Working on a Real Estate team

[Michael Spindler]

I am a new agent looking to join a team. What are some things to look for when interviewing teams?

Also, how do you split commissions as somebody brand new?

[Jonathan Bombaci]

Hi Michael, are you planning to be a full-time agent or a part-time agent? 

The most important thing for a new agent access to training and support. As a new agent you need to get up to speed quickly and make sure that you don't accidentally do something wrong. A team is great for that since they typically have weekly, or in some cases daily, training events.

The other things teams tend to provide is leads to get your business going. You will likely be started out working buyer leads. They're less expensive from a lead generation standpoint and typically easier to work with than sellers. 

The splits will be quite a bit less (~50%) than if you were a solo agent (60-80%) but you'll be getting more support, training, and team leads to work with which will allow you to grow your business faster with a better foundation. In addition it should reduce the amount of time it will take to get your first closing and subsequent first paycheck. 

The balance with a team is you get more deals with a smaller split per deal but I would say if you join the right team the benefits more than out way the costs. 

Basic questions should around the training and support they offer, how they distribute leads, how quickly you can expect your first closing, how many closings for the year, how long the average agent stays on the team, and what do team agents do when they leave. You should also ask about the culture and how they hold agents accountable. 

Key Questions should be around how the team will help you meet your real estate, financial, and personal goals. Think about what those are and ask questions to see where there are gaps. Not all teams are created equal and each team will have its own culture find one that makes you want to work with them. 

I joined a team when I started, I was "experienced" in real estate investing but needed the training and support of the team to learn the real estate agent side of the house. 2 years later the team leader helped me build my own team. It's all about the culture of the team and how they treat the agents when they leave that makes all the difference. 

Best of Luck and let me know if you have any questions!
Jon