For anyone considering joining a real estate team, it’s important to do your homework first. There are many factors to consider, and you want to be sure you’re making the best decision for your career.
With that in mind, here are some questions you should ask before joining a real estate team.
54 Questions you can ask before joining a real estate team:
- What are the team’s overall mission and purpose?
- What are the team’s core values?
- How does the team operate on a day-to-day basis?
- What is the team’s structure? Are there defined roles and responsibilities?
- How are decisions made within the team?
- Who makes the final decisions on behalf of the team?
- How is each team member compensated?
- What are the expectations for each team member in terms of marketing, networking, lead generation, etc.?
- How often does the team meet, and what is the format of those meetings?
- Does the team have any regular social or networking events?
- What kind of training and development opportunities are offered to team members?
- What is the average length of time that members stay on the team?
- Are there any requirements for membership (i.e., must have a certain number of deals, etc.)?
- What happens if a member doesn’t meet those requirements?
- Does the team have any sort of mentorship program?
- Can members opt out of certain aspects of the team (i.e., leads, training, etc.), or are they required to participate in everything?
- Is there an “Exit Strategy” in place in case a member wants to leave the team?
- What are some recent accomplishments or achievements of the team?
- If the team has been around for a while, how has it adapted or changed over time?
- Does the broker have any plans to retire soon or otherwise leave the business? If so, what will happen to the team at that point?
- What is the team’s business model?
- What is the team’s commission split?
- What is the team’s marketing budget?
- How many leads does the team generate per month?
- How are leads distributed among team members?
- Does the team have dedicated administrative support?
- Does the team use any lead capture or customer relationship management software?
- What are the expectations for new team members in terms of lead follow-up and buyer/seller representation?
- Are there any monthly or annual minimums that must be met in order to stay on the team?
- Is there a company culture that prospective members should be aware of?
- Does the broker allow the virtual representation of buyers and sellers?
- Is remote work an option for some or all team members?
- Does the broker have any restrictions on how agents can market themselves or their listings online?
- Can agents use other forms of advertising, such as print, radio, or TV, to market themselves or their listings?
- Are agents permitted to use their personal social media accounts to market themselves or their listings?
- How often do agents receive feedback from clients after closing a transaction?
- Has anyone ever left the team, and if so, why?
- Are there any current or former agents on the team who would be willing to speak with me about their experiences on the team?
- Who are the members of the team?
- What is the team leader’s role?
- What is the team leader’s experience?
- What is the team leader’s history with the company?
- What are the expectations of team members?
- What is the team culture like?
- Do team members socialize outside of work?
- How does the team handle conflict?
- What kind of support do team members receive from the company and from the team leader?
- What is the company’s commission split?
- How are leads distributed among team members?
- Does the company offer any other perks or benefits to its agents?
- How do the company brand itself and its agents?
- Does the company have any systems or processes in place to help new agents get acclimated to working within its structure and culture?
- Can I speak to some current and past members of the team to get their insights?
- Does this team seem like a good fit for me, based on my goals and objectives?
Frequently Asked Questions
What is a real estate team?
A real estate team is a group of people who work together to help clients buy or sell real estate. The team may include a real estate agent, a mortgage lender, and a home inspector. The team members work together to help the client get the best possible deal on a home.
Why do people join real estate teams?
One reason people join real estate teams is that they want the support of a team that will help them succeed. A team can support them by sharing knowledge, resources, and contacts.
Another reason people join a team is the benefit of being part of a larger organization. In the real estate industry, the larger the organization, the more potential buyers and sellers they have access to.
Finally, people join a team because they want to be part of a winning team. When you are part of a winning team, you feel like you’ve accomplished something, and that motivates you to keep doing your best.
Conclusion
Deciding whether or not to join a real estate team is an important decision that you shouldn’t take lightly! By asking yourself (and the team leader) these questions, you can gather all the information you need to make an informed decision about whether joining a particular real estate team is right for you.
