Tips for applying for Real Estate Agent with Brokerage

It appears that the real estate industry is in a down swing. Because of this it is a good time to apply too be a real Estate agent after securing you license from the DRE. How ever there are some things you should be prepared for when you do so if you’re a new agent and other things if you’re an experienced agent.

If you’re new to the industry you most likely will be told about the broker hiring you as an independent contractor and that they will not be withholding, income taxes, social security, or unemployment insurance. They may or may not tell you about your need for 9 months to year cash reserve or another source of income. Then it is clearly stated that the brokerage shall not make any advanced pay on future salary.

Many time this is where the interview ends. You shake hands and you sign the forms and you are now an agent under a broker.

But this is not where it should end. It is where you should ask questions and display that you have done your due diligence.

 In order to be prepared for these interviews, use RPI free form 504 and ask the broker the following questions during your interview.

• What is the most likely price range of the property the agent is most likely is to list and sell.
• How many sales is the agent likely to close in that price range during the first year.
• What are the broker fees generated by the number of sales during the first year.
• What share of the gross income the agent will receive under the fee sharing schedule offered by the broker or What is the percentage of the agents closing listings will the broker hold and what percentage will the agent receive and what other expenses are taken of the top of their percentage:
  Insurance

Office staff assistance if utilized.

The point being that agents set their sales goals to reflect their after-tax income. But brokers are better prepared to realistically answer these questions than are the new agent because of their experience.

Ask what your Brokers does to earn his percentage for your leads. They are your leads because all real estate sales in a brokerage are the brokers.

Go to at least three brokerages to compare brokerages and choose the one that best suits your needs. During this part of the interview ask what the broker will provide to help your skill level grow under their brokerage.

 If you’re an experienced agent who is seeking Go to other brokers and apply for a position under them. Take the following information with you.

What time you spend:

• Listing properties and buyers
• Locating buyers and properties
• Engaging in the activities surrounding a real estate sales transaction.
• Then show your prepared form RPI form 504

Show the new broker

• What fees you have generated under the other brokerage.
• The share of the fee that you wish to receive
• The operating expenses you’ve occurred in doing your work as an agent
• Your after-tax income over the past 13 months to 2 years.
•  

These questions may be altered to fit the need of when you go into your broker and ask for a greater percentage of the closing sale income. Properly using the RPI form 504 will help you be better prepared to talk with the broker and it will help you show your position knowing what the other brokerages provide the agents.

Note:  I am not sponsored by any company or person therefore the use for the produce are my own and based on my personal empirical data. Images on this blog site are from a free source or taken by the author. No image or group of photos is intended to represent the people the author serves. The author does not care about Race (that is a politically correct term that he does not like because we are all of the same Race, the Human Race. He prefers the term ethnicity, color, religion, sex, gender, marital status, disability, genetic information, national origin, source of income, Veteran or military status, ancestry, citizenship, primary language or immigration status.) He is a service provider for all people. We will all rise together when we band together and help one another. Joseph Erwin is a Real Estate Broker, DRE # O2131799, and a CA general contractor # B 696662.  He resides in Southern California.