Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated 3 days ago, 12/30/2024
Team exit questions
Hi all,
I have been a solo agent for a few years and recently joined a team with the hopes of learning some new things and try the cold calling aspect. The experience was really bad as I was getting 1-2 year old leads to cold call that I knew had a 0% success rate and I do much better generating leads organically on my own. I called the TL to quit. The TL is wanting to do an exit interview. Here is the situation:
- I signed a commitment letter that has the incorrect brokerage logo. The TL seemed too lazy or forgot to update the logo. The commitment letter also stated there will be contracts and other documents to sign but that never happened.
- When I called the brokerage admin to let them know I had quit the team and to change my status to solo agent, they said their system shows me as a solo agent and that the TL never submitted paperwork to add me as being part of their team. I have asked the brokerage admin to not add me to the team if the paperwork gets submitted and they have that noted.
- The commitment letter says if I convert the leads given by the TL I would get a 50-50 split and if it was my lead through my COI/SOI while I was on the team, then it is a 80-20 split.
- I had a few COI/SOI leads while being on this team who have not signed any papers with me or any one on the team as of yet and won't for the next 2-3 months. The TL does not have any personal information about those leads, except the fact that I have been talking to them.
- The TL states that those are technically the team's leads and I will owe the 20% if they convert within the year since I was given training (which I was not), lender referal (which was forced on me by the TL even though I work with my own lenders for my clients).
Is the above statement true/legal/valid? Does the TL get 20% even though:
- technically I am not mentioned as being on any team in the brokerage system and the commitment letter has the wrong brokerage logo
- I have not signed any other documents/team contracts as the TL never handed me any to sign but was supposed to
- my COI/SOI leads have not signed any buyer's/seller's agreements with me but may next year
Do I have to do an exit interview (even though there was no mention of it at any time or in the commitment letter)? Would it be wise to? At this point, I simply want to move on and feel the exit interview is a final attempt to have me sign things that I don't agree to.
Thanks!