Hi!

Im in a tough spot trying to pick a broker. Ive found a great team (within KW) who has a contract with an REO asset manager so they have 100+ REO listings. They have one buyers agent already and are looking for another (possibly me).

The commission splt is horrible for the area (60/40...where most brokers are around 80/20 or better), but the promising thing is that the other buyers agent whom I would be mentoring with is one of the top buyers agents in town with 30+ properties sold a year (great around these parts).

So essentially they're saying "yeah, we know the commission split sucks, but we have a good system and you'll get tons of leads and close lots of deals". I wouldn't normally just believe them, but Ive researched the current buyers agent, and she's a big producer.

Anywho...another person has advised me that working for a "team" within a broker has a big draw back, which is the "team" gets credit for the Units and Volume sold. I looked at the contract (havent signed yet) and indeed it stipulates in there somewhere at the end that the team gets credit for volume and units.

So what exactly does that mean? Should I care? Would it be an issue for you?

Thanks for all of your guys' help so far. Its much appreciated!!!!!

I'll take money over fame, thank you very much.

I agree.

If the situation you describe is accurate then 60% of a lot of deals will be more that 80% of a few deals.

As to the fame part. You will build a rep and a relationship with the clients you work, which is the important part of the business. So who cares if the credit goes to some "team" to win some brokerage award most customers have never heard of or care about.

I won't. Fame leads to clients who want you and pay your fees. Full fees, not discounted fees. Fame is the future! The top agents in any area are minor celebrities within the niche world of real estate. And, not unconnected to this, they make most of the big money.

Toiling in obscurity on a team, while all the MLS stats show the team leader to be the "man" or "woman"? Fine, if you got into real estate with the dream of being a Walmart employee in a car.

Teams will provide some business? Maybe. But you could generate your own business by becoming the best agent in your area, which will lead you to growing into a "famous" local celebrity, which will lead you into bigger money and success, which will fulfill the dream of why we got into real estate in the first place.

It's your life. And your role. Team member? Bad script, toss it.

How long have you been in real estate? If this is your first gig I say go for it. Learn the ropes from the big dawgs and make enough money to survive the first year or two. Then either become a listing agent on the team or start your own.

Thanks for taking an interest in my thread everyone. I really appreciate it. Its hard to get objective info from local agents.

Ok, so here's some more information:

Im a new agent. And its a tough market here (Nevada).

Ive choosen two brokers who specialize in REO's since the market above 300k is absolutely DEAD in this area.

Broker 1 is the "team". Apparently the team gets 30+ leads a week from "sign calls" that they filter to their 1 buyers agent. Which is why she does so much business. This is the broker who offers the shitty commission split (with no cap!). Another concern of mine is that i'll be used to do the dog work (open houses and showing outlying areas). After all, they say that the reason they need another buyers agent is because they have so much business. But I have to believe that a small part of that is the current buyers agent wants to focus on closing more "close to home deals" and doesnt want to do open houses or show property thats a 40 minute drive. But again, Im a new agent, so maybe doing open houses isnt that bad.

The other broker (not a team, just a broker) also has tons of REO's and a relationship with local asset manager. She offers awesome commission split (90/10), but isn't going to be feeding me the leads that come from sign-calls. Its just a first come first serve type of thing with the agents.

Being a new agent, it seems like doing business right off the bat with an established team would be a good way to learn the ropes, etc. like other people have mentioned. But im a go-getter and there's the possiblity that after a few deals, I resent being sent to open houses and getting shitty commission splits.

On the other hand, with the 90/10 broker id have to go find ways to get buyers (advertising, etc.) and i feel confident i can do it. But id definitely be moving slower at first than if i joined the team.

I guess i could just choose the team, and if it sucks, move over to the other broker.

What do you guys think?

I had assumed you where new to the busines in my first post and after reading your update, I stand by my first post.

If you can "plug in" to an existing system that allows you to profit almost immediately, then you do that 10 out of 10 times.

Leads Leads Leads with get you to where you want to be, and then learning along the way will allow you to become better over time.

Take the team, and in 5 years you can break off and build your own team, if you're so inclined!

[quote=navarac]
Toiling in obscurity on a team, while all the MLS stats show the team leader to be the "man" or "woman"? Fine, if you got into real estate with the dream of being a Walmart employee in a car.[/quote]

I know more than a dozen team agents in my market who are making a solid 6 figures, and to be honest I don't network with agents very much so I'm sure there are many more.

Sincere thanks for all the input. I'm signing with team tomorrow morning. I figure that at the minimum I'll learn a lot. And if it sucks, i can always change brokers.

Oh you do, do you? What are you, their CPA in your spare time? And by the way, "6 figures" means what, $125,000? That is NOT a lot of money anymore. Talk to me when the Dirty Dozen you know well enough to know their personal incomes are doing 7 figures...

I love it: "I know a dozen "team" agents who are making solid 6 figures..." Let's just make it up as we go along...

Oh, it will suck. Fast forward to a year from now. You're on a listing presentation:

Potential client: Have you listed a lot of properties 'round here?
You: Oh yes, we have listed many of your neighbors' homes.
Potential client: Can I see some of your listings?
You: Oh yes, I have a whole stack.
Potential client: Hmmm, very nice. But it says the agent here was Donofrio Locatelli. Who is he?
You: Oh..... well...... they were my listings, but on our team, we use him as the indicated listing agent. Nothing to worry about. Just internal recordkeeping and so forth...
Potenial client: Well, should I be talking to Donofrio? Since I always see his name around here on all the signs and in the ads. I mean, I want to speak with the actual listing agent and all...
You: Oh no, nothing to worry about. It's standard industry practice and so forth. We use a team approach to give you the highest possible service....


Later, potential client to his wife:

Let's interview that other agent, what's her name? Mercedes? I want to speak with the actual person who is going to list my home, not some schlock underling teammate...

LOL Normally I disagree with much of what navarac has to say but this made me laugh....and I actually agree. Yes, being on a team will teach you stuff but it will delay you actually getting your own business rolling. I think that taking your lumps on your own is the better route.

That only works when one of the six figures isn't a zero.

The credit can help or hurt you. With the team you the ability to boast about the stats, but you do run the risk as navarac pointed out in his interview.

Also in my state, to become a broker you must have so many listed properties where you were the sellars agent, and so many properties where you were the buyers agent. I believe its 40 each. Also if you are aspiring to be "Agent of the year" or such awards, its based on the MLS credits.

I started out on a team. I made the team leader alot of money, I still made enough to live on though. I learned alot and made alot of contacts that helped me when I went solo.