
7. Support and resources
- What administrative support do you provide? Are there in-house transaction coordinators, legal teams or marketing assistants available to agents?
- Is there flexibility in terms of working remotely or in-office?
- Do you provide financial assistance for professional memberships, marketing materials or continuing education?
8. Future and growth
- Where do you see the brokerage or team in the next five years? How do you plan to adapt to changes in the market?
- What opportunities for advancement or leadership exist within the brokerage?
- How do you handle growth and expansion in terms of bringing on new agents?
Those are just some of the questions that come to my mind. With all of the agents I’ve hired at my brokerages over the years, very few have asked me any of those questions.
Metrics-based questions
I was speaking with a friend of mine, Sean Soderstrom, co-founder and CEO of courted.io. I asked him for more insight on data-driven questions and answers that you as an agent should want to know. This gives you measurable, trackable data you can use to evaluate a brokerage or team you’re considering joining. Here are his questions:
- On average, how much do recruited agents grow their business in Year 1 at your brokerage?
- How long does it take an agent to get their first listing with your team or brokerage?
- What’s the mix of listings vs. buyer closed transactions at the brokerage?
- How does your brokerage compare vs. the market on YOY percentage change in closed transactions?
- What is the average closed to list price ratio and days on market for your team/brokerage, and how does it compare to your market?
- How does your YOY attrition rate compare to the market average?
Follow up these metrics-based questions with “How/why does your value proposition (service-, tech-, culture-related) move the needle on those metrics?”
Remember, if your prospective team leader or broker can’t answer these questions, it may be because they’re not properly planning, tracking and evaluating their own numbers and their own systems. That’s important information for you to be aware of before you make your decision.
If you’re going to go to the trouble, time and expense of moving to a new team or brokerage, it makes sense for you to do your due diligence on how that move is going to be worthwhile in fueling your growth. Don’t be shy; make sure you’re getting all of the information you need to make an informed decision before you make a change.
Troy Palmquist is the founder and principal at HomeCode Advisors. Connect with him on LinkedIn.
