What Questions to Ask Before Joining a Real Estate Team
Are you thinking of joining a real estate team? Joining a team can be a great way to grow your business and get more exposure, but it’s important to make sure the team is the right fit for you.
When you’re looking for a real estate team to join, it’s important to ask the right questions. Not all teams are created equal, and not all agents are the right fit for every team. By asking the right questions, you can find the team that is perfect for you.
Why Join The Real Estate Team?
Before you actually sign up to join a real estate team, it is important that you get together with the team leader or even an agent team member to get an idea of what working as an agent on that team is like. In this blog post, we will discuss 9 questions you should ask before joining a real estate team!
If you’re thinking about questions to ask when joining a real estate team, click below to learn more about how agents on our team are getting additional tools, trainings, resources, and assets for FREE at no additional cost or split!
Is it Worth Being on a Real Estate Team?
Many real estate agents want to know: is it worth being on a real estate team? Although there is no one good answer, joining a real estate team is usually worth any additional costs and splits if you are a new agent or an agent that is struggling to get any business.
Real estate teams need to be able to provide you, the agent, with enough value to your business that it makes financial sense for you to pay additional splits to a team leader on every closing that you have.
This can mean that the team provides you with a proven business model, access to expensive marketing materials or technology, regular coaching and training, or even just a great support and transaction coordination system.
For more experienced agents that are already getting a good amount of business, being on a real estate team where they have to give up an additional 25-50% of their commissions may not make as much sense.
These agents are usually better off as independent agents or joining a team where they can keep 100% or more of their commissions, without having to pay their team any additional splits for the value that they receive.
Now that we’ve answered the question: is it worth being on a real estate team?
Let’s move on to the next question:
What should a real estate agent ask in an interview?
What should a real estate agent ask in an interview with a team leader?
There are many questions that you can ask real estate leader of a potential team that you want to join based on your specific needs and preferences, but here are the top 9 questions to ask before joining a real estate team.
Top 9 questions to ask before joining a real estate team.
1. What are the team’s core values and how do they align with mine?
2. What is the team’s business model and how will it benefit me financially and professionally?
3. What is the team’s history and track record of success/failure?
4. How is the team structured, and who will I be working with most closely on a day-to-day basis?
5. How frequently does the team meet to discuss deals, strategies, etc.?
6. What kind of support can I expect from the team once I’m a member (marketing, mentorship, leads)?
7. Will I be able to leave the team and become an independent agent whenever I want?
8. How can you help me make more money as a real estate agent?
9. Will the team leader be incentivized to help me succeed independently?
1. What are the team’s core values and how do they align with mine?
Before joining a real estate team, there are a few questions that agents should ask in order to ensure that the team is the right fit.
First, agents should ask about the team’s core values. It is important that the team’s values align with the agent’s personal values in order for the relationship to be successful.
Real estate teams should provide you with an environment and culture that you are comfortable working in and that you can see yourself being a part of long-term.
Think about it this way: if the team’s core values are all about making as much money as possible and you value work/life balance, then the team is probably not going to be the right fit for you.
On the other hand, if the team’s core values are about providing great customer service and they align with your own personal values, then the team is likely a good fit for you.
It is important to make sure that you are on the same page as the team leader when it comes to core values before joining a real estate team.
This will help to ensure that you are both working towards the same goals and that you will be able to work together harmoniously.
2. What is the team’s business model and how will it benefit me financially and professionally?
Any real estate agent considering joining a team should ask questions about the team’s business model and how it will benefit them financially.
The answers to these questions will help the agent determine if the team is a good fit and if they will be able to achieve their goals.
For example, an agent should ask about the team’s marketing budget if there is one, and how it is used to generate leads. They should also ask about the commission split and what type of training and support the team provides.
By asking these questions, an agent can get a better understanding of the team’s business model and how it will impact their bottom line.
Remember that in the grand scheme of things, joining a real estate team as an agent is a business decision and should be treated as such, and like any other business decision, it has to make sense for both you and the team leader financially for it to work.
There are many different ways a real estate team can be structured, so it’s important to ask questions and do your research before making a decision.
The team’s business model should be transparent and easy to understand, and the team leader should be able to explain how it will benefit you financially.
If they can’t, then that is a red flag and you should move on to another team.
3. What is the team’s history and track record of success/failure?
Before joining a real estate team, it’s important to ask about the team’s track record. This will help you gauge whether the team is likely to be successful in helping you meet your real estate goals.
