Why go it alone if you don’t have to?
A real estate team can be a great way to mitigate some of the more difficult aspects of being a real estate agent.
As a real estate professional, you may feel lonely or disconnected. And you may find that the pay structure is, well, volatile. While you can get some support from a real estate broker like EXP Realty, you might want more.
A real estate team can help. But you still need to choose the right team to succeed.
Here are some of the most important questions to ask as a new agent consulting with real estate teams.
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1. What is the team’s experience level?
On average, how much experience does each team member have? Which team members are most experienced? Have they been in the business for months, years, or decades?
If they are a relatively new team, where are they drawing their advice and experience from? What relationship do they have with the brokerage and how long has it lasted?
2. Does the team have a good reputation?
How do other agents in the area view the team? How do past clients feel about their experience working with the team? Ask about testimonials, as well as raw data such as how many client referrals they receive and how many clients eventually come back.
If they have tons of clients but not many referrals, they may be investing more in marketing than their reputation. That can work short-term but not long-term in the real estate business.
3. What are the team’s marketing strategies?
Does the team have a comprehensive marketing plan? How do they attract leads? Do they use print, online, or word-of-mouth marketing? Ho will they adapt to changes in the real estate business?
Ask them how effective their marketing strategies are, how much they’ve changed in the past few years (during digital disruption), and what their marketing goals are for the future. Further, as a new real estate agent, how much could you expect to be integrated into their new marketing campaigns?
4. Does the team use new technologies?
What kind of software and hardware does the team use? Do they have a customer relationship management (CRM) system? Do they use drones or 360-degree cameras? One advantage of working with a team should be gaining access to resources that you otherwise wouldn’t have.
The real estate industry is constantly changing. It’s not enough to just have a real estate license and work with a real estate brokerage; real lead generation requires new and advanced technologies.
5. What is the team’s structure?
How is the team organized? Are there different divisions for buyers, sellers, renters, etc.? How many people are on the administrative staff? The team’s structure will likely dictate your experience as a member, so it’s important to understand it.
If the team seems very top-heavy with a lot of administration, know that your costs are likely to be higher. If the team seems very agile and lean, know that your costs will be lower but you may not have as much support.
This is perhaps the most important question to ask. A team is only as strong as its values. If the team doesn’t have a clear set of values that they uphold, then they’re likely to crumble under pressure. The team’s values will also dictate the culture, so it’s important to make sure that you align with them.
As real estate professionals, what are their goals? What do they want to do for their community and what do they want out of their real estate career?
7. What are the team’s long-term goals?
Where does the team see itself in 5 or 10 years? What are their plans for growth? This question will help you understand if the team is stable and has a clear vision for the future. If you find that every experienced agent is looking to leave for another broker shortly, then it’s probably not the team for you.
8. What is the team’s compensation structure?
How do team members get paid? Is it a traditional commission split, or are there bonuses and other incentives? How does the new business get divided up?
It’s important to understand how you’ll be compensated, especially moving into the future. Is it always going to be the same compensation structure or will it change over time? Ask for a breakdown of the average real estate transaction.
9. What is the team’s policy on sharing leads?
If you bring in a lead, will the team share it with other members? How does the team determine who gets which leads? It’s important to understand how leads will be distributed, especially if you’re bringing your own business to the table. Realistically, regardless of how good the group’s values and technology are, you need leads and commitments.
A successful real estate agent understands the need to share leads and referrals. But you don’t want to be making less as a successful agent with a team than you would as an independent agent.
10. Does the team have a solid business plan?
The team may have all the right answers to your questions, but do they have a plan to back it up? A good business plan will include detailed information about the team’s goals, marketing strategies, technology, and more. It should also be updated regularly. Ask to see the team’s business plan and see if it’s something that you can get behind.
11. What is the team’s exit strategy?
No one likes to think about leaving a team, but it’s important to know what the team’s policy is. If you decide to leave, will you be able to take your clients with you? Are there any non-compete clauses in the contract? If the team’s exit strategy sounds unfair (you take nothing with you), then it’s likely that other elements of the team structure are also unfair.
12. What are the team’s reviews like?
When you’re looking for a new team, it’s important to do your research. See what other people have said about the team. Are they happy with their experience? Have they had any problems? Reading reviews can give you a good idea of what to expect from the team.
13. What is the team’s social media presence like?
In today’s world, it’s important for businesses to have a strong social media presence. Take a look at the team’s social media accounts and see how active they are. Do they post regularly? Do they interact with their followers? A strong social media presence can be a good indicator of a successful team.
14. What is the team’s website like?
A team’s website is often the first impression that potential clients will have of the business. Take a look at the team’s website and see if it’s professional and up-to-date. Is the information easy to find? Is the team’s contact information prominently displayed? A well-designed website can be a good indicator of a successful team.
15. How long does the average person stay on the team?
This is an important question to ask because it can give you a good idea of the team’s stability. If people are regularly leaving the team, then it could be a sign that there are problems. It could also be a sign that the team is growing and evolving, so it’s important to ask follow-up questions to get a better understanding of the situation.
16. What are the team’s policies on vacation and sick days?
Real estate agents are used to working however they want to whenever they want to. But many teams operate like businesses, with vacation, sick days, and salaries. Find out how much notice you need to give, how many days you’re allowed to take off, and if there are any restrictions (for example, you may not be able to take a vacation during the busiest times of the year). It’s also important to find out if there are any consequences for taking too many days off.
17. What are the team’s policies on work/life balance?
Work/life balance is important for everyone, but it can be especially important for entrepreneurs. Find out what the team’s policies are on work/life balance and see if they’re realistic. For example, some teams may expect you to be available 24/7, which is not sustainable in the long term… but can be a great career booster short-term.
18. Does the team have a clear niche?
What type of properties does the team focus on? What type of buyers does the team usually work with? It’s important for teams to have a clear niche so that they can be known for something. Otherwise, they can get lost in a field of competitors.
19. Similarly, does the team have any unique selling points?
What makes the team different from other teams in the area? Do they have any unique selling points that make them stand out from the competition? If a team doesn’t have any unique selling points, then they’re likely to be less successful than a team that does.
20. Is the team willing to invest in its members’ education and training?
Investing in education and training is important for teams because it shows that they’re committed to their members’ success. Find out if the team is willing to invest in education and training, and see if they offer any resources or benefits.
Still unsure whether joining a real estate team would be best for you? Check out my blog post on 6 reasons you should consider joining a real estate team.
The team’s experience, reputation, marketing strategies, and commission structure are all important factors to consider before joining a real estate team. Talk to different teams, get a feel for them, and go with your gut before making a commitment.
Your team will become the most important thing in your professional life. It’s worth it to take the time to conduct a proper interview.
What is a real estate team?
A real estate team is a group of agents who work together to buy, sell, or lease properties.
How can a real estate team benefit me?
A real estate team can provide support, camaraderie, and structure. It can also offer leads, referrals, and marketing resources.
How do I choose the right real estate team?
The best way to choose a real estate team is to interview several teams and ask them questions about their experience, reputation, marketing strategies, commission structure, and expectations of members.
What are some red flags to watch out for when considering a real estate team?
Some red flags to watch out for include teams that are not experienced in the industry, have a bad reputation, have no marketing strategy, or have a commission structure that is not beneficial to you. You should also be wary of teams that have unrealistic expectations of their members or that have unfair policies on leads and referrals.
Would You Like To Partner With Me?
I’ve helped hundreds of real estate agents, team leaders, & brokers all over the country increase their sales, online presence, and create scalable systems. I would love the opportunity to work with you. Together, we can make this year your best yet!