Good morning! Today I was approached by another agent in the office with an interesting idea. He suggested the two of us work as a team to market to, list, and sell foreclosures in our area. It sounds like a great idea, as we each have a different set of strengths and weaknesses that compliment each other. On the flip side however, we would be splitting listings, commissions, ect. Has anyone here had any experiences teaming up with another agent in your office? I'm willing to give anything a try, but I just want a feel for how successful other people have been, and whether or not it would be a good long term situation.

So I guess nobody has experience in this, which is why nobody has responded. Although I am a solo, I know of a couple of teams in my office that do extremely well. One is great at marketing and getting the clients, while the other is great at working the transactions. I think as long as you partner with someone who has strengths where you have weaknesses and vice versa, it would be good. However, if you are both really strong in one particular area, there may be conflict on why the other person isn't doing it the way you would, or think it should be done.
Good Luck!

I have a business partner although we do commercial only. I am the principal broker and he is an associate broker at my company.

My other agents mostly do residential real estate.

With a team you have to define very specifically what the roles will be of each person and put it in writing. A team member not pulling their weight will bring discontent in the partnership.

Trust and ongoing constant communication and adjustments are needed to make the business run smoothly.

I ran a team for a while (buyers agents and marketing coordinator), and I never did really like having a team. However.... I think a partnership could do really well. I have another agent in town that I seriously considered partnering with. Our production levels were very similar, and our strengths complimented each other- so I wasn't worried about splitting the business.
As a team leader, my personal production far outpaced my team members. The concept turned out to be more about me handing them leads than us working together.

I think you'd be better off choosing a "Team Leader" in case you end up expanding the Team sometime down the line. If you want just a straight "Partnership", that's something different.

In a Partnership you could fall victim to one partner slacking off and reaping the hard work of the other partner.

Also, I'd ask yourself if you truly like to work with others, or if you're better off flying solo. Some people just like to do their own thing, which is fine. Others work better when they have company and motivation from someone else.

Here's my thoughts about dealing with a team that has a listing and I'm representing a buyer. Many teams don't let you know who you are going to be in contact with throughout the transaction. If you are going to do a team make sure you let other agents you deal with in a transaction who to call for the best information. I don't like just dealing with say "the idiot team" and you get one person one time and one person the next time and neither really know what's going on.

As for myself. I will never be part of a team. I'm not a team player. I'm to independant for that. By the way in my area the "teams" usually fall apart in about 3 years. Then each agent has to establish their name again in the market.

Bump.

I do about 30-40 BPOs weekly, and in the last 6 months have listed 18 REOs and sold/closed 16 REO. So I'm just getting started, only been in REO for 18 months.

Some background. I am an agent working under my broker. I do everything related to growing my business. I get the BPO and REO clients myself none of them come from the broker. My broker is only there for support functions.

I am just getting to the point where I am getting too busy to do everything by myself and am looking for advise/ideas as to assistant lisensed/unlisensed or buyers agent etc. How to compensate etc. I do use an assistant for key entry for BPOs but that is it. Compensated per BPO.

What were some of your next steps at this point in your businesses?