Podcast 32: Real Estate Teams and Why the Team Concept is Exploding in Popularity

Podcast 32: Real Estate Teams and Why the Team Concept is Exploding in Popularity  Teams: - Explosion of Team concepts over the last 6 years - Types of teams - Benefits - 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 - Cons - 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