TOP QUESTIONS TO ASK BEFORE JOINING A 100% COMMISSION AGENCY
We feel it is very important to weigh your options and do the research. This is evidenced by our providing the questions below – so you can be informed and make a proper choice for you and your career. Lokation has received awards for our support and we understand our agents are what make us great. That is why we recognize our agents in yearly award ceremonies, have a Top Producers VIP Club, and acknowledge Lokation Agents in our “Krushing It” series. We exist to assist your career!
How long have you been in business?
We are one of the first companies to migrate to this business model, opening our doors in Fort Lauderdale, Florida in 2009. With more and more agents considering 100% commission companies, a surge of high commission companies have also entered the market advertising themselves as the premier 100% Commission Companies. When considering a company to affiliate with, it is highly recommended to only consider established companies with five (5) or more years of experience in this type of business model. Be leery of 100% commission companies who use a P.O. Box or a home address without a proven track record.
What is the broker's experience level? Are there other corporate employees to support the brokers?
When you are in the midst of a transaction and an issue comes up, you will find an experienced and knowledgeable broker and support staff is invaluable. Just because you are earning 100% commission does not mean you should sacrifice support and guidance. It is recommended to look for brokers who have sales experience and a minimum of 7 years’ experience, 10+ years would be ideal. A hallmark of our agents’ success is the availability of our Broker and Corporate Staff.
How many agents do you have?
This is a good indicator of a company’s bona fides and offers insight into the support, training and other resources that assist agents find success in their careers– with over 1,400 agents joined, great testimonials and a retention of rate >85%, we believe we are doing it the right way.
Number of transactions does a company close per year?
This is another solid indicator of the caliber of agents you will be affiliated with. If an agency had 300+ agents but only closes 25 deal a year, this points to more of a “License Repository” where people go to hang their license. If you’re reading this, it is because you’re serious about being successful so you want to align yourself with quality agents.
Are there any hidden fees?
No. While most claim “no hidden fees” it is our experience that a simply phone call and review of contracts usually uncovers “services” that reduce your commission. These could be in the form of broker assistance, technology fees, compliance fees, or incredibly high insurance rates. Another ploy is low monthly rates, but high transaction fees. These are marketing gimmicks that leads to a high turnover rates. We maintain an > 88% retention rate with our agents and we think that speaks volumes.