Joining a real estate team is a great option to help navigate the complex landscape of the housing market. A team provides several benefits including built-in brand recognition and marketing, but only if it is a good fit.
It is a big commitment to join a real estate team, so ask plenty of questions before joining. Consider the team’s structure, financial breakdown, and team culture. Avoid teams that are unfit for your professional style, whether the commission split is too skewed or the culture does not line-up.
- Ask about the team structure, including a detailed breakdown of members, commission splits, marketing budget, etc.
- Discuss a detailed financial breakdown, including commissions, salary and bonuses, franchise or brokerage fees, etc.
- Consider the team’s culture by questioning their priorities for teamwork, community building, and work-family balance
1. What is the team structure?
There is no one-size-fits-all model for real estate teams. The size and ratio of members will vary depending on the city, whether it’s a franchise or independent brokerage, the housing market, etc. Ask for a very clear break down of how large the team is, how many buyers agents and ISAs there are, and who you would be reporting to.
If you are offered a spot on a franchise team, consider the following;
- Commission splits
- Desk fees
- Brand awareness
- Marketing budget
- Profit sharing
- Online agent reviews
2. What is the financial breakdown?
We know, we know, it’s all about those Benjamins. Don’t dance around the topic of money during your interviews! The financial model is often the #1 deciding factor when choosing between teams, so you want to know every detail before signing on.
Here’s what you should be asking about $$$
- Is the team commission-based, salary/bonus-based, or a hybrid?
- If it’s salary/bonus-based (less common), what is the salary and how do the bonuses work?
- If it’s commission-based, what are the commission splits?
- Is there a commission cap?
- If you’re joining a franchise, are there franchise fees? Training fees?
- Are there brokerage fees? (For example: desk fees, monthly office fees, MLS fees, insurance)
- Does the brokerage cover the cost of a CRM?
- Are you responsible for miscellaneous startup costs? (For example: REALTOR designation, business cards, website)
3. What is your role, and what are the expectations?
Obviously you’ll know what your title is, but there can be some wiggle room in real estate. If you are joining as a buyer’s agent, will you have the opportunity to have listings as well? Get a clear sense of “the way things are done,” so you know what your day-to-day will look like.
Be honest with yourself about your own personal goals. What is your current situation? Are you a new, highly motivated agent that is willing to work those 60+ hour weeks? Are you determined to grow into a top producer? Just be honest with your interviewer from the very beginning, so goals and expectations are crystal clear.
4. Is it a culture fit?
In America, we spend more time with our coworkers than we do with our families. So do not underestimate the importance of enjoying your work community! A good question to ask to get a sense of a company’s culture is, “What is your mission?” If they mention empowering their agents, building community, fostering teamwork, etc., this is a good sign. You don’t want to get stuck in an ultra-competitive, “to each his own” setting.
Some teams place work-family balance as a high priority. Consider how important that is to you, and get a sense of how the team operates.
5. What technology do they use?
Let’s be real. It’s 2018, and the real estate industry is rapidly expanding and adapting to new technologies. Sometimes it can even feel a little “sink or swim,” when keeping up with the trends. The teams that embrace technology and leverage it for their success are outperforming other teams left and right.
View the original article at BoomTown!