There are a few questions you should ask:
How long has the team been in business?
How successful has your team been as a whole?
What are some case studies of individual agent success stories?
How many agents are on your team?
How many agents have left your team and why?
Asking these questions will help you get a better sense of whether the team is a good fit for you and your real estate needs.
Data is the single most important indicator of future success when it comes to making business decisions.
The team’s track record will give you a good idea of what to expect in terms of results, and it is important to make sure that the team has a history of success.
If the team does not have a track record of success either as a whole or with individual agent case studies, then it is likely that they will not be able to help you meet your real estate goals either.
There are also ways for you to confirm some of the information that you receive from asking these questions.
For example, you can look up the team’s website and see how long they have been in business, or you can ask around in your network of agents to see if anyone has worked with the team before to ask them about their experience.
And although the information may not always be 100% accurate, you can always check a team’s production numbers on sites such as Zillow, Realtor.com, or even your local MLS.
The bottom line is that it is important to do your research before making a decision about joining a real estate team.
If you’re thinking about joining a real estate team, click below to learn more about how agents on our team are getting additional tools, trainings, resources, and assets for FREE at no additional cost or split!
4. How is the team structured, and who will I be working with most closely on a day-to-day basis?
If you’re thinking about joining a real estate team, it’s important to understand the team’s structure.
How many members are there? What are their roles? Who will you be working with on a day-to-day basis?
It’s also important to ask about the team’s philosophy and how they operate. What is their work ethic like? What is their customer service philosophy? How do they handle leads?
Answering these questions will give you a better understanding of whether or not the team is a good fit for you.
It is extremely important for you to know who you will be working with on a daily basis and how you will be working together.
You need to make sure that you are compatible not only with the team, but with the agents, leader, staff members, and assistants and that your working styles mesh well.
If you are not compatible, it will make for a very difficult work environment and is likely to lead to conflict.
The team’s structure is also important because it will impact your daily workflow.
For example, if you are on a team of 20 agents and the team only has one assistant, then you can expect your workload to be much heavier than if you were on a team of five agents with two assistants.
You need to make sure that the team’s structure is something that can work well for you and that you are comfortable with.
Having a clearly defined workflow and clear expectations of who you are working with and how much time you will be working with them is important for a successful real estate team.
5. How frequently does the team meet to discuss deals, strategies, etc.?
Though questions about compensation, responsibilities, and expectations are important when considering joining a real estate team, it’s also critical to ask questions that will give you a sense of the team’s dynamics and how well they work together.
One important question to ask is how often the team meets.
This will give you a sense of how often you’ll need to be in the office and how much time you’ll be able to spend working from home or out in the field.
It will also give you a sense of how many opportunities you’ll have to collaborate with other team members and get input on deals, strategies, and ideas.
If the team only meets once a month or less, it may be difficult to get your questions answered in a timely manner or to have a significant impact on the team’s direction.
On the other hand, if the team has mandatory meetings multiple times per week, it may be difficult to find time to get your work done or to have a life outside of work.
The frequency and attendance requirements of team meetings is an important factor to consider when evaluating whether or not a real estate team is the right fit for you.
Remember also to ask whether team meetings will be held in person in the office or held virtually.
Many agents today, both working as independent agents or as a part of a team are working more from home in order to save time in their day and increase productivity.
If you are able to attend meetings, training, and masterminds for your team without having to drive to the office, then it can be a massive time-saver in your day, allowing you to have more time dedicated to income-generating activities.
6. What kind of support can I expect from the team once I’m a member (marketing, mentorship, leads)?
When considering whether or not to join a real estate team, it’s important to ask questions about what kind of support you can expect from the team.
Will you receive marketing support? Direct mentorship? Leads?
Having clear expectations for the type and amount of support you will get as an agent on a real estate team is crucial because it will help you determine whether or not the team is a good fit for you.
If you’re joining a team in order to receive mentorship, but the team doesn’t offer that kind of support, then you’ll be disappointed.
On the other hand, if you’re joining a team expecting to receive leads, but the team leader says they can’t guarantee leads, then you’ll know that’s something you need to factor into your decision.
Asking questions and having realistic expectations are key when deciding whether or not to join a real estate team.
Also, remember that just because a team leader promises you something does not mean that it will be up to your expectations.
Do your research, ask for referrals, and get everything in writing so that you know exactly what to expect before making a decision.
