Thinking of joining a real estate team? Ask these questions first.
You think you’ve got the answer to your income woes: Join a real estate team. Why? You’ve been in the real estate business a few months. You’re finding it much more challenging to find clients than you thought. You’re thinking, “Maybe a team is the right choice for me. I’ll get leads and I’ll just have to sell them.
Not only that: You’ve interviewed with some team leaders, and it almost sounds too good to be true (low barrier to get on the team, no or little upfront costs, great team results).
Experience: As a three-decade owner and manager on the firing line, I’ve seen some teams thrive and many others fail. You want to join a thriving real estate team. Here are the questions an agent should ask before joining a team—questions an agent may not think to ask.
These questions and advice come from my new award-winning book, Launching Right in Real Estate: What They Won’t Teach You in Pre-License School. Check it out. I’ve gathered the questions I’ve gotten interviewing thousands of would-be agents. I’ve seen the consequences of bad advice. I wrote this book to give you the straight scoop.
Questions to ask before joining a real estate team:
- How many leads are distributed to a team member per week? Per month?
- What’s the conversion rate for these leads (How many turn into sales/listings sold?)
- Am I expected to generate leads for the team? How many a month?
- 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.
- If I want to leave the team, how will you help me transition to my own business?
- How will I be held accountable? (meetings/reports/CRM input)
- What are the minimum expectations to stay on this team?
- Do I need to work evenings? Weekends?
- How much turnover has there been on the team?
- Can I sell and list houses outside the team—and how much the rainmaker will charge me if I do?
- What is your experience as a leader? (courses, jobs, etc.)
- 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.
- What is your commission structure? Read the contract the rainmaker asks you to sign.
- 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.
Interview tip: Do not lead with a question about commissions! As a manager, that was a red flag to me. I want to see if we are a ‘fit’ before we talk specifics about pay.
Great Salespeople; 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.
Starting Over: When you leave the team, you are generally starting again as a new agent, since you have not generated your own leads. So, ask yourself, “How will I generate leads when I am no longer with the team? Am I willing to start over?”
Armed with the answers to the questions above, you’ll make the right decision for you.
P. S. Are you in a pre-license course now? What if you could literally ‘hit the ground running’ the first day you’re licensed and in your new real estate office? You can, if you do the activities in my Hit the Ground Running activity planner here. Check out 30 Things to Do While in Pre-License School to Hit the Ground Running.
Get All Your Is Real Estate for You Questions Answered
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Interviewers: Use this book to provide your pre-license candidates all the answers they need–and save yourself thousands of hours of time.
Click here to see it–digital or hard copy.
