Getting a real estate license isn’t that difficult, but the majority of agents don’t make it past the five-year mark. One factor that can influence the outcome is the decision whether to work with a real estate team. Saying yes or no doesn’t guarantee success, but making the right decision based on what you want can influence the success rate in a positive way. Here is what you need to know before joining a real estate team.
Building Your Career
Working alone benefits those who enjoy self-sufficiency. However, for a new agent it can be difficult to find leads and build up a good reputation within the industry. It involves a lot of work to get established, and it takes time to achieve status. A real estate team can help build your career, but it has to be one that fits your needs.
Real estate teams comprise independent brokerages and franchises. The latter include Century 21, Keller Williams and RE/MAX teams. When you’re interviewing for a spot on a team, ask how large it is, how many buyers agents work there, who your broker is and how many inside sales agents it has. You’ll also want to know the team’s business goals and if it has remote groups.
The Right Fit
Some real estate groups offer many services to a broad spectrum of customers while others deal with niche markets. When you understand the mission and growth model, you should get a clearer picture about whether or not the team fits your career path. The larger agencies carry brand awareness, and you’ll be assured of top-notch training.
Training & Benefits
Other important factors to consider include training requirements, budgets, brand awareness and monetary aspects. The latter include commission splits, profit sharing, desk fees and marketing costs. While money is tricky to discuss, these subjects rank among the most important.
You need to know if you will be earning a salary, commission or a combination of both. You should also find out what a team expects from the agents. For example, some people are happy with a handful of sales per year while others strive for top spots. Make sure that the team in which you’re interested meets your expectations and that you’re honest about yours. Regardless of which team you choose, it should embrace technology advancements within the field so that you can get the best leverage.