You're a realtor who's interested in joining a real estate team, and you believe you may have found the right one. They're promising you an abundance of clients and financial opportunity, and the team leader is personable and nice. So far everything about this team feels right.
But wait, who you choose to work with is a big decision that can have a huge impact on your finances and your overall sense of fulfillment. You'll do yourself a favor by slowing down and asking these important questions before you commit to the team:
6 questions to ask before joining a real estate team
1) How well do the team's values align with your own? For example, if you value a relationship-based approach, does the team value relationships in the same manner as you? Some teams are less relational than others. They may require you to contact (call, email, text) a new lead a dozen or more times before you are allowed to stop trying to convert them. You may even be required to log each contact into software that the team uses to monitor your performance.
2) How much flexibility and autonomy do you have with your business plan? Is every agent required to run their business in the exact same way, as prescribed by the team? Or does each agent have the freedom to lean into their individual strengths and interests and personalize their approach?
3) What are your opportunities for professional and financial growth? Are you allowed and encouraged to work with both buyers and sellers? What does training and mentoring look like? As you bring in more business to the team, how does your compensation plan change? You'll be happier in the long run when you choose a team that is supportive of your growth.
4) What is the marketing focus of the team? The team's marketing can provide a glimpse into the overall orientation of the team. If the marketing is heavily weighted toward promoting the team leader, that can be a sign that the leader is more focused on their growth than they are on your growth.
5) What do current and former agents have to say about the team? From their perspective, what are the advantages and disadvantages of working on the team? How much turnover is there? For those people who left the team, how were they treated on their way out? Asking these questions will give you valuable insight into the inner workings of the team.
6) What does the fine print in the team agreement say? Some teams will claim ownership of all (or virtually all) the clients and potential clients you came in contact with while a member of the team. This type of language can be a red flag. You're better served working with a group that supports you while you're on the team, without attempting to restrict you if you should choose to leave.
For more of our thoughts on growing a rewarding and sustainable career in real estate, check out our careers blog here.