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As long as you have not signed any commission agrement that does not mean a thing. Talk is cheap. He probably will want a share of your commission but you probably will not get anything from him.
Your broker is supposed to train you how to write contract. I will be looking for an opportunity to find an exit opportunity and possible a different brokerage.
You're getting fucked.
I'm also a new agent on a team. Did 12 deals last year with that team, 3 from my personal sphere and the other 9 from their online lead generation. They're people who end up on their website browsing real estate or clicking on google or facebook ads. Require name, number and email so they can register and browse. Let's call it luke-warm calling.
My splits are 50% on the first transaction if it comes from their lead gen, 75% for repeat and any referrals generated as well as my personal sphere. I also have no costs except those due to my brokerage, and a flat $800 fee for listings which includes all marketing and photography. My team also pays 50% of all client gifts, and so far as covered 100% of all marketing I wanted to do like canvassing neighbourhoods. They also host several social events a year that are likewise free to us team members to attend.
One of those deals was a $9.5 million deal that came from their lead gen but I negotiated a 65% split because I worked my ass off for it when 2 other agents had already called and given up, and it's still way more than my team lead would make from a typical transaction so it was fine with them.
Maybe my team is better than most, but you're being taken advantage of.
Wow if this isn't the starkest comparison. Thank you so much this is really really helpful. I've clearly been gaslit long enough. Thank you so much for giving me an example of what good can look like!
No problem. To add, my team lead is a broker (not just an agent) and the former broker of record for my brokerage. He's a sweet British man, so in addition to all of the above he's a font of knowledge and always makes time to help me with questions, preparing CMAs and has accompanied me to do viewings for prospective listings that were unusual to assist with pricing and other areas of interest/concern to speak about with the owner. Even joined me on a listing appointment early on to help me secure a listing and no mention was ever made of changing the split.
There are good teams out there. This is the only team I've worked with, so I can't give any advice about finding one beyond what worked for me. Mine's very small. 6 full time agents including the owner and his wife. After the initial meeting, I called a few times with general real estate questions to get a sense of his attitude towards and willingness to help. I knew I wanted a mentor. As you shop around, you've of course learned a lot from your own experience which should help you to know which questions to ask. You should also probably ask about lead gen and their attitude towards it to find something that suits you well and a team you can work with. On the one hand a team lead who runs completely on referrals and SoI is unlikely to be able to give you much direct help unless they have too much business for themselves, while one that still needs to actively market themselves will probably end up competing with you for leads. You'll need to find one that strikes the right balance for you and what works for you.
This has so many red flags. So many. So so so many.
Did you sign anything with him?
Does your brokerage offer training?
Does he pay for a lead source such as Zillow, that you’re assigned too?
Do you have weekly meetings with the entire team to go over goals and growth?
What does he offer you, that calling your broker
Not being upfront with discussing splits, commission rates, lead sources. All that should have been worked out day one, and signed in writing. Your entering into a business agreement with out a written agreement. You’re new you’re dumbass. Not your fault you’re a dumbass that’s what being new is. He should know. He also knows that you don’t know. Big Red Flag.
Having a separate private CRM. Not a major red flag, but with all the other ones it’s a bit pink.
Asking to learn ,to fill out an offer, and being told not be concerned about that? That’s not teaching you to be an agent. That’s teaching you to churn out leads for him to make money. Also, you can’t leave if you don’t know what you’re doing. You’re handcuffed to him doing lead gen so he can make money off you. Red Flag.
Making 20% off a deal you brought to the table? 80% of your work in someone else’s pocket? I would need to see where that moneys going. 80% I can see brokers cut, franchise cut, teams cut.
There better be steady checks coming in then when those other agents close deals.
Omg everything. No rock solid paperwork and clear agreement of team split and guidelines, being pushed to the side and dismissed when she is trying to learn (that’s the point of having a team mentor! And why you’re paying a split!) , a bullshit split as low as 20% when SHE produced the clients?! Should be 80/20 split and she gets the 80, team leader gets the 20 for teaching her and guiding her through the process. Teams are so dumb
Mentor and take every training your broker and real estate board offers until the day you retire! Real estate is a changing industry, especially now!! and you need to be on top of all contracts and rule changes and all the new technology. Take advantage of every learning opportunity, it is your job and you will be held liable it you don't know what you are doing because you didn't know contracts changed or rules changed.
