Real estate holds many alluring possibilities for a lot of people considering a career change. There are a lot of questions to answer — as with any new career. What should you expect to make in the first year? What commission rates are normal?
Perhaps the biggest question is whether or not you should join a real estate team. It's a big decision but can be the difference between a lasting career and a frustrating stint making calls to leads who don't show up. TheNational Association of Realtorsreported that 87% of real estate agents fail within the first five years. That information doesn't have to deter you, but you should carefully consider how to set yourself up for success.
That's where real estate teams can really help. Joining an already successful team will give you resources that would be too expensive or too out of reach if you were working alone. Here, we've outlined the key benefits of being on a real estate team. Let's dive in.
If you're a new agent just starting out — or even an established agent looking for new inspiration — joining a team can offer you a new direction, guidance and training that will help you grow to be a more successful agent. A good real estate team will always emphasize training as important to team and agent success. Remaining stagnant and relying on old methods or tactics in real estate is how you'll end up in that 87% of people who tried real estate and decided it wasn't for them.
Working alone, you would need to seek out these trends and catch up on where the industry is moving by yourself. You'd need to guess at what you're doing wrong, what you could improve on and what you've got nailed. In a team, you're surrounded by peers working toward the same goal with the same challenges. You can bounce ideas off of one another, learn from team members who've been in the game a lot longer and get advice when you need it.
Modern real estate relies on technology toaccomplish lead follow up efficiently and within the right time frame. A recent study by MIT showed that leads needed to be contacted within seven seconds in order to convert. If you don't have the technology to filter and alert you when a lead comes in — you'll be playing catch up with unlikely odds. This goes beyond making sure your answering machine isn't full and prohibiting anyone leaving a message.
You need to consolidate your technology stack to streamline your processes and increase the likelihood that you'll be able to adequately follow up with leads quickly. One of the benefits of being on a real estate team is that they will cover the cost of advanced technology that the top agents use in order to follow up with leads.A real estate CRM will enable you to collect all your lead information in one, central software. As leads come in, they'll get funneled to you based on your availability. You'll be prompted to follow up and a workflow will follow you with tasks and reminders until you make that sale.
A CRM will also facilitate the sharing of new leads as they come into your funnel. If you were working solo, without a team, you'd be responsible for all your lead sourcing. Within a team, the team lead is responsible for sourcing and sending leads out to agents. It's one less thing you need to worry about and spend money on in order to succeed.
Deciding to join a real estate team is a big step in becoming a successful real estate agent. Everyone is different, but the benefits of being on a real estate team should be accounted for in your decision making process. Share the burden amongst your team members and you will be in a better position to grow as an agent, sell more homes and make more money!
Click here to download the guide: Refresh Your Real Estate Strategy