Broker Agent Question:

A good broker will expect you to be able to come up with a business plan and stick to it. He or she will want to know how you plan on acquiring clients and what you plan to do to serve them. Some brokers are putting their new hires on production quotas.

Your business plan should include your costs of doing business as well as your income expectations. This should be based on your schedule for farming (building your personal contacts) and advertising.

Have your sphere of influence ready--friends, relatives, and neighbors. Don't forget tradespeople that you see everyday, such as your drive-through banker, pharmacist, and grocer. These are the people who will begin your farm of contacts, the first people with whom you are likely to sell a home. You should have a plan that outlines how you will contact and stay in touch with these people and encourage them to use your services.

You can't make money without the proper tool set, and the broker will ask you what you have in your bag of tricks. To compete on any level, you should have your own computer, cell phone, productivity and client management software, e-mail program, and a few other basics. Remember that you will be serving clients and communicating with other brokers and salespeople who may have more sophisticated gear than you, so you have to have at least these technologies to compete. Some brokers provide salespeople with some of these things, but the more the broker provides, the less he or she will expect to pay in commission splits.