I am a successful real estate agent and I am developing a partnership with another very successful real estate agent. In addition to residential, he has equity in a property management company and a development business. I would like some guidance and insight into various ways in which we can structure our relationship (equity, profit share, referral, splits, etc). I need help from someone who versed in either real estate partnerships or business partnerships. Thanks.
I've been a commercial real estate broker for 5 years now and have ventured into a handful of business partnerships - some have worked and some have nearly ruined me. What I find, on a surface level, is that you must absolutely share the same VALUES and MISSION as your potential partner. Having even stake in the game also helps, as it avoids one partner eventually grabbing "the upper hand". If you are not bringing cash or equity to the table, be prepared to demonstrate how your hard work can be translated into $ value. If you have more detailed scenarios or questions, feel free to bounce them off me at anytime. Cheers! -S.