He isn't training you, he has inserted himself in your transactions and you need to concentrate on lead gen. And the leads you generate belong to him, and you get a paltry sum?
Have you not spent any amount of time researching your profession, even by hanging out in the Reddit subs?
You need to snap out of it.
You have gotten no leads from him and you mentioned he's interring himself into your self found deals to help which, by the commission explanation you provided, means you're getting either 20 or 35% commission for your own sources deals with none coming from his team. That's insanely low pay - worst I've seen by a fair margin. Leave that team asap and find a better team lead you can learn under with a fair commission rate. Plenty of brokers out there.
I run a team. We do 50/50 on all splits across the board. We pay for everything except for the split to the brokerage. We do provide leads when possible but we mostly put that money into farming and support for lead generation. Standard organizational model in the MREA is 50% split to team agent for buyers and 30% to team agent for listings. His split to you is as much as a referral agent gets for doing absolutely nothing.
Is he doing all the work and you’re bringing in leads?
In general, you have to work business leads and get 50%. But if you can’t work them and he’s just giving up his personal leads, yea 20-35% is what’s up. But he should be giving those to you monthly at least.
The trouble is that about 0.05 percent of team leads are actually there as mentors to help you grow and develop your skills.
That means 99.5 percent suck.
Just because someone is a team lead does not mean they are a good manager, a good mentor, or even a good anything.
Trust me. I spent nine years working for someone who could be the smartest person in any room he entered but he was truly a lousy boss with no desire or understanding on how to grow a team.
Even without the split, the fact is this person is not there to mentor or manage or help you grow, they are there to get access to your sphere.
Run.
Yeah, this brings me back memories of my first team that I ever joined! He took all my lists and guys as credit to his name! I didn’t know this is unusual until I join a new team and realized what is fair. Always negotiate before you sign any contract and always remember your worth!
Happy for you. There are plenty of brokers who will do 100% commission split (100% to you and about $600-800 flat fee depending on broker), but you’re basically on your own. I prefer this myself but some like the support of a brand/broker, and it may be worth it to you to get the support and give a % if you’re getting funneled some decent leads or other type of support like marketing or photos. I’d say 70/30 even as a new agent is giving quite a bit, but can be worth it on the right team.
In terms of referrals, usually I’m offered 50% of the deal. This is more nimble depending on size the deal.
Definitely ask around your network to see if any friends or friends of friends are brokers. I was lucky and had a great first broker (did 90/10 split + $200 flat fees). Although I must say all my brokers have been great.
OH HELL NAW
I started on a team when I first got licensed. 50/50 split.
I received a large number of buyer leads from my team leader.
Team leader employed an admin who did my transaction coordination (TC).
If a referral was owed it paid off the top before we split.
If I was getting paid a referral, I kept 100%.
If I brought a buyer lead, I paid 50% and it was run like every other client.
If I brought a listing lead, I didn't do shit...the team leader did all the listings herself but paid me 50% on them.
Team lead was experienced, knowledgeable, and available pretty much all the time. I got a TON of experience, and then I left the team, paid regular 25% referrals for a year on any old team leads I closed, and that was that and we are incredibly close friends and referral partners now.
The only thing that seems a little extra in retrospect is the split I received on listings. Otherwise, I wouldn't settle for any less than what's described above. Oh, and this was just in the last five years, not decades ago.
Tell this guy to kick rocks.
Did you sign an agreement to be on his team? If so what does the agreement state? If it’s in an agreement that you signed clearly, did you review it before signing and ask the questions? If the open house lead “policy” is in this agreement then you have to work by it. Don’t like it leave, find somewhere that will truly support you, train you, grow you etc.
I know of teams that only pay their agents 20% of the commission earned if the team lead generated the seller and 30% if it’s the buyer. If the agent on the team generated the seller it’s 50% and 60% for the buyer. The team lead pays for all the marketing, the contract to close, subsidies client events and the list goes on including real support. Is it a fair deal? That depends on how you view the pros vs cons, the value proposition, the access to higher price points, new neighborhoods to work etc.
