TRG Top 3 - Questions to ask during a real estate interview
TRG Top 3
Questions to ask during a real estate interview
When the housing market is hot, as it is now, many people decide to make the career change into real estate. At Tyre Realty Group, we meet with a lot of potential agents. For our readers that are contemplating a change in career paths, check out our top 3 questions to ask during your interview.
1. How are leads generated and how many leads do new agents receive on average?
In real estate, leads are potential clients. Assisting clients buy or sell real estate is how all real estate agents make money. A stark realization most agents learn when they get licensed is the fact that all of their friends and family are not purchasing a home from them. Or, those few purchase and sell, and then the agent is out of clients to help. This is where choosing the correct firm comes into play. Many real estate companies leave lead generation up to their individual agents. Some companies promise leads but do not tell their prospective employees how many, only to find out it is not enough leads to convert. On average, a lead turns into a paycheck only about 3% of the time. To make money in real estate, it is a numbers game. The more leads, the more opportunities to make money. At Tyre Realty Group, we have a database of over 15,000 leads for our team to work. Plus, we have the best lead generation for our agents. Since we work as a team, rather than individual agents, all of our leads are rotated among the agents.
2. What kind of workspace will be available to me and what are office dues?
Most agencies will provide a desk and phone to their agents. Then, at the end of the month, the agency will bill agents for their office dues. Common office dues include desk fees, color copies, black and white copies, use of conference rooms and use of a customer relationship management (CRM) software. For new agents, it is best for them to submerge themselves in real estate. However, after paying for pre-licensing courses, licensing exams and paying to join the National Association of REALTORS®, an invoice for office dues might be the last thing a new agent wants to receive. At Tyre Realty Group, none of our agents receive an invoice for office dues at the end of any month. Yes, all copies, even color copies are covered by the company. We suggest asking how much office dues are and what those dues cover when interviewing at different firms.
3. How is your office staffed administratively?
At most firms, there is typically only one administrative person on the staff. Typically, this is a receptionist at the front. Some larger offices do not have a receptionist nor do these offices keep any support staff. Since agents are independent contractors in charge of running their own business, many offices choose to cut costs by not employing any administrative support. Agents at these offices are held accountable for every part of the transaction. Tyre Realty Group has a full administrative staff. At our office at 505-E Red Banks Road, we have a listing coordinator, closing coordinator, buyer team sales manager and a marketing department for all advertising. At Tyre Realty Group, we work as a team and every member, both agent and administrative staff, are held accountable for transactions. The goal at Tyre Realty Group is to help each agent focus on what they are best at, selling.
A lot of our readers will be shocked to find out that we did not include a question about commission splits. We believe that there should be more focus for new agents on learning how they are going to be making money, how much it costs to work at a company, and what do other companies have in place to help agent continually succeed. Our belief is simple really, new agents could receive 100% commission but if they do not have leads to sell to, 0 of 100% is still $0. If you are interested in a career in real estate, please visit www.TRGcareer.com for more information.