Whether you're new to the world of real estate or a seasoned professional with years of solo experience, you might be wondering how real estate teams work, and if the team environment is right for you. There's a lot to consider before you join one, and weighing the benefits and potential downsides can seem murky and confusing. Here are a few key takeaways to keep in mind as you consider joining a real estate team.
Ego Will Bring You Down
OK, hotshot — we get it. You can do it all: manage your leads, list a house with ease, sell it above listing price, wow your clientele, and wake up to do it all again the next day.
More likely, however, is that you're an expert at certain elements of real estate and need to improve on others. So how do real estate teams work, and how can joining one help you? Some of the strongest, most high-growth real estate teams work by utilizing different agents and team members this way at different points in the process based on their strengths, allowing the team to provide greater overall service delivery.
There's often a common thread running through the stories of agents who decide against joining a team: Fear. The fear of lower commission splits (an undeniable drawback of the real estate team environment) pushes people into going it alone. Agents who are on the fence about teamwork foresee a double-digit drop in their splits, and they run for the hills.
But they're missing one of the best aspects of how a real estate team works.
There's unprecedented upside to joining a real estate team. It's pretty simple, really: you can have a big piece of a small customer base (and manage, grow and support the base every day) OR have a small piece of an enormous client base with more leads than you know what to do with.
Not only do real estate teams facilitate lead generation and marketing for their agents, but they also share tactics,collaborate on effective lead conversion strategies,and improve as a unit. Sure, they might take a 10 or 15 percent cut of an agent's commission — but when you sell twice the houses because your colleagues help you close and your lead pipeline is strong, who cares?
For new agents, how real estate teams work is absolutely critical to their future success and expertise. Being new to a fast-paced industry that's full of challenges and nuance is tough enough. Learning the ropes on your own, though, can be disastrous. Building off of mistakes is a whole lot more constructive (and less risky) when you're operating with the support of other agents who may have once been in your shoes and are willing to lend a hand.
Solo agents don't have this framework of support to fall back on, and can lose out on serious money without the option to turn to an expert for guidance. They also miss out on the chance to learn mistakes that they, and others, have made.
Strong, dynamic teams will keep each other in the loop on sales and customer-facing tactics that work — they know that if everyone is succeeding, the team will see more quality leads and maintain one of real estate's most critical, coveted goals: a reputation of trustworthiness.
There are plenty more benefits (and definitely a few downsides) to team real estate, depending on your level of experience, goals, and your preferred approach to selling homes. Ultimately, you'll need to weighwhat's best for your work and lifestylewhen you consider whether or not to join a real estate team, and choose your partners wisely if you do decide to go that route.
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