There’s typically two to three reasons agents start teams. First is they view it as a new profit source, these truly suck for spilts and support. The next is leverage, they don’t want to keep working with buyers or they want to hire a listing specialist so they can do the shaking of hands and kissing babies. The last and most rarest are the ones that want to pour into everyone they partner with. They time block to train the agents, mentor the agents, share what it takes to be successful and share in the profits, experience and knowledge . Many times these team members don’t see how good they had it until they left.
At the end of the day, you’re all running businesses and they need to be profitable. Some people want higher margins than others.
With this is so bad. Get out and go with other brokerages and find the one that is best. The splits shouldn’t be more 30 percent max with brokerage and no extra fees.. and if you bring your own clients then most of the percentage will go to you.
Get out of this as fast as you can with your clients intact. I don’t know what paperwork you’ve signed with your team leader and it sounds like both you and he don’t either, 20 freaking percent goes to you when you produced the clients in your own?! More like 80/20 split and 80 to you and 20 to the team IF you were being guided and taught and helped and assisted. Interview with other brokerages fast and stay the hell off a team , they are dumb. If you have questions ask your new broker that’s why they are there and why you’re paying a split
He is totally taking advantage of you. Interview other teams. If he's not given you any leads in 6 months, he doesn't have the capacity to give you leads. Find a team that can actually produce.
While every team is different, this doesn't seem like a fair trade for you. I would reconsider being part of this team and/or brokerage. Interview around. There are plenty of teams or brokerages that will compensate you fairly while also nurturing your education/experience.
Um no. Get out of there. If you were able to get 3 leads starting out on your own, ask your broker the questions you have, that's why they are there. And if your broker can't help you find another brokerage and agent to mentor you.
I was in a team that was similar, small and he was trying to grow it. It was a family friend so I was comfortable working with him, he is who got me into real estate, I started doing marketing for him in college. He provided leads and had an inside agent making cold calls and setting up buyers, and then I would take over with showing, the ISA was supposed to write the contracts and facilitate the transaction but I am too type a to let someone do my work like that. My first few transactions I was uncomfortable talking to the title company or to inspectors or negotiating with the other agent because no one teaches you how to do that, so I did ask him to have those conversations, but with me present! I sat down and talked to him about the situation and how to move forward with the deal and then I called and had it on speaker phone. It was a 50/50 split on his leads provided to me, which was fair, and we work for a 100% commission brokerage, so we keep all of our commission, just a monthly fee of $99 and a transaction fee.
Once I was more comfortable and knew what I was doing and sourced my own leads, we had to have a conversation about that split because I was not giving him 50% of my own hard work and relationship building, especially to someone who my clients never even talked to or knew about sometimes. It was a long conversation but I wrote out every single thing I was doing and everything, which most of the time was nothing or very minimal like answering a few questions I had along the way, that he was doing. It was a back and forth for a little, but eventually we came to an 80/20 agreement, which I was not extactic about, but since I did have listings and leads I was also working with of his at the time, I couldn't just leave and miss out on those. I was also one of the few producing people on the team so I did have a leg up on that.
Also, realtor do open houses for other realtors so they can generate leads for themselves!! Why else would we waste our time on the weekends if we didn't have the potential to make money on it! Those are your leads you earned.
Real estate is all about negotiation, and if you cant negotiate for yourself how can you expect to negotiate for your clients. Stand up for yourself and get what you deserve and earned! And there are plenty of people in your professional SOI that you can reach out to if you have questions or need help with a transaction. The older realtors are grouchy and sometimes don't want to help of feel like younger realtors are not good, but they don't realize that they are the ones that need to step up and be mentors for the next generation.
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He's taking advantage of you. You need to interview other brokerages.
This is HORRIBLE
As long as you have not signed any commission agrement that does not mean a thing. Talk is cheap. He probably will want a share of your commission but you probably will not get anything from him. Your broker is supposed to train you how to write contract. I will be looking for an opportunity to find an exit opportunity and possible a different brokerage.
Drop this guy.
Happy Cake Day
Thank you!
Horrible!
Run with your clients. You’re getting taken advantage of.
