Teams allows real-time collaboration on documents, spreadsheets, and presentations:

To start collaborating:

1. Open a chat or channel
2. Click New (next to the paperclip icon)
3. Choose the type of file (Word, Excel, PowerPoint)
4. Name your file and click Create

To collaborate on an existing file:

1. Share the file in a chat or channel
2. Click the file to open it
3. Select Edit in Teams

Real-time collaboration features:

• Simultaneous editing: Multiple users can edit at once
• Real-time changes: See others' edits as they happen
• Comments: Add and reply to comments in the document
• Chat: Use the side chat panel for discussions

Tips for effective collaboration:

• Use @mentions in comments to notify specific team members
• Turn on Track Changes in Word for better revision management
• Use the Version History to review or restore previous versions

Note: Collaboration capabilities may vary based on the apps installed.

For more details, see Microsoft's guide: Collaborate on files in Microsoft Teams