A team allows you to leverage built-in brand recognition and sphere of influence, as well as guidance from more seasoned agents and brokers. As the benefits are numerous, you don’t want to finish up team that stifles your growth, takes an excessive commission split, or perhaps isn’t a good culture fit.
First, it’s important to keep in mind: don’t be afraid of asking a lot of questions! Joining a team is a big commitment, that can affect the complete growth trajectory of your job. While it’s true you are “selling yourself” in these interviews, it’s important to interview them as well.
So what kinds of questions for anyone who is asking? Let’s get started doing our top “must-ask” questions for any team interview.
1. What is the team structure?
There is absolutely no one-size-fits-all model for real estate teams. The scale and ratio of members will vary with regards to the city, whether it’s a franchise or independent brokerage, the housing marketplace, etc. Require an extremely clear break down of what size the team is, just how many buyers agents and ISAs there are, and who you’d be reporting to. Additionally, what exactly are the business goals for the team? Do they have remote teams in other cities/states, or are they considering expanding? Some teams tend to be more specialized in a distinct segment market, or “boutique,” while some service a wide selection of clients.
Online agent reviews
Compare the results with other franchises. Consider your goals, your projects style, as well as your requirements for a wholesome work-life balance.
2. What’s the financial breakdown?
Here’s what you ought to be asking about $$$
May be the team commission-based, salary/bonus-based, or a hybrid?
If it’s salary/bonus-based (less common), what’s the salary and just how do the bonuses work?
If it’s commission-based, what are the commission splits?
Will there be a commission cap?
If you’re joining a franchise, is there franchise fees? Training fees?
Are there brokerage fees? (For instance: desk fees, monthly office fees, MLS fees, insurance)
Does the brokerage cover the price tag on a CRM?
Are you in charge of miscellaneous startup costs? (For instance: REALTOR designation, business cards, website)
Another great question to enquire about the financial structure, is excatly why they chose to arrange it this way. What works effectively? There could be advantages to their way of doing things that you hadn’t even considered.
3. What is your role, and what are the expectations?
Obviously you’ll know what your title is, but there may be some wiggle room in real estate. If you are joining as a buyer’s agent, will you have the possibility to have listings as well? Have you been likely to farm a specific area, or target a distinct segment market? Get a clear sense of “the way things are done,” and that means you really know what your day-to-day will look like. Additionally, just how do they get their leads, and exactly how are they divided between agents? How much money and time do individual agents spend on marketing and prospecting vs. following up with leads?
Finally, be clear about expectations. Ask your interviewer, verbatim, “What’s expected of me in this position so far as number of transactions and time commitment?” Follow it up with, “Have you got any advice on steps to take that will assist me achieve success?”
Don’t skip over this part!! Be honest with yourself about your own private goals. What’s your current situation? Have you been a fresh, highly motivated agent that is willing to work those 60+ hour weeks? Are you currently determined to grow into a top producer? If that’s the situation then you’ll be sacrificing time at home with family and friends. Is there room for growth from within? Meaning, if you work hard and become one of the top producing agents on the team, will there be opportunity to renegotiate commissions splits, or turn into a team leader? Or possibly you will want schedule that is a little less hectic, and you’re comfortable doing 5-10 transactions per year. And that’s fine! You need to be honest with your interviewer from the beginning, so goals and expectations are superior. Visit: Success.org
4. Could it be a culture fit?
IN THE US, we spend more time with this coworkers than we do with this families. So do not underestimate the value of enjoying your projects community! An excellent question to ask to obtain a sense of any company’s culture is, “What is your mission?” If indeed they mention empowering their agents, building community, fostering teamwork, etc., this is a good sign. You don’t need to get stuck within an ultra-competitive, “to each his own” setting.
Some teams place work-family balance as a high priority. Consider how important that is for you, and get a feeling of how the team operates. Do they encourage someone to have a vacation? Do they host retreats or family-friendly company events?
5. What technology do they use?
Let’s be real. It’s 2018, and the true estate industry is rapidly expanding and adapting to new technologies. Sometimes it can even feel just a little “sink or swim,” when keeping up with the trends. The teams that embrace technology and leverage it for their success are outperforming other teams left and right.
This is why it could behoove anyone to enquire about technology. Consider the next questions:
What is their advertising model? Do they advertise through Facebook and paid Google Ads?
What’s their social media presence? Are they active on Facebook (specifically Facebook Live), Instagram, LinkedIn, Youtube, etc.?
Do they use a CRM? If so, which? Does the CRM have a mobile app? Is this contained in agent fees or does the broker cover it?
Do they embrace helpful apps, like mortgage calculators and camera scanners? Or tools that streamline productivity as an automated dialer, or transaction management software?
The perfect situation is a team that has their system down pat. They know very well what technology can help advance their business and empower their agents, plus they aren’t afraid to purchase that. An excellent sign of an effective team is if they are diligent about tracking and measuring. Measuring the success of ad campaigns, or processes for to generate leads and acting accordingly.