Agents may think joining a real estate team will make or save their businesses. You know that may not be the case….
There are real estate teams that run like a business. Then, ,there are real estate teams that are …..not…
Maybe the agent is new to real estate. She’s tenuous about finding clients. Or, he is a seasoned agent going through a ‘dry spell’. So, he may be considering joining a real estate team. They’re thinking “maybe a team is the right choice for me. I won’t have to prospect. The team will give me leads and I’ll just have to sell them.”
(See the whole section on teams in Launching Right in Real Estate: What They Won’t Teach You in Pre-License School).
Not so fast….Here are the Qualifying Questions Agents Need to Ask
As a three-decade+ owner and manager on the firing line, I’ve seen some teams thrive and many others fail. You want thriving teams in your office. Here are the questions an agent should ask before joining a team—questions an agent may not think to ask.
Look before you leap to a real estate team.
Questions:
1. How many leads are distributed to a team member per week? Per month?
2. What’s the conversion rate for these leads (How many turn into sales/listings sold?)
3. Am I expected to generate leads for the team? How many a month?
4. Let me see your vision and mission statements. What are the values you expect your team to uphold?
You want to match the values and vision of the team.
5. If I want to leave the team, how will you help me transition to my own business?
6. How will I be held accountable? (meetings/reports/CRM input)
7. What are the minimum expectations to stay on this team?
8. Do I need to work evenings? Weekends?
9. How much turnover has there been on the team? What is the average number of transactions each team member does in a month?
10. Can I sell and list houses outside the team—and how much the rainmaker will charge me if I do?
11. What is your experience as a leader? (courses, jobs, etc.)
12. What are the systems you use? See the specific systems the rainmaker will use with his team.
Lack of systems means the team will not operate as a team, and you will be left trying to figure out how to take action on your own.
13. What is your commission structure? Read the contract the rainmaker asks you to sign.
14. Do you have a job description for a team member? Please provide.
Understand the consequences of your involvement. Evaluate how good a leader that rainmaker is.
Look before you Leap to a Team: Great Salespeople can be Lousy Leaders
Some rainmakers are great salespeople, but lousy leaders. As a result, their team never jells. Most team leaders ultimately expect their team members to generate their own leads in addition to team leads. If you cannot meet the rainmaker’s expectations, you are terminated. Be willing and ready to take the responsibilities of team membership seriously.
Armed with the answers to the questions above, you’ll make the right decision for you.
Last note: Launching Right in Real Estate is NOT a book about how I made a gazillion dollars in real estate (although I did sell 50 homes my first year in the business). Launching Right is foremost for those thinking about real estate as a career. There’s no other book like this. Use this book to save time AND find out the real questions agents have (a great qualifying tool for you…).
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