Teams are definitely an option when you are considering a real estate career. There is something positive to be said about working with a quality team.
Each team should be broken down to specialites. After all, you can't all be doing the same job every day. Having an inbound process with customers perfecting Marketing, Sales or Service is key to success. This will tune your team like a well oiled engine.
When interviewing teams here are 5 Key Questions to be asking.
#1. The contractual agreement you are going to sign to be on the team.
- Of course agreements can be tricky, and for someone who has never worked with a self employed team, there are many factors to consider.
- Get agreement in writing, know the intricacies of what you are agreeing to.
- Team break ups can be very disappointing for you, and you may come out of it not owning any of the business you brought in, or worked hard on.
- Know your role and the expectations that go with it
- Break down your costs
- What are you paying the broker (flat fee or commission splits and deal fees)?
- What are the extra fees for being part of that brokerage?
- What are you paying the team leader (flat fee or commission splits)?
- What are you paying out of pocket to do the teams business (vehicle, gas, insurance, time, signs, costs for mls use, marketing costs, business cards....?
- At the end of the day, what is in your pocket? I've analyzed some costs of teams and have been able to break down the team members wage to $17.50/hr. A lot of work for little to own nothing to pay your bills
- Or, is there profit sharing?
- Who owns the ability to work with the client once you leave the team? Remember, most of the time you will be doing double the work for the same amount as an individual realtor, with hopefully knowing you will receive more leads.
- What are the possibilities someone on the team can sue you? This has been known to happen.
- Do listings go in your name, or the team leads or both?
- Who is paying you? Is the brokerage responsible for paying you? Or the team leader?
- Brand awareness
- Are you able to market yourself?
- Or just the team?
- Or just the team leader?
- Is there someone on the team to train you? What does this training include?
- What technology are they using? Are you going to learn the technology?
- Are they using a proven system?
- Is the brokerage or team leader in control of a CRM (Contact Relationship System) that you have no access to? Or you have access to but they control all the access?
- are you learning all aspects of the team, or are you just doing your job?
#2. How many hours are you expected to work?
- Some teams are very structured and expect you to be at the same location daily doing your job. So it's best to be very clear what hours you are expected to work depending on what part of the inbound process you are in ie. Marketing, Sales or Services
#3. What if you want to go on a holiday?
- Most teams are structured to realize that everyone needs a holiday, but best to make sure this team is running smoothly, even while you are gone. And how many weeks of holidays do they feel is appropriate for the team?
#4. Online agent reviews
#5. Call the team members, ask what are the best and worst eperiences they face on the team.
- Take the time to read the reviews about the team. Are they good reviews, fake reviews, handle complaints professionally.
Before Cannabis legalization, the real estate industry was always on high alert for what we used to call a “grow operation” in homes we took part in selling. At the time, we were told “once a grow op, always a grow op”. This meant that at any time, spores could grow and spread throughout the home, even if “remediated”. It was highly recommended we discuss disclosure with the owner, in case this were to happen in the future. Mainly because, on the offer to purchase, including the contracts of today, the owner is to disclose known material latent defects. Material Defect means a defect in the property that is not discoverable through a reasonable inspection and that will affect the use or value of the property.
At the time, we were taught that due to Alberta having no regulation around remediation, so there was no certain way to say each remediation company did the same work.
As of October 17, 2018, adults were allowed to grow cannabis at home; up to four plants per household (not per person) for personal consumption. the https://www.alberta.ca/cannabis-legalization.aspx
A realtor today should be using a schedule for both parties to a contract asking for disclosure:
ILLEGAL DRUG MANUFACTURE/MARIJUANA GROW OPERATION
the Seller(s) hereby expresses, to the best of my/our knowledge and belief, the premises and property have not been used for the manufacture of illegal drugs or used as a marijuana grow operation.
Marijuana Grow Operations (MGO’s) are not always disclosed. Ideally, the seller will know, but not always. An MGO premises is usually subject to an order and a Notice of Health Hazard registration or maybe a police registration on title. It is best to pull the historical title. But this is not necessarily so either. Sometimes a google search can help. Or, just knocking on a door and asking a neighbour. Now, obviously most do not knock on doors, but, if something may be suspected, then yes, knocking on neighbours doors and asking if they know anything may be your best bet.
