I currently am talking to a co-agent at my real estate company and I’m thinking about partnering with her to create a team on selling and listing houses. What are some pros and cons to having a partner/real estate team?
- If you don’t have business and they do, you split half of the commission (and costs, of course)!
- Someone can cover for you when you’re on vacation or sick or unavailable
- You have to split your commission
I used to work on a team (a horrible team) and hated it. I was totally screwed out of my money. When it came time to split the commission, I was never given a fair share. Since I was the newest kid in that team, they thought it was fair. I ended up leaving and don’t regret it one bit.
I’m now in a new team and LOVE IT. I like that I have people covering for me when I go away. I also like that we’re all in charge of different aspects (one of us is the detailed one who looks over all the documentation and contracts etc, one is the negotiator, another is the showing/open house person). We work well together and we trust each other and we back each other up. If we refuse to work with someone and that person complains to another one of my teammates, they tell that person "sorry but (name) already gave you an answer".
The one thing about working in a team is you have to have that trust. If you don’t have it, don’t do it. I’ve heard too many stories of team members screwing each other over. One of the people I know on a team just disappeared for a week and he told his teammate he was ill. Turns out he privately helped a client (that they shared) buy a place and took 100% of the commission and played it off like it was ONLY $20,000 and that the upset partner should drop it. Obviously teams can work well, but only if there’s trust and you actually like each other.