‘Power Teams’ Excerpt: Teaming up with Your Broker for Mutual Benefit

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RISMEDIA, July 7, 2008-Although many real estate brokers are aware of the agent team concept and support it strongly, some still feel threatened by it. Your broker may mistakenly believe that you are trying to take over the agency and steal the broker’s best agents. To avoid confusion that could lead to potential conflicts, be proactive and clearly lay out the potential benefits of agent teams to your broker.

In Chapter 9 of RISMedia’s recently released book, “Power Teams: The Complete Guide to Building and Managing a Winning Real Estate Agent Team,” by RISMedia President and CEO John Featherston and top producing Broker Ralph R. Roberts, we show you how to broach the topic of agent teams with your broker and present your plan in a way that encourages your broker to play a key role in your team’s success. Following is an excerpt from Chapter 9:

Step 1: Explaining the benefits your team will deliver

As a real estate agent, you are probably in the top ten percent of all negotiators in the country. You have the basic skills required to negotiate effectively.

However, here are a few tips to help you negotiate specifically with your broker:

- Openly acknowledge that you understand what the broker is already contributing to your success-wisdom, experience and resources. Show your broker that you understand the risks and expenses of running the agency, and express your appreciation.
- Provide a spreadsheet demonstrating your level of production and the level of production you expect to accomplish when you have your team in place. In other words, know what you and your team are bringing to the table.

Here are some of the benefits your broker can expect from your team:

o Increased productivity
o Higher sales volumes, which gives the agency a higher profile
o Increased revenue
o Improved customer satisfaction, resulting in a better reputation for the agency
o Increased marketing and advertising

- Bring your business plan. This document is particularly important if you are going to be the first team in the brokerage. If your broker is already working with other teams, he or she can assist you in revising your plan, if necessary, to meet the broker’s requirements. Having a detailed plan in place also demonstrates to your broker that you are well organized.
- Let your broker know that part of your agreement will state that you will not recruit agents from within. You may also consider including your broker in the interview process for all new recruits and giving your broker some say in who is allowed to join the team.
- Assure your broker that your commitment to your team will not interfere with your relationship with your broker and will probably improve it.
- Listen to what your broker has to say. Take time to process what he or she has to say and make sure that you understand fully. If you don’t completely understand, ask.

Begin your negotiating session by showing your broker what you bring to the table.

The equation for your broker’s success is simple: higher production, more signs in the marketplace, more ambassadors of goodwill, and better branding all equal more volume. Show up with a plan and ask your broker for input.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

To read previous excerpts, see:

Chapter 4: Power Teams: Drawing up a Business Plan
Chapter 5: Power Teams: Establishing Office Policies and Procedures
Chapter 6: Power Teams: Handling Team Member Compensation
Chapter 7: Power Teams: Safely Navigating the Legal Minefield
Chapter 8: Power Teams: Managing the Money
 

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