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Welcome to the Commission Queen podcast. Commission queen is for women real estate agents that are craving success and want to do things differently. We talk all things manifesting money, and of course, real estate. I'm your host, Bekkah, Marie. And just like you, I'm a real estate agent, I went from struggling to get clients to making over six figures consistently, while working 15 hours or less each week. And now I coach women like you on how to do the same. Listen for real life examples and tips in every episode on how to massively increase your income and find your freedom with ease. You're here because you're ready to change your life, your business and your financial status. So let's do it. Hello, hello, Queens. Today's episode, we are talking about teams, real estate teams. Should you join a team? What's it like being on a team? And is it worth it? Because I get that question a lot, should I join a team. And then I want to talk about what happens when you want to get off the team. What happens afterwards? To start off this discussion. Let's rewind. And I'm going to tell you a little bit about the beginning of my real estate journey. So I became a realtor in 2012, when I was a college student, and I decided, you know, I'm going to take like night classes and whatever, so that I can focus fully on real estate, I want to be a full time real estate agent. So first, I started off looking at a brokerage that was a smaller brokerage that said that they would help me
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basically teach me and mentor me. And that did not go well. If you want to hear that story, go back to the episode about choosing a brokerage. But I moved on quickly from that. And I found a team that wanted to take me on as a showing agent. I didn't totally know what that meant. But I wasn't really into it for the money back then I just wanted to learn the ropes from the best of the best. So this was a really big team that did a lot of business and wanted to take me on as a showing agent. And they worked with me a few times. But then basically just wanted me to do the hardest, most inconvenient times for showings. And then they didn't really want to train me much after that. So then I moved to working with a mentor that turned into be my team, basically, my team lead. And my team lead was a solo agent that had an assistant, she was doing a lot of business. And during the mentoring process, we found out that okay, yeah, we could work together. And she needs a buyer's agent. So I joined her team as a buyer's agent. And at the time, that was exactly what I needed. Because I was brand new, you know, it's not like I knew a lot of people because I'm like, 21 years old at this time. And joining a team for me was perfect at that time. Then, after a couple of years, I started to really know what I was doing. And I started to want to be independent. I started traveling a lot with my husband and the team. The whole dynamic came a little toxic. And they actually let me go, they fired me. Okay. So I say that it was pretty mutual, because by that point, every single night, I was talking to my husband about like, Okay, can I leave the team? When should I leave the team? How do I leave the team, and constantly thinking about it. So when they let me go, I was so happy. It was like the happiest day of my life because I felt like I was finally free and ready to go out on my own. Now the team gave me business and they gave me support. And, you know, the assistant did a lot of my paperwork and everything. So I was just working with the clients, I didn't really know how to get leads. I didn't know how to do listings, because I was just working with buyers. And there was a lot of things about the business that I did not know. So fast forward a year or so after that after I got through that struggle period, I was able to totally flourish and love being an individual agent, making six figures, multiple, six figures and beyond, because of just that drive to be on my own and to never go back to a team again, because I'm very much an independent person. Like I need to have my freedom I need to have my independence. And I don't want to manage anyone and I don't want to be managed. So let's talk about this. Should you join a team? This is going to be this answer if I was talking to individual people, I would really have to ask this specific scenario that you're in, like, what situation are you in? What's your personality? And what are your goals? What are your the outcomes that you're going towards? I'll break this down a little bit. For the people that I see that would be amazing on a team or that I would say yes, absolutely join a team, it would be if you're brand new to the business, joining a team is great, because you get a lot of support, you get a lot of I mean, of course, it depends on the team. But usually, you'll get a lot of support, and you'll get business so that you can start working right away and feeling like you're learning the business, and you're learning the business under someone else, which will be really helpful. And you know, you'll make less mistakes, or at least it'll be easier to clean things up if any mistakes are made. And that