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I have a question about Real Estate Teams, which are becoming more prevalent. The main agent(s) are the "rainmakers" who are well known and may have more business than they can handle, so they form a "team". The "team" usually consists of newer agents starting out in the biz (that has been my experience). Lets say there is a 6% listing where the listing agent and office split the commission 1.5%, 1.5% and the selling agent does the same. Does a member who is part of the "team" have to split their commission with the "rainmaker/team leader"?
I have a question about Real Estate Teams, which are becoming more prevalent. The main agent(s) are the "rainmakers" who are well known and may have more business than they can handle, so they form a "team". The "team" usually consists of newer agents starting out in the biz (that has been my experience). Lets say there is a 6% listing where the listing agent and office split the commission 1.5%, 1.5% and the selling agent does the same. Does a member who is part of the "team" have to split their commission with the "rainmaker/team leader"?
There are plenty of ways to split the money.
Teams may have different models.
Firms may have different fees and models.
But, the rainmaker and the team members all need to be paid, and it generally comes out of commission revenue.
I have a question about Real Estate Teams, which are becoming more prevalent. The main agent(s) are the "rainmakers" who are well known and may have more business than they can handle, so they form a "team". The "team" usually consists of newer agents starting out in the biz (that has been my experience). Lets say there is a 6% listing where the listing agent and office split the commission 1.5%, 1.5% and the selling agent does the same. Does a member who is part of the "team" have to split their commission with the "rainmaker/team leader"?
Yes, the rainmaker takes a part of all of the compensation that comes through the team. Out here the team members gets anywhere from 15% to 50% of whatever they bring in to the team depending upon how the team works. The 15% is more for the assembly line teams.
I think the "team" is just a marketing BS approach like saying you get more then one person working for you. That said if paying the typical 6% and they get the job done, I do not care how they split it up. That is their business.
I think the "team" is just a marketing BS approach like saying you get more then one person working for you. That said if paying the typical 6% and they get the job done, I do not care how they split it up. That is their business.
Yep, as long as the team members are happy with their arrangement who cares. They could be getting paid by the hour, a flat fee or part of the commission.
Seems the benefit is one is learning from experienced agents while being able to share in some of the revenue/commissions .
Downside would be less commission then if you were working yourself and you are building someone else’s brand rather than your own .
I suppose it could be viewed as an apprenticeship of sorts ?
Yes and no. There are experienced agents that join teams as well. Not everyone is good at generating their own business so for some agents paying a higher split to a team leader who can generate more than enough business makes sense. They work more but don't have the stress of trying to figure out how to get generate business.
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