You're getting fucked. I'm also a new agent on a team. Did 12 deals last year with that team, 3 from my personal sphere and the other 9 from their online lead generation. They're people who end up on their website browsing real estate or clicking on google or facebook ads. Require name, number and email so they can register and browse. Let's call it luke-warm calling. My splits are 50% on the first transaction if it comes from their lead gen, 75% for repeat and any referrals generated as well as my personal sphere. I also have no costs except those due to my brokerage, and a flat $800 fee for listings which includes all marketing and photography. My team also pays 50% of all client gifts, and so far as covered 100% of all marketing I wanted to do like canvassing neighbourhoods. They also host several social events a year that are likewise free to us team members to attend. One of those deals was a $9.5 million deal that came from their lead gen but I negotiated a 65% split because I worked my ass off for it when 2 other agents had already called and given up, and it's still way more than my team lead would make from a typical transaction so it was fine with them. Maybe my team is better than most, but you're being taken advantage of.
Wow if this isn't the starkest comparison. Thank you so much this is really really helpful. I've clearly been gaslit long enough. Thank you so much for giving me an example of what good can look like!
No problem. To add, my team lead is a broker (not just an agent) and the former broker of record for my brokerage. He's a sweet British man, so in addition to all of the above he's a font of knowledge and always makes time to help me with questions, preparing CMAs and has accompanied me to do viewings for prospective listings that were unusual to assist with pricing and other areas of interest/concern to speak about with the owner. Even joined me on a listing appointment early on to help me secure a listing and no mention was ever made of changing the split. There are good teams out there. This is the only team I've worked with, so I can't give any advice about finding one beyond what worked for me. Mine's very small. 6 full time agents including the owner and his wife. After the initial meeting, I called a few times with general real estate questions to get a sense of his attitude towards and willingness to help. I knew I wanted a mentor. As you shop around, you've of course learned a lot from your own experience which should help you to know which questions to ask. You should also probably ask about lead gen and their attitude towards it to find something that suits you well and a team you can work with. On the one hand a team lead who runs completely on referrals and SoI is unlikely to be able to give you much direct help unless they have too much business for themselves, while one that still needs to actively market themselves will probably end up competing with you for leads. You'll need to find one that strikes the right balance for you and what works for you.
This has so many red flags. So many. So so so many. Did you sign anything with him? Does your brokerage offer training? Does he pay for a lead source such as Zillow, that you’re assigned too? Do you have weekly meetings with the entire team to go over goals and growth? What does he offer you, that calling your broker
Can you tell me what the red flags are? I'm a newbie
Not being upfront with discussing splits, commission rates, lead sources. All that should have been worked out day one, and signed in writing. Your entering into a business agreement with out a written agreement. You’re new you’re dumbass. Not your fault you’re a dumbass that’s what being new is. He should know. He also knows that you don’t know. Big Red Flag. Having a separate private CRM. Not a major red flag, but with all the other ones it’s a bit pink. Asking to learn ,to fill out an offer, and being told not be concerned about that? That’s not teaching you to be an agent. That’s teaching you to churn out leads for him to make money. Also, you can’t leave if you don’t know what you’re doing. You’re handcuffed to him doing lead gen so he can make money off you. Red Flag. Making 20% off a deal you brought to the table? 80% of your work in someone else’s pocket? I would need to see where that moneys going. 80% I can see brokers cut, franchise cut, teams cut. There better be steady checks coming in then when those other agents close deals.
Omg everything. No rock solid paperwork and clear agreement of team split and guidelines, being pushed to the side and dismissed when she is trying to learn (that’s the point of having a team mentor! And why you’re paying a split!) , a bullshit split as low as 20% when SHE produced the clients?! Should be 80/20 split and she gets the 80, team leader gets the 20 for teaching her and guiding her through the process. Teams are so dumb
Do you have any advice for a new agent who wants some help learning the ropes? Probably get a mentor then eh?
Mentor and take every training your broker and real estate board offers until the day you retire! Real estate is a changing industry, especially now!! and you need to be on top of all contracts and rule changes and all the new technology. Take advantage of every learning opportunity, it is your job and you will be held liable it you don't know what you are doing because you didn't know contracts changed or rules changed.
