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I've recently had someone approach me and ask me if I'd like to partner with them and open another office. I was wondering what your exerience has been with partners.  I am making a list of questions...and I'm going to give her a DISC personality test because I know those work and I need to know what motivates her.

The money has already been talked about.. 

How many homes have you sold?  What is your experience?

What do you feel your strong points are?

How many hours are you going to be putting in?

What other ventures are you involved in?

How much time do you normally take off?

Health issues?

What other questions should I be asking?    If you have had a bad experience with a partner, I'd love to hear about it so I can study the pitfalls as well, before making my decision.  Thanks!

 

Vicki Watzlawick

Broker Owner, Exit Platinum Realty

Illinois Foreclosure Expert

847-854-3800 www.vickisdreamhomes.com

facebook link; http://www.facebook.com/pages/Short-Sales/137492022981738

website; http://www.endyourforeclosure.com/

 

 

 

 

17 Comments on How do you feel about Partners?

JUL
21
2007

is this within the exit system or outside of it?

 

at KW before they would let you do this they would make you take all sorts of tests to see if you have the write personality for it and if you and your partner have compatible and complimentary personalities to each other.
8:39am • #1
144,919 Points 2 Featured Posts Outside Blog
The things that make a good partnership are the opposites, for example  if you are a paper work cross the t's and dot the i's and loved to blog and market on internet and work the phones and go opn listing appointments but really not into: open houses,going to do public events, driving shoppers to showings and your partner loves open houses,loves to drive around and work with shoppers,loved to go to the local chamber events then I would say that's a great match. Your strong points and their strong points should be opposites. Just my 2 cents worth!
8:49am • #2
137,591 Points 10 Featured Posts Outside Blog

Vicki - I am going to write a whole blog in response you your question here.  I don't know how long it will take so here are three big things that I would think about.

1. Start up $$ - Both people need to come up with cash.  It's called skin in the game.

2. Background check - Not only do I want to know about personality, I want a credit and criminal check done.  In our business we deal in trust and money.  Drug users and people who don't pay their bills need not apply.

3. Start date - DO NOT, NOT, EVER, EVER, do any deals or start a joint transaction until the partnership agreement is finished.
9:05am • #3
109,097 Points

I would really recommend getting an agreement done in writing with a lawyer so that you have a defined way out of the partnership.  Talk about as many what if scenarios up front as you will really get a feel for what the other person is like.  A bad experience this past year with a partner and having to pay a sizeable legal bill to get out of something that I had suggested in the first place was a real eye opener and learning experience to say the least.
9:25am • #4
108,341 Points 1 Featured Post Hit Router
Hi James.,it would be another Exit office and yes ownership would have to approve her.  But we don't have any kind of comapatibility tests.  I'll have to look intio that!  Thanks for the idea.
9:54am • #5
108,341 Points 1 Featured Post Hit Router
Leo I guess an opposite would be good to do the things I don't care to do.  But I would think we would need to think alike on a lot of the business issues.  Thanks for sharing!
9:56am • #6
108,341 Points 1 Featured Post Hit Router
Rich Thank you so much!  I never thought about idea #2.  I will be sure and do that.  We already have discussed the money and I agree whole heartly with number 3.  I saw a good friend invest in a company and get burned bad..they had nothing in writing prior to her giving up her money and now shes taking him to court.
9:59am • #7
108,341 Points 1 Featured Post Hit Router
So Jon..a defined way out..like if partner A doesnt work 40 hours, and do X Y and Z..then the partnership is terminated..yada yada.  I alredy have an attorney and would never create a partnership that involves money  without his approval, not in this sue happy world.  Thanks for your thoughts.
10:03am • #8
137,591 Points 10 Featured Posts Outside Blog

I think Jon is alluding to having a dissolution provision in the partnership agreement. It is a standard that your attorney should bring up too.

And, yes.  There should be specific expectations spelled out.  Maybe not hours, but somthing defining that this venture is the primary business line for both of you and that full time participation is part of the deal.
10:20am • #9
108,341 Points 1 Featured Post Hit Router
Got it Rich..way out=Dissolution paragraph!  Thanks, I made a note of that for the attorney.
2:17pm • #10
JUL
22
2007
Outside Blog

Vicki,

Have you though about what your primary goal is?  What do you want to accomplish and when? Once you do that, than add a friend or a potential partner to the picture. Would you need them to achieve your goal(s)? If yes, in what capacity? As investors, co-investors, co-brokers? If you in your in your “overall picture” there is room for a partner, what would you expect him/her to do? Once you a have a clear picture in your mind, then look for a specific partner. Don’t go ahead with any type of partnership simply because someone happened to ask you to do so.

Don't hesitate to call me or email me if you would like to chat about it. I see you are excited about the Exit model. First Exit franchise opened in the Bay Area a year ago.  They do very well.

 
2:27am • #11
108,341 Points 1 Featured Post Hit Router

Thanks Artur, I have given this a lot of thought.  It is a way for me to grow and sponsor more agents. It might be a god send to have someone to share the responsibilities.   If you know about the Exit system, you know I get 10% of their gross commissions in residual income from each and everyone of them.  The more I sponsor the more I get and the more I continue to get when I retire in a few  years!  I could retire now and live OK on what I am getting in residuals..but I want to be FAT (Wallet wise) and very comfortable!  Have you ever had a partner?
9:23am • #12
Outside Blog
Vicki, I wish you luck! There are two parts of Cimpler, one - let's call it "corporate" and brokerage. I have a lot friends who are co-founders of Cimpler "corporate". All agreements between us are based on "handshakes" and it works very well. I was looking for a formal partnership on the "brokerage" site and after more than 1 year I am still looking for a right partner!  I am glad that I didn't jump "into a relationship". I was in negotiations a few times, but difference of styles and objectives were just too big.
2:36pm • #13
108,341 Points 1 Featured Post Hit Router
I didn't think anyone did anything on a handshake anymore, but I guess it's still done.  Finding a good match is tough.  I'd probably say 97% of the public wouldn't meet my standards.  I was actually thinking about a trial run, but do I really want to divulge all my secrets to someone  with no skin in the game?  That doesn't sit well with me either.  Thanks for sharing Artur!
5:40pm • #14
Outside Blog
Hi Vicki, That's my point. I don't mind divulging my secrets to people I know well for years and consider to be my friends. However, I certainly wouldn't do it with a person I have just met without making sure that they have a skin in the game as well.  Good Luck.
10:27pm • #15
JUL
27
2007

Vicki, I had the opportunity to join into a team concept a month or so ago...I struggled with it for some time and finally decided not to join.  Your information and the comments others have made are good information.  Good luck with your decision.

 
9:01am • #16
108,341 Points 1 Featured Post Hit Router
Thanks Nancy..can you share why tou decided against it?
11:00pm • #17

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Vicki Watzlawick (Illinois Foreclosure Expert)

Algonquin, IL

More about me…

Vicki, Broker Owner, Exit Platinum Realty, IL foreclosures

Address: 9203 Route 31, Lake In The Hills, IL, 60156

Office Phone: (847) 854-3800

Email Me

Illinois REO Realtor and Broker Owner of Exit Platinum Realty. Number One recruiter and Number One in Sales Volume for the State of Illinois. 5 year Certified Foreclosure and Shortsale expert for Illinois foreclosures. Co-author "Should I Short Sale My Home?" www.vickisdreamhomes.com



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