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Partnership & Team Basics

How to Build a Real Estate Team + 7 Critical Mistakes to Avoid (The Close, May 17, 2023)

The management of a real estate team’s business is different from the management of a solo real estate business. Create a plan for what you need, how you’ll pay for it, and what to do with the revenue you generate.

Leadership Strategies to Grow & Scale Your Team: The Culture of a Winning Real Estate Team (DotLoop, Jan. 10, 2023)

Take the extra time to ensure new recruits are aligned with the team’s goals and desired behavior models. Rather than immediately hire the first new agents who apply, Johnson recommends team leaders first give prospective recruits a few referrals and see how they manage the clients. A trial period can help team leads gauge whether the new recruits will indeed make a good team fit.

Window to the Law: Legal Issues for Teams (National Association of REALTORS®, Dec. 1, 2022)

"A well-drafted team agreement can ensure compliance with state law, avoid worker misclassification and minimize disputes. Brokers play an important role in supervising teams to mitigate risk to the brokerage while supporting an environment in which teams can thrive."

Considering a Partnership or Team?

How to Build a Rockstar Real Estate Team in 9 Simple Steps (Follow Up Boss, Nov. 9, 2023)

Here are some questions to ask yourself before you dive in:

• Are you losing leads because you already have too many transactions?
• Do you have time to generate new business?
• What would you do with five, 10 or 15 extra hours per week?
• What time do you want to start and finish your day?
• How do you want to feel at the end of each day?
• Do you already have structured systems and processes in place for others to follow?
• How much bandwidth do you have to hire, train, and coach a team?
• What leadership skills do you need to develop?

Building a Top-Tier Real Estate Team (Realty Leadership, Nov. 7, 2023)

A good team should have its own identity. This can be as similar to or as different from the identity of your business as you’d like. However, it will inevitably encompass more than that. Your business does not care how many inside jokes you have with other team members, how much trust you can place on them, or even how each individual goes the extra mile not just with customers, but with other team members.

How Can I Structure a Real Estate Partnership? (Realized, Jul. 13, 2023)

In some cases, one partner might not be enough. If the target acquisition is a large property, multiple partners may be needed to meet the down payment requirement. This is obviously a more complex partnership. The more people involved, the more complex the deal since there can be competing goals, disagreements, and more things that can generally go wrong amongst the partners.

The Pros and Cons of Joining a Real Estate Team (Realty Times, Jul. 5, 2023)

If you’re a new or less experienced agent, working with a team helps you learn from people who are already successful. It can be like mentorship, and you learn in a hands-on way.

You have access to shared support staff like an assistant, so you can then focus on building your business rather than administrative tasks and save money in the process.

How to Compensate Structure Real Estate Teams Effectively (LeadFuze, Jul. 4, 2023)

Establishing a commission system takes some serious planning and consideration. You need to understand what makes your team members tick and make sure the incentives you offer align with your company goals. Transparency is key here. Everyone needs to know how commissions are calculated, when they’ll get paid, and what they can do to earn even more. It’s like a game, but with money on the line.

A Guide to Real Estate Partnerships (Quicken Loans, Jun. 17. 2023)

A real estate partnership is an investment strategy that allows two or more participants to invest their dollars into one property. Investors can choose whatever type of property they'd like in which to invest, including apartment buildings, warehouses, self-storage facilities, office buildings, single-family homes and retail centers.

‘Teamerage’ Model Could Solve Small Brokers’ Growing Pains (REALTOR® Magazine, Nov. 16, 2022)

The teamerage model combines the best of what a brokerage and a real estate team have to offer, Betts told brokers at a Sunday session during NAR NXT, The REALTOR® Experience(link is external) in Orlando, Fla. Agents walk into a full-service experience with the resources and close-knit relationships of a team at their disposal. They also have access to the oversight and guidance of an active and involved broker.

Forming a Real Estate Team Could Prevent Burnout (REALTOR® Magazine, Nov. 16, 2022)

While she admits it took her awhile to build her ideal team, Hata now offers leads as the “rainmaker” but also provides her agents with extensive admin and marketing support. Her agents pay a 50-50 commission split on leads she provides, and they get a 60-40 split if they bring in the client. Hata handles all the virtual work on each of her team’s transaction, including pricing analysis, CMAs and contract negotiations.

eBooks & Other Resources

eBooks.realtor.org

The following eBooks and digital audiobooks are available to NAR members:

All Star Sales Teams (eBook)

Best Team Ever (eBook)

Boomerang! Coach Your Team to Be the Best and See Your Customers Come Back Time After Time! (eBook)

Building Better Teams (eBook)

Building Resilient Teams (eBook)

Business Partnership Essentials : A Step-by-Step Action Plan for Succeeding in Business With a Partner, Second Edition (EBSCO eBook)

Coaching Winning Sales Teams : Insights From the World of Sport and Business (EBSCO eBook)

Complete Partnership Book (eBook)

Co-Leaders: the Power of Great Partnerships (Audiobook)

The High-Performing Real Estate Team (eBook, Audiobook)

Manage Teams Successfully (eBook)

Never Fly Solo (eBook)

Nice Teams Finish Last (eBook)

Overcoming the Five Dysfunctions of a Team (eBook)

The Real Estate Team Playbook (eBook)

Smart Leaders, Smarter Teams (eBook)

Team Management : Creating and Managing Flexible and Resilient Teams (EBSCO eBook)

The Hedgehog Effect (eBook)

The I in Team (Audiobook)

The Ideal Team Player (eBook)

The Team Success Handbook (eBook)

Virtual Teams (eBook)

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