One of the biggest decisions every new agent needs to make is whether they want to join a tight-knit team. Part of the draw of a career in real estate is the independence it can offer, which is why some budding professionals are reluctant to work closely with others in the industry. That said, there are some major benefits to joining a team—so long as you go into it with all the information you need!
If you’re thinking of joining a real estate team, here’s what you need to know…
What are the benefits of joining a real estate team?
One of the biggest advantages of working with a well-established team is the leads you can get right out of the gate. They could mean the difference between making money at the beginning of your career, and…not.
In a highly-competitive industry, it’s also important to gain traction early on. The right team will have the reputation and name recognition to provide you with a certain level of credibility. They should also be capable of helping you develop professional marketing materials to promote yourself effectively.
Along with access to proven systems, processes, and general knowledge, joining a successful team will offer plenty of hands-on learning experience. That means opportunities to brainstorm with other successful agents and obtain guidance from experienced real estate leaders.
How does a real estate team work?
When a team works well, it works really well. Everyone fulfills their role to a tee—and is supportive of one another. Agents are in a much better position to achieve their goals, and the potential for growth is high.
It all starts with structure. The roles included may vary from one team to the next, but they typically look a little like this:
Broker of Record
Along with other responsibilities, this professional is responsible for ensuring that their brokerage (and all of its employees) are in full compliance with industry rules and regulations.
You know what this role entails. Along with agents who handle ongoing listing and selling activities, some teams also have dedicated buyer’s and leasing agents.
Management may include anyone from a general manager (who oversees operations at a high level) to a sales manager (who trains, motivates, and helps agents meet objectives) to a marketing manager (who oversees promotional activities).
Administrative staff takes care of paperwork and ensures everything runs smoothly. Roles may include professionals who work the front desk, along sales, listing, marketing, and transaction coordinators (among others).
Staging or Design Experts
Many teams have their own staging and home design experts on staff. They help provide a higher level of service for sellers.
How do real estate teams split commissions?
When you’re choosing a team, the financials matter. While many new agents are focused on receiving the highest possible commission, there are pros and cons associated with various splits.
The most common is probably 50/50. This means the brokerage gets half of your commission from a transaction, and you get the other half. This structure typically includes desk fees, support from administrative staff, and plenty of assistance with marketing.
Keep in mind that higher commission often means less support overall from the brokerage. It’s all about finding the balance that meets your specific needs.
Questions to ask before joining a team
There’s no doubt that choosing the right real estate team could be crucial to your success. That’s why it’s so important to ask the right questions before making a commitment.
When you’re considering working with a team, you’ll definitely want to enquire about their structure, their management’s experience, and the commission splits they offer. Beyond that, you’ll need to understand potential expectations and talk about your own professional goals. Through this conversation, you’ll quickly discover whether the team represents the right opportunity for you to grow.
Don’t forget to ask about culture. From work-life balance to a team’s mission and major priorities, it all plays a role in whether you’ll be a good fit—and whether you’ll flourish in a career that you love!