Original Article can be found here.
As a real estate agent, there are a few different avenues you can take in setting up your business. Working for a real estate broker agency can offer you stability as well as the benefit of being surrounded by experienced professionals. However, before you sign on to work with a broker agency, be sure and ask the following questions:
How Can You Help Further My Education?
Ask whoever is hiring you if they help their employees continue their education. According to the National Association of Realtors, continuing your education allows you to “boost your salary and client base through continuing education and specialty training.” Laws are constantly changing and as a real estate agent it is vital to be current with these changes so that you can avoid lawsuits.
Is your Agency a Limited Liability Company?
The best way to protect yourself and your personal and business assets from lawsuits is to be part of a limited liability company, or an LLC. Being part of an LLC is also the best way to reduce your taxes and protect your assets. According to incorporate.com, that by being part of an LLC “there’s no need to file a corporate tax return. Owners report their share of profit and loss on their individual tax returns, meaning you avoid double taxation.” Your credibility is also increased by being a part of an LLC.
What Can I Expect to Pay?
As a real estate agent, it is important to have Errors and Omissions Insurance to secure your assets. Before you become part of a brokerage make sure you know ahead of time what you will be responsible for paying for and what your brokerage will be covering.
Is There a Company Manual?
Policy manuals are written for the purpose of educating their employees so that they can be protected from a number of legal issues. Although this material is usually not the most exciting thing to read, as an employee for their company it is important for you to be familiar with their policy manual.
What is the Division of Commission?
In the real estate business, you get out of it what you put into it. When you work hard you are rewarded, but it is important for you to know ahead of time how much you will be given and how much you will owe your brokerage.
If you go into your interview with these five questions prepared and if you’re satisfied with their answers, then you can be confident in your decision to join a real estate broker agency..
Jackson Cooper is a writer and business enthusiast, involved in real estate, finance, & asset protection. His free time is spent juggling freelance projects, skiing, mountain biking and fishing trips with his wife. Connect with Jackson — Twitter — LinkedIn