If a team leader promises a certain number of leads per month, ask them to show you a list of those leads. If you are promised additional training and systems, ask to see these training portals for yourself.
The bottom line is that you need to be happy with the team you’re on in order to be successful and the only way to guarantee that you are happy with the decision to join a real estate team is to have the team meet your expectations after you have joined.
If you’re thinking about joining a real estate team, click below to learn more about how agents on our team are getting additional tools, trainings, resources, and assets for FREE at no additional cost or split!
7. Will I be able to leave the team and become an independent agent whenever I want?
It’s always important to ask questions about the team’s policies and procedures before you join.
One of the most important questions to ask before joining a real estate team is whether or not you will be able to actually leave the team whenever you want to and be an independent agent without leaving your brokerage.
The answer to this question can vary from team to team, so it’s important to get clarity on this point before making any commitments.
Some teams may have strict rules about leaving, while others may be more flexible. Regardless of the team’s policy, it’s important to be aware of what you’re signing up for before making any commitments.
Many agents join real estate teams to get their business off the ground only to realize that a couple of months and years down the line that they no longer need the support they once did from their team, and would rather keep their entire commission split rather than paying a portion of it to their team for resources they no longer need.
This is why it’s so important to ask this question before joining a team so that you know what your options are down the road.
The bottom line is that you should always have an exit strategy in mind when joining a real estate team because you never know when your needs or circumstances might change.
By asking this question ahead of time, you can be sure that you’re making the best decision for your career in the long run.
8. How can you help me make more money as a real estate agent?
Real estate agents need to ask how a team can help them make more money as an agent before joining one.
The questions an agent should ask are:
How does the team’s sales process differ from others?
What is the team’s commission percentage?
Does the team offer any training or coaching that can help me further my career as an agent?
The answers to these questions will help an agent determine if a team is a right fit and if they will be able to make more money by being on the team.
Real estate is a business and making money should be the goal of every agent. If an agent feels that a team can help them accomplish that goal, then they should join the team.
9. Will the team leader be incentivized to help me succeed independently?
In today’s real estate market, more and more agents are considering joining a team. And although we agree that there are many benefits to joining a team, including access to resources, leads, and support, there can be some serious pitfalls as well.
One of these pitfalls is that the structure of a traditional real estate team actually discourages team leaders from developing their agents into successful independent agents in the future.
You see, traditionally a team leader only makes money if they have agents on their team that are paying them a split from the production that they do.
And although this does mean that team leaders are incentivized to help their agents close more deals and sell more houses, it also means that they are incentivized to keep you on their team as long as they possibly can.
If you leave their team and stop paying percentages of your commission to them, you are no longer an asset in their business. You actually become their competitor.
Unfortunately, this means that many team leaders are structuring their team, support, coaching, value, and training in a way for their agents where it is actually preventing the agents from developing the skill sets they need to be successful on their own by making their success reliant on the resources of the team.
For example, one of the most popular incentives that real estate teams offer agents is leads.
Although this can be very appealing for new agents, many agents who start their career by taking leads from a team leader never learn the skillsets they need to generate leads on their own.
This can be problematic as agents start to make more money and try to succeed as independent agents. When they leave the team they realize that they have no lead generation or marketing skills and are forced to go back to their team in order to sustain their income.
This can also be problematic for agents because as we mentioned earlier, their entire business and income are reliant on the team leader, not themselves. This means that if for some reason, the team leader decides to quit real estate or dissolve the team, the agents are left with no skills to generate business for themselves and risk losing their entire income stream overnight.
That is why one of the most important questions to ask before joining a real estate team is whether or not the team will help you develop your skillsets so that you can eventually succeed on your own.
Many traditionally structured teams have a tendency to manipulate agents and keep them reliant on the team forever.
However, some brokerages have realized the importance of team leaders being incentivized to develop their agents’ skillsets so that they can eventually go out on their own and achieve success.
This has prompted the creation of a new type of real estate team that is structured in a way where team leaders are able to continue earning overrides on their agents’ commissions without the agents having to pay any additional percentage of their commission to the team leader.
This new team structure is called revenue share in which the brokerage is actually the one paying the team leader, not the agent themselves.
Be sure to do your research and ask the right questions before making the decision to join a real estate team. Your future success as an agent may depend on it. Lear more at Agent Wealth Hustle today!
Want to learn more about this new type of team structure where team leaders are incentivized to help their agents become successful independent agents? Click below to learn more!