is a huge benefit to being on a team, especially when you're new. Because it may take a little bit of time to get business when you're brand new. And with a team, they can start you off right away and say, hey, here are our leads, and get started. You know, getting business. Now, if you are someone that is brand new, but you hate the idea of being on a team and having a boss than a team is maybe not for you, unless you can find a specific person that you can basically become partners with and let them know, Hey, I'm happy to like work your leads that you don't want to work. And that way you're not on an official team. But maybe you have some sort of agreement with them for how you get paid, and you know that they're giving you leads, and you're still able to ask them questions and learn a lot like a mentor. So that's a great option. Because I really feel that if you are a person who does not want a boss at all, and does not want to be managed, that a team is not really the best fit, because it's going to keep you small, and it's going to keep you frustrated for longer time than you're hoping to be on a team. You know what I mean? So having that willingness to work with a team and wanting to work with a team and wanting to be with people, if you have that being on a team is an awesome option for you. Because that's exactly what you need, then if you need to work with people, and to have that connection piece, to feel like you're going to have that success in business. Yes, get on a team, it'll be so beneficial and helpful to you and to your success. If you are joining a team, then if you are not a brand new agent. And let's say you're an agent that is just doing a decent amount of business. But maybe you're not, maybe you're not even doing a decent amount of business, maybe you're feeling like, Okay, I've been a realtor for 235 years, and the business has not been flowing. And you feel like you want to have that connection with people, then a team may also be a great option for you to get your business flowing. And a lot of people I know stay on a team for their entire career because they found a great place to connect with people. They love the support, they love their team. And that's an awesome option, too. Don't feel like you have to do it on your own. And that you're not successful, because you didn't make it on your own. It doesn't have to be like that. I would say if you are just craving that connection, and you're looking for more business more income in your in your business, then having that team support could be the way for you to go as well. Now, what should you look for in a team, I will give you the same advice that my very very first real estate mentor basically the guy that I asked about real estate before I even got my license, I asked him his advice. And his advice was do not get into a situation where you are under someone else's name. Meaning do not drain a team. That is someone else's name. Like don't get into the Jane Johnson team. Okay, this is just a generic name that I'm using. Okay? But don't get under someone's name because one, they have an ego. Probably. And two, you are now attached to their ego and every single thing that you do has to do with them. And three, your clients or your leads. If you're having to say that name of the team. They don't even know that you're an agent one. But they also don't know if you're credible, like are you just the lower or assistant. And it takes a lot of credibility away from you as well and a lot of authority away from you. And of course, I did not listen to his advice. And I joined a team with my one team lead. And it was her name, her first and last name, real estate team. With that came the same things. Definitely the ego. And also, people, I didn't even realize this until a little bit later in. But my clients that I was working with didn't even necessarily know that I was the realtor, they thought she was the realtor. And I was just like an assistant. And I had that happen a lot of times where people were like, so wait a second year, a realtor to like yeah, of course. But it gets a little confusing, because you know, the buyers and sellers, they don't necessarily know the workings of the real estate world. So when you're going under someone else's name, you are 100%, building that person's business, and not building your own. So I'm going to give the same advice he gave that if you're going to choose a team, even if you're going to create a team, I would say choose a team that has a name, that's something generic, something that is just about real estate, or whatever, but nobody's names involved, so that you can build the business. And that way you can also leave that team if you need to. And you're still seen as the realtor, you're still seen as the expert, and not just under somebody else. So that is my number one tip on what you should look for in a team is a team name that has nobody's personal name in it. Next, ideally, you would get references for this person or for this team, I would ask around the office and see if they have any insight on what that person is like in business with that person, or what the team is like in the office and anything that they know about it for my team lead. And look, I do not want to at all