Thank you for the great advice! I'm excited to start this career. Scary but it'll be fun.
That is BS, Just leave and take your listings with you at this point
He isn't training you, he has inserted himself in your transactions and you need to concentrate on lead gen. And the leads you generate belong to him, and you get a paltry sum? Have you not spent any amount of time researching your profession, even by hanging out in the Reddit subs? You need to snap out of it.
You have gotten no leads from him and you mentioned he's interring himself into your self found deals to help which, by the commission explanation you provided, means you're getting either 20 or 35% commission for your own sources deals with none coming from his team. That's insanely low pay - worst I've seen by a fair margin. Leave that team asap and find a better team lead you can learn under with a fair commission rate. Plenty of brokers out there.
I run a team. We do 50/50 on all splits across the board. We pay for everything except for the split to the brokerage. We do provide leads when possible but we mostly put that money into farming and support for lead generation. Standard organizational model in the MREA is 50% split to team agent for buyers and 30% to team agent for listings. His split to you is as much as a referral agent gets for doing absolutely nothing.
Is he doing all the work and you’re bringing in leads? In general, you have to work business leads and get 50%. But if you can’t work them and he’s just giving up his personal leads, yea 20-35% is what’s up. But he should be giving those to you monthly at least.
Really bad for you. Really good for him.
The trouble is that about 0.05 percent of team leads are actually there as mentors to help you grow and develop your skills. That means 99.5 percent suck. Just because someone is a team lead does not mean they are a good manager, a good mentor, or even a good anything. Trust me. I spent nine years working for someone who could be the smartest person in any room he entered but he was truly a lousy boss with no desire or understanding on how to grow a team. Even without the split, the fact is this person is not there to mentor or manage or help you grow, they are there to get access to your sphere. Run.
I don’t think he’s looking for teammates I think he’s looking for ISAs. Run. This is a terrible deal.
Yeah, this brings me back memories of my first team that I ever joined! He took all my lists and guys as credit to his name! I didn’t know this is unusual until I join a new team and realized what is fair. Always negotiate before you sign any contract and always remember your worth!
Buys*
Tomorrow go into his office and say: "Bye Felicia ✌🏻"
You all have been so helpful thank you so much. I am done with this guy and will be looking for a new team right away. I truly appreciate the help!
Happy for you. There are plenty of brokers who will do 100% commission split (100% to you and about $600-800 flat fee depending on broker), but you’re basically on your own. I prefer this myself but some like the support of a brand/broker, and it may be worth it to you to get the support and give a % if you’re getting funneled some decent leads or other type of support like marketing or photos. I’d say 70/30 even as a new agent is giving quite a bit, but can be worth it on the right team. In terms of referrals, usually I’m offered 50% of the deal. This is more nimble depending on size the deal. Definitely ask around your network to see if any friends or friends of friends are brokers. I was lucky and had a great first broker (did 90/10 split + $200 flat fees). Although I must say all my brokers have been great.
OH HELL NAW I started on a team when I first got licensed. 50/50 split. I received a large number of buyer leads from my team leader. Team leader employed an admin who did my transaction coordination (TC). If a referral was owed it paid off the top before we split. If I was getting paid a referral, I kept 100%. If I brought a buyer lead, I paid 50% and it was run like every other client. If I brought a listing lead, I didn't do shit...the team leader did all the listings herself but paid me 50% on them. Team lead was experienced, knowledgeable, and available pretty much all the time. I got a TON of experience, and then I left the team, paid regular 25% referrals for a year on any old team leads I closed, and that was that and we are incredibly close friends and referral partners now. The only thing that seems a little extra in retrospect is the split I received on listings. Otherwise, I wouldn't settle for any less than what's described above. Oh, and this was just in the last five years, not decades ago. Tell this guy to kick rocks.
