Real estate teams have been increasing in popularity over the last few years. The traditional real estate team, or partnership is a pair or group of licensed realtors “teaming” up to leverage both their time and expertise. Team members are also there to help and support in other ways such as sharing knowledge and of course money.
Joining a real estate team can also be a good option for a new registrant looking for shadowing or mentoring opportunities. Also, a source for leads to help kick start a new career.
Likewise for veteran or more experienced real estate agents looking to slow down or maybe refresh a stale career.
All of the above are excellent reasons to form a team within the real estate industry. However, the dark side of real estate teams are often not spoken of. Until it is too late of course.
Too late meaning, the relationship breaks down and things inevitably go sour. Usually resulting in an exit from the brokerage or even the industry all together from either one or all of the parties.
Real estate is a competitive industry. As well, it can be quite lucrative. So even with the most concise plan or arrangement work loads, lead sharing and transparency can often come in to question within a real estate partnership or team over time. And it very often does.
The Agency Real Estate Brokerage is certainly not against real estate teams. But more “all for” individuality, support without agenda and learning how to leverage and manage your time and money wisely.
The Agency Real Estate Brokerages team of real estate professionals are certainly one team. Offering all of the support to each other within the brokerage and to our clients as well.
Supporting one another without expecting compensation is a prerequisite in our company. Success is a team sport. However success cannot be achieved, or maintained rather without strong and healthy relationships. The corner stone to this is trust and clarity.
When or if you find yourself considering a real estate team, before deciding you should ask yourself a few questions.
- Why am I considering this?
Think hard when you ask yourself this question. Considering this will lead to further question that you will need to answer as well. Are you considering this due to lack of motivation, lack of business? Or do you feel the relationship will enhance your business and your career overall?
2. How well do I know the person/people I am teaming up with?
There is no good or bad answer to this question. Close personal relationships or newly formed business only relationships all come with positives or negatives. What’s important is you consider what you know about this person or these people. Do your research. Ask questions. Take the time to think and consider.
Once you have answered these questions, if you are still confident that a real estate team or partnership is for you. Then you MUST and we use this very strongly MUST consider, evaluate and answer and or put in place the following:
- Who does what and when.
Job descriptions, detailed duties, hours of operation and anything a regular business would have or consider must be arranged with the partnership or team in ADVANCE and in WRITING. With out this clarity from the beginning you will very quickly find yourself wondering what the heck is going on. Having clear priorities from right out of the gate will only boost the strength of your team and future.
2. What happened to the past and how does the future look?
Sounds like a weird question. But necessary. If you are not brand new to the business, then you have a past. Past clients, past leads, past habits. What happens to those? Do they now become the property of the team? This question needs to be answered by everyone on the team. And clear definitions need to be laid out, pondered and decided on.
3. Compensation. Moohlah. Money.
You have to talk about this. It has to be clear. It has to be in writing. Everyone signs. Enough said.
Clarity has to be the driving force in all of your planning and decisions. This will ensure the health and longevity. Knowledge is also power. Reach out to other real estate teams and partnerships in your area and see what they are doing. How do they structure their compensation, lead sharing, lead generation and overall business model.
Lastly, be confident in your decision and give it a fair shot. Like any friendship or partnership it takes work. Don’t give up when the going gets tough. As long as the lines of communication remain open, there is always an answer.
We always tell our teammates here at The Agency Real Estate Brokerage that every time you try something new you should always commit to at least 6 months if not a year. Given the nature of our business, this amount of time will be needed at a minimum to fully evaluate the results.
What ever you decide, do it with confidence and conviction and you can never fail!
Are you on a real estate team? We would love to hear your story! Contact us today and share.