bash my team lead because she has helped me in so many ways. And I am absolutely the agent I am today because of her and her generosity in in teaching me. But there were a lot of things that I didn't necessarily agree with. And I would have done differently going back. But I would ask around your office to see because later on when I was working with her, a lot of people came up to me and said, Wow, I'm surprised that you are working with her I hear she's so tough to work with and all of these things. And it just would have been nice to know ahead of time what I was getting into. So get references for the team that you're looking to join and get, you know, character references, understand what their character is, even if they are an amazing agent, you want to know how they do business, you want to know how they handle stress and how they handle team meetings, look for how much business they do go into your MLS or however you find out what business other agents are doing. And find out how much business they're doing. You want to see that they're doing a subnet, substantial amount of business, and not just trying to bring you on so that they get your business. That is a common practice that I have seen where people are brought on a team because they're hoping to get those people's business, you know, get a cut of their buyers and sellers. So you don't want to join that situation. You want to make sure that the team you're joining actually does a lot of business or the agent that you're joining does a substantial amount of business. So they're able to give you business. And yes, sometimes when you have your own business, then they will get a cut of it too. But you want to know that it's going to be beneficial for both of you. Make sure you have clear expectations going into the team, and that the team leader has written out clear expectations of what is expected of you and what they will provide you as well. This is the biggest part about a team I think, is having that clarity around expectations. Because so often, a person thinks okay, this is what it's going to be like and they go in and it's totally not that at all but they didn't discuss it upfront. So having some sort of contract in place that's going to list all of the details that you are going to do all the details that the team lead is going to do or team lead is going to provide and what that looks like. Also on the note of contracts, yes, make sure you have a contract most to Em are most offices required to have one. But make sure it's really outlined perfectly in every single scenario of, you know, if you are purchasing a home yourself, is that team lead going to get a cut of your commission? If you're selling to, you know, your close, close family? Do they still get a portion of that commission? What does the commission split look like? And what does it look like? This is key? What does it look like? When you leave the team? Make sure you have that idea upfront before you ever sign with a team? What happens when you leave the team? Or you get let go from the team? Are you able to take those clients with you? Are you able to market to those clients? Or is every single client under the team lead forever and ever, and you're not able to touch them? Again? Do they get to keep all of the emails and stuff that you have given them? Like your sphere, your friends, your family, if you gave them? All of those all of those emails and phone numbers and addresses to put into their database? Did they get to keep those? These are such critical questions to ask before you ever form a partnership. And you want to know if you leave the team and you had pending transactions under them, you want to make sure that you get to continue to keep those transactions and you'll get paid from them. You want to find out what is expected of you in how you work on a weekly basis? Do they require you to be in the office from eight to five? And then to do showings and then to do open houses? And do they require you to constantly have your phone available to take calls? Do you get time off? Do you get to take trips do you get days off? I mean, get so in depth in this so that you know fully what you're going into? Now, what about splits? What about team splits, every single team is going to be different. But what I want to say about this is make sure that whatever your split is, has some sort of correlation to how much support that they provide. So if you have a team that is trying to take 50% or more of each deal that you do,
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at least to me, they better have a significant amount of support and other things that they offer you and like they are giving you the lead. Because otherwise, if they're not, then if you're having to pay 50%. And you're also having to pay the cap amount, it's taking away so much of your income. So that can be an okay split, if they are giving you all of the leads. And they're providing you with a bunch of other stuff like maybe they're paying for all of your, I don't know, marketing stuff and whatever. If they have that and you feel happy with it great. If you're paying 50% Plus to your team lead, and they are not providing you with leads, and they're not providing you with clients to work with.
