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
- Take the time to read the reviews about the team. Are they good reviews, fake reviews, handle complaints professionally.