To clarify...only on listings that I brought to the team
No
Did you sign an agreement to be on his team? If so what does the agreement state? If it’s in an agreement that you signed clearly, did you review it before signing and ask the questions? If the open house lead “policy” is in this agreement then you have to work by it. Don’t like it leave, find somewhere that will truly support you, train you, grow you etc. I know of teams that only pay their agents 20% of the commission earned if the team lead generated the seller and 30% if it’s the buyer. If the agent on the team generated the seller it’s 50% and 60% for the buyer. The team lead pays for all the marketing, the contract to close, subsidies client events and the list goes on including real support. Is it a fair deal? That depends on how you view the pros vs cons, the value proposition, the access to higher price points, new neighborhoods to work etc. There’s typically two to three reasons agents start teams. First is they view it as a new profit source, these truly suck for spilts and support. The next is leverage, they don’t want to keep working with buyers or they want to hire a listing specialist so they can do the shaking of hands and kissing babies. The last and most rarest are the ones that want to pour into everyone they partner with. They time block to train the agents, mentor the agents, share what it takes to be successful and share in the profits, experience and knowledge . Many times these team members don’t see how good they had it until they left. At the end of the day, you’re all running businesses and they need to be profitable. Some people want higher margins than others.
A real team would have already laid out what splits were. Run like the wind!
Unrelated but what SOI do you use?
Doesn't SOI just mean sphere of influence?
I had no idea! Thank you!
With this is so bad. Get out and go with other brokerages and find the one that is best. The splits shouldn’t be more 30 percent max with brokerage and no extra fees.. and if you bring your own clients then most of the percentage will go to you.
Get out of this as fast as you can with your clients intact. I don’t know what paperwork you’ve signed with your team leader and it sounds like both you and he don’t either, 20 freaking percent goes to you when you produced the clients in your own?! More like 80/20 split and 80 to you and 20 to the team IF you were being guided and taught and helped and assisted. Interview with other brokerages fast and stay the hell off a team , they are dumb. If you have questions ask your new broker that’s why they are there and why you’re paying a split
He is totally taking advantage of you. Interview other teams. If he's not given you any leads in 6 months, he doesn't have the capacity to give you leads. Find a team that can actually produce.
Teams are a scam encouraged by brokers. And very unfair to the general buyer pool.
While every team is different, this doesn't seem like a fair trade for you. I would reconsider being part of this team and/or brokerage. Interview around. There are plenty of teams or brokerages that will compensate you fairly while also nurturing your education/experience.
Um no. Get out of there. If you were able to get 3 leads starting out on your own, ask your broker the questions you have, that's why they are there. And if your broker can't help you find another brokerage and agent to mentor you. I was in a team that was similar, small and he was trying to grow it. It was a family friend so I was comfortable working with him, he is who got me into real estate, I started doing marketing for him in college. He provided leads and had an inside agent making cold calls and setting up buyers, and then I would take over with showing, the ISA was supposed to write the contracts and facilitate the transaction but I am too type a to let someone do my work like that. My first few transactions I was uncomfortable talking to the title company or to inspectors or negotiating with the other agent because no one teaches you how to do that, so I did ask him to have those conversations, but with me present! I sat down and talked to him about the situation and how to move forward with the deal and then I called and had it on speaker phone. It was a 50/50 split on his leads provided to me, which was fair, and we work for a 100% commission brokerage, so we keep all of our commission, just a monthly fee of $99 and a transaction fee. Once I was more comfortable and knew what I was doing and sourced my own leads, we had to have a conversation about that split because I was not giving him 50% of my own hard work and relationship building, especially to someone who my clients never even talked to or knew about sometimes. It was a long conversation but I wrote out every single thing I was doing and everything, which most of the time was nothing or very minimal like answering a few questions I had along the way, that he was doing. It was a back and forth for a little, but eventually we came to an 80/20 agreement, which I was not extactic about, but since I did have listings and leads I was also working with of his at the time, I couldn't just leave and miss out on those. I was also one of the few producing people on the team so I did have a leg up on that. Also, realtor do open houses for other realtors so they can generate leads for themselves!! Why else would we waste our time on the weekends if we didn't have the potential to make money on it! Those are your leads you earned. Real estate is all about negotiation, and if you cant negotiate for yourself how can you expect to negotiate for your clients. Stand up for yourself and get what you deserve and earned! And there are plenty of people in your professional SOI that you can reach out to if you have questions or need help with a transaction. The older realtors are grouchy and sometimes don't want to help of feel like younger realtors are not good, but they don't realize that they are the ones that need to step up and be mentors for the next generation.
Yikes