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I would say it's not worth it, because then you're just doing all of the work. And they are getting the money. I mean, you're having to pay them much of the money that you could be earning on your own. So if you're in a situation, a team that has a high split, and you just want to be there for learning, you know, if you're new to the business, and you just want to learn from them and get that experience, have a deadline date for when you will get off of the team, make sure that it's not something that you stay on forever, just because now you're not sure if you're able to do business on your own, you really want to make sure that you have a deadline in place for when you're going to get off of the team, especially if it's a higher split that you're giving to them. Because that's your income. If you're even if you were to do half as much business, you were still making the same amount of money you're doing on the team. Right? Because if you're giving them 50% Or plus of your commission, if you do half as much business on your own, you're still making the same amount of money, and most likely you'll be able to create even more business for yourself. The splits that I like to see most often with teams that I think wow, that's so great that the team does that is a sliding split or like a split that has a cap on it. So if you do X amount of deals, maybe then you're Split goes down to, you know, where they're only taking 25%. And then it goes down again. And then maybe it goes to a cap amount for you no longer have to pay the team. Part of that I love seeing that flexibility, because to me, that shows the team is not just after the money, but they really want to see you continue to do business and continue to grow. I love having that sliding split or some sort of cap on the split is the best way I see for staying on a team long term, because then it is about the growth, and it is about continuing to have that support. But also being your own agent within the team. If there is no flexibility on your team, eventually, you're going to start to feel like you're breaking out of it, you're gonna feel like there is more for you, you can do more on your own. And yes, I hope you feel that way. Because that is the truth. There are so many teams that I know have an amazing time. They do amazing business on the team. They love the team. They're making great money. And if you find yourself in one of those situations, yes, yes, yes, stay in it if it's working for you. But you have to know and have certain boundaries for your business of when it's no longer going well. So that would look like if I am constantly having to give away X amount of my business, like I was saying 50%. Plus, if you're giving that much away of your commission, that's too much. I would put that as a boundary for sure. But of course, everyone is different. But also asking yourself, How much am I working? What does my dollar per hour look like? Am I able to feel confident and happy and free to go on trips, if I want to? Or take days off with my kids? If I want to? Do I have the freedom that I desire? Always checking in with yourself and asking those questions to make sure that it is still in alignment for you on the team, making sure that you're feeling good about going into the office senior team going to team meetings, does it feel right it does it still feel aligned with me. And when it doesn't, when it starts to feel like you are dreading going into the office, and you're feeling a tension every time you're saying you're taking a day with your family. That is the time that it's time to reevaluate. And you can either negotiate with your team and say, Hey, here's what I need. And if they're not able to meet those needs, maybe it's a change in Split, maybe it's a change in just saying these are the hours that I want to work or the hours I don't want to work. And if they are not able to accommodate that than just being okay with leaving. Or if you get to a point where you feel that you're dreading it so much. Just do yourself a favor and let them know it's time to go. It's time for us to part ways. Thank you so much for everything that you've done. And now I feel that I have to go out on my own, it doesn't have to be a crazy thing. It doesn't have to be dramatic. But really do it for yourself.
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If it is not aligned, if you're feeling like this is a horrible fit. But you are scared to go out on your own. Because it can be scary, especially if you're on a team that has been giving you business. Yeah, it can feel scary, but have the courage to stand up for yourself and choose your future it will be so worth it. I promise you can do it on your own. I know that you can kill it. You can make your dream income, create your dream lifestyle on your own without a team. If you've been on a team for a while. That can be really scary because maybe you don't know real estate at all without a team. Or maybe you're afraid that yet things are not that great right now but at least you're making decent money. And if you go out on your own, you're worried that you won't be able to make that same amount of money. I'm just here to tell you you can and you can make so much more. If you are on a team that you are dreading, like talking to them when they call you being in the office with them. If it does not feel right. Do what you have to do to get off the team. Make it happen. You will thank yourself so much and do what you have to do to find success outside of the team. You will find it By promise, but do what you have to do hire a coach, join a course, go to all of the trainings that you need to, you can still get that support and still get the knowledge of how to get business when you're off of a team. And now you're going to have the freedom to do so you're gonna have the freedom to do it the way that you want to the way that aligns with you to wrap this up. Yes, I think that being on a team can be extremely helpful and beneficial for the right person. Make sure that you do your due diligence and finding out if the team you're joining is going to be the right team for you. Really going through all of those expectations. So you know, and they know what to expect with the partnership. When you're on the team. Enjoy it. Learn everything that you can. And don't be afraid to renegotiate any type of terms with your team and if it's not working out, have the courage and to trust yourself get off the team and know that you will create an amazing, amazing business with or without the team. screenshot this episode and let me know that you're listening tag me at commission queen I am so grateful for you all hope you have an amazing week and I'll talk to you in the next episode gratitude and abundance Queens thank you so much for joining me today. If you love this episode, hit the subscribe button and share a review I so appreciate every one of you. If you're not already following me on social media, you can find me at commission queen and go to commission queen.com To browse products and get more free content
Transcribed by https://otter.ai
