Podcast 32: Real Estate Teams and Why the Team Concept is Exploding in Popularity
- Explosion of Team concepts over the last 6 years
- Focus on your personal strength
- Pool together resources to leverage marketing, resources and systems
- Redundancy
- Larger pool of experience
- Mentorship for newer agents
- Group lead generation
- Group dynamics / politics
- Inconsistent vision
- You have to work twice as hard to earn same income because of the split
- You are building the team's brand / business and not your own
- Types of compensation packages
- typically 50/50 split with team lead
- We have a number of teams that structure their comp plans to favour where the lead originates. If lead comes from team lead then 60/40 split, if lead comes from team member then 40/60 split
- We are also seeing an increasing number of 'marketing' teams. These are agents that are earning a similar amount that pool their resources, and split expenses. Whatever is left, they divide the profits equally
- Benefits of starting a team
- teaching, mentoring and motivating a group of realtors
- tapping into their client base and leveraging the income
- If done correctly agent can spend more time "building" business and less time in the trenches
- requires a large shift in how agents approach their business on a fundamental level
- first steps in starting a team
- leads
- Full time assistant
- Systems
- Training
- Mentorship
- Running 'new realtor' training sessions at your brokerage