Wondering how to pick the best broker, whether you should join a team, or maybe even form one yourself? These are all questions we’ve received from listeners this week, and the answers are crucial to your future career success in real estate.
In today’s podcast, we’re going to drill down with practical, tactical answers to help move your career forward! Read through the questions below, and take a look at some of the important points to consider when it comes to brokers & teams:
1) Should you switch brokers, and what should you look for in a broker?
- Is the highest split the #1 thing?
- Does the broker’s physical location matter?
- Does the broker’s ‘brand’ or ‘franchise’ matter?
- The level of support they offer matter?
- Do you want a broker who provides lots of services (for a fee) or none?
2) Should I join a team?
- By joining a team you’re just delaying the inevitable. Learn to be a listing agent. You didn’t get into real estate to be someone’s assistant.
- Teams are not a place where you will learn to grow your own business. It’s not learning on the job it’s complying on the job.
- Working primarily with buyers is a skill that will lose value in the next downturn. Buyer agent commissions will go from an entitlement of the transaction into something agents will have to negotiate for…the buyer agents will be forced to sell to their buyers why they are worth X.
3) Should I build a team?
- Rules set out in HARRIS RULES when your admins.
- Fact: Most successful teams have 4-5 members max. They do not buy buyer leads. Everyone proactively lead generates.
- Most successful teams are listings based.
- There is no such thing as building a team that runs without you. You are merely replacing the HIGHLY PAID role of doing listings with the job of running an adult day care.
- Teams have no market value, no liquidity event.
- Teams were a fab that started in the 90s and are now played out to the extent that the focus in purely on units and not on profit.
- Most teams make no money…less than 10% margins.