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Old 03-07-2008, 11:53 AM
 
791 posts, read 2,949,521 times
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I would like to know if any of you work on a team with other agents?

Is this something you would recommend for a new agent?

Thanks!
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Old 03-07-2008, 01:21 PM
 
Location: Columbia, SC
10,898 posts, read 21,855,051 times
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I have 2 people that work for me. It's a great way to learn and get started if you aren't equipped to start right away for one reason or another (learning/financial/ whatever).

But I would make you sign a noncompete clause because I don't train people to go out and compete with me. Not everyone does, you can look around.
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Old 03-07-2008, 02:33 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,228,155 times
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I've had to team up with my little old lady agent, she's starting to miss a lot of the pertinent details, I wish she would retire except she's quite a rainmaker.
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Old 03-08-2008, 12:04 AM
 
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Quote:
Originally Posted by Brandon Hoffman View Post
I have 2 people that work for me. It's a great way to learn and get started if you aren't equipped to start right away for one reason or another (learning/financial/ whatever).

But I would make you sign a noncompete clause because I don't train people to go out and compete with me. Not everyone does, you can look around.
Do you think that buyers agents that get hired on to a team are treated as employees to the main agent?

I have been given two different opinions from the broker I will be working for. One person said it's best to get to know the business before you commit yourself to someone's team and another person states that it's a good opportunity to get some business right away. I guess my question to you would be... if you were not the agent doing the hiring would you work on someone else's team if you were new?

How does a non compete clause work in real estate, I can see if it stated they couldn't go after your clients but does the clause state they cannot work in the area unless they work on your team?
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Old 03-10-2008, 12:47 PM
 
Location: Columbia, SC
10,898 posts, read 21,855,051 times
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Quote:
Originally Posted by redwhiteblue View Post
Do you think that buyers agents that get hired on to a team are treated as employees to the main agent?
They are employees of the main agent.

Quote:
Originally Posted by redwhiteblue View Post
I have been given two different opinions from the broker I will be working for. One person said it's best to get to know the business before you commit yourself to someone's team and another person states that it's a good opportunity to get some business right away. I guess my question to you would be... if you were not the agent doing the hiring would you work on someone else's team if you were new?
Depends on the agent, the goals, the money, and the needs. Everyone is different.


Quote:
Originally Posted by redwhiteblue View Post
How does a non compete clause work in real estate, I can see if it stated they couldn't go after your clients but does the clause state they cannot work in the area unless they work on your team?
Depends on the agent and if they even make you do one. I'm not in the habit of training people to bolt as soon as they learn how to be a good agent. I date contracts and they can't work in my market if they leave me to go out on their own.
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Old 03-10-2008, 07:29 PM
 
Location: Louisville KY Metro area
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Brandon, non-competes are very hard to enforce. While a good threat, I would rather think that the good value I know you offer a team member would be adequate to keep them on your team. I am a realist and understand how Pollyana that might sound and really be, but I also read your work here and dang, you are good.
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Old 03-10-2008, 07:39 PM
 
Location: Columbia, SC
10,898 posts, read 21,855,051 times
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Quote:
Originally Posted by tomocox View Post
Brandon, non-competes are very hard to enforce. While a good threat, I would rather think that the good value I know you offer a team member would be adequate to keep them on your team. I am a realist and understand how Pollyana that might sound and really be, but I also read your work here and dang, you are good.
Virtually impossible to enforce as a matter of fact, but they don't know that. It weeds out the ones who want to me to teach them so they can leave and do it on their own versus the ones who actually want to be a part of a team and have support and no overhead.

I learned the hard way my first time around when my buyer agent got 2 leads on her own and left after I paid her NAR/ MLS dues and spent time training her. Noncompete and a dated contract would have fixed that. I had a contract, but didn't have some things I needed there.
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Old 05-10-2015, 09:37 PM
 
4 posts, read 22,268 times
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Quote:
Originally Posted by Brandon Hoffman View Post
Virtually impossible to enforce as a matter of fact, but they don't know that. It weeds out the ones who want to me to teach them so they can leave and do it on their own versus the ones who actually want to be a part of a team and have support and no overhead.

I learned the hard way my first time around when my buyer agent got 2 leads on her own and left after I paid her NAR/ MLS dues and spent time training her. Noncompete and a dated contract would have fixed that. I had a contract, but didn't have some things I needed there.
I know this is a pretty old post but curious what type of contract Brokers make Brand New Agents they train sign. I have been putting something together for the first person I will be bringing on to my New Brokerage. Would love opinions. As you will see, i am also covering ALL startup costs...he is my nephew (and a college student). I am going to make him sign an agreement as I have had family dealings in the past that were not defined and its just not good. I really don't want to make him an employee ...does anyone think I need to? This is what I have so far for the non-compete clause....

PAYMENT. Brokerage LLC has agreed to pay for education ($1399) and additional direct fees (application, fingerprints, test fee) for Joe Smith to become a Licensed Real Estate Agent with Brokerage LLC. Brokerage LLC will train Joe Smith over a 1 year training period and will pay the following additional costs necessary to perform duties: MLS dues, State and National dues. Brokerage will have other basic items such as signs and lockboxes available to borrow. The duties of Joe Smith will include but not be limited to: compiling data for clients, working on advertising campaigns online and in person, sitting open houses on Sundays, showing properties, placing signs and lockboxes on properties. During this training period, Joe Smith may pursue new business but all such business shall be in partnership with Broker. Any such commissions from Joe Smith’s effort shall be split 50% to the Brokerage and 50% to Joe Smith. After the initial training period, Joe Smith will be eligible for a new pay structure provided all expenses that Brokerage LLC has incurred in getting Joe Smith started have been reimbursed. The 1 year training period begins on 5/ /2015 and ends on 5/ /2016.



NON COMPETE Convenant. Provided all costs incurred by Brokerage have been reimbursed, for a period of 2 years after the completion of training period, Joe Smith may not go to work for another Real Estate Brokerage in Ohio. If all costs have not been reimbursed, for a period of 5 years after the completion of the training period, Joe Smith may not go to work for another Real Estate Brokerage.

I am thinking tasks that he can do for me would reduce what he owes me by an hourly rate. Make sense? $10-$15 hour...but then I realize he has to be putting some money in his pocket or there will be no incentive to work? Obviously, if he could earn one nice commission check, his 50% portion could pay off his startup costs quickly but I don't know if that will happen. I believe he could be awesome but he's also a pretty busy college student.

At any rate, Thanks for any and all input as this is a new area for me.
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Old 05-11-2015, 10:33 AM
 
Location: Columbia, SC
10,898 posts, read 21,855,051 times
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You have opened your own brokerage of which you are the BIC and you'll be hiring agents now? The question is what do you need to do with agents when you hire them?
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Old 05-11-2015, 01:47 PM
 
Location: Salem, OR
15,498 posts, read 40,201,810 times
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Are you planning to hire other agents or only your nephew?

That non-compete clause would be a deal killer for any agent out here. You'd never hire anyone. That is why you take the high split. It covers your costs of training.
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