Are remediated grow ops safe to live in? Many say they are better than a re-sold home. Alberta, to this day, does not have a remediation regulation in place for MGO’s. Alberta Health Services has a detailed list of requirements for repair/rehab/remediation.
***The risk will still be, like a nagging worry in your mind, did they get it all out.***
Residential Measurement Standard
YES, Alberta has a Residential Measurement Standard (RMS).
This is a benefit for the Seller and the Buyer!
The RMS gives consumers, real estate professionals, and other industry professionals accurate and consistent property measurements
RECA - Property measurement is the process of identifying and quantifying the physical area of a property. A measurement standard is a consistent methodology to determine an area; such standards are based on transparent, uniform principles and protocols. The Residential Measurement Standard (RMS) contains nine principles, which licensed real estate professionals must follow when measuring residential properties. The RMS does not apply when real estate professionals measure non-residential properties, such as commercial, industrial, or retail premises. RECA does not require sellers or their real estate representatives to represent a property’s size when marketing it. However, if they are including property size in their listing information or marketing materials, it needs to be an accurate representation of the RMS area.
Although the Seller is not required to market the size of their home when for sale, many Real Estate Board’s require the Realtor® to market your home showing the RMS.
Benefits of marketing the RMS:
- property size is often important to buyers and other real estate professionals
- there is a standard all agents must follow
- sellers want their property size accurately described
- real estate appraisal professionals need comparable property measurements for appraisals
- it details what exactly is being measured
When a Buyer is purchasing a home, size may be a factor, or at least a guide for them to use. There are many other factors, RMS is just one.
Benefits of marketing the RMS:
- how property size factors into the buyer’s decision to purchase
- the relationship between property size and selling price
- the RMS: - what is included and excluded in the measurements - how professionals will take measurements and calculate them
- if the property is a condominium: - the difference between the RMS area and the condominium unit registered size - what is included and excluded in the RMS area - what is included and excluded in the condominium unit registered size
- the buyer’s options to determine property size, and their instructions
When I moved to Calgary in 1989 it was the best city I had ever visited or lived.
Back in the day what caught me most was:
- the sunshine - it just affected you, no matter what season, the blue skies and sun was mood changing
- the semi arid climate
- housing was more affordable
- food was less
- public transportation was less
- going out cost less
- shopping was less
- it had a youthful vibrancy with positive friendly people
- the Rocky Mountains were in photo HD and were at at Calgary’s doorsteps, from hiking, fishing, camping, sight seeing, and anything else you could want from the most spectacular nature in the world.
Today I can add to this, while none of the above has changed, and 202 has definitely brought on it’s challenges with economy and Covid-19, I am surprised when I see friends and clients moving back to Alberta. Back to Calgary. And I ask them, what is it you are missing?
- the sun
- the affordable cost of housing
- the cost to live day to day
- the vibrancy in our city
- the Rocky Mountains
- peacefulness - photo by Jordan Selanders 10 minutes west of Calgary Glenbow Ranch Provincial Park
Yes, each city has had to deal with Covid-19, and are or will have to deal with this Global Recession, but the city of Calgary is a great city and will thrive through all of this.
The province of Alberta has made some well needed changes to the Condominium Property Act starting January , 2020.
The amendments include further clarification to regulation the Act. This includes:
1. Documents Provided by Corporation :
- What is offered after an AGM
- Annual Budget Disclosure
- Information Documents At No Charge
- Maximum Fees Not Exceeding Specific Amounts
- Retention Periods for Requested Documents
- Further Definition Around Reserve Fund Studies
2. Meetings and Voting:
3. Borrowing By The Corporation
4. Transfer, Lease or Sale of Common Property, Easement of Covenant or Condominium Parcel
5. Notices, Notifications
6. Change of Bylaw to Ensure Conformity with the Act and Regulations
7. Minimum Retention Period for a Corporation’s Documents and Information
8. Bylaws of the Corporation
9. Notice of Annual General Meetings
Some of the highlights for owners are receiving, for free, condo documents pertanant to the running of their condominium.
There are many more highlights and definitely worth reading over the amendment.