In my eBook for prospective and new agents, What They Don’t Teach You in Pre-License School, I address several choices they need to make. I know some of these choices feel ‘safe’. But, are they really good for you? Here are pros and cons of joining a team.
Excited about Joining a Team?
As you interview, you may be invited to join an office team. That means you’ll be essentially working for a ‘rainmaker’, a lead agent who generates ‘leads’ for those on his team. Of course, those leads cost money, and the rainmaker takes about half the income from the team member for the lead generation and other services.
Teaming helps agents obtain leads as they start up business. While agents earn the most in commission dollars when they generate their leads themselves, a new agent may need to pay for someone else’s lead generation to begin to develop business. There is a downside to this approach, however. Agents can become complacent and sit and wait for leads. They won’t generate—until they get tired of paying for someone else’s leads.
Positives: You may be able to jump-start your career with leads given to you.
Watch out for: Be careful to choose a rainmaker who really has enough good leads to distribute to you. Sit in on her team meeting to see how she manages the team. Find out if and how the rainmaker will train you. Find out how much turnover there has been on the team. Find out whether you can sell and list houses outside the team—and how much the rainmaker would charge you if you did.
Read the contract the rainmaker asks you to sign and be sure you understand the consequences of your involvement. Evaluate how good a leader that rainmaker is. Some rainmakers are great salespeople, but lousy leaders, and so their team never ‘jells’. Most team leaders ultimately expect their team members to generate their own leads, in addition to team leads. If you can’t meet the rainmaker’s expectations, you are terminated. Be willing and ready to take the responsibilities of team member seriously.
Don’t leap into a team until you really, really look. Too often, agents are choosing these positions because they are afraid of–or don’t want to do the work of a real estate agent.
Note: Joining a team will not alleviate the need for you to lead generate! Most rainmakers expect you to find your own prospects. So, if you’re running away from lead generating, run back toward it!
Everything You Need to Know about Real Estate as a Career (and more)
Are you sure you have all the information you need to make the right career decision for you–whether you’re in pre-license, a new agent, or have been in the business for years……
Grab my new eBook, What They Don’t Teach You in Pre-License School