Is a Real Estate Team Right for You?
Apr 18, 2022 | Realtor Resources | Share:
As a realtor, working on your own can be difficult. You’re responsible for every part of every sale, and you never have any backup. This can be especially frustrating if you’re just getting started as a new realtor. While some realtors thrive on their own, many people could really use the support of a team.
We’re spending the next few weeks examining real estate teams. This week, we’re looking at the many ways teams can benefit realtors.
Benefits of joining a real estate team
Real estate teams aren’t for everyone. But for many realtors, real estate teams can be a great way to grow as a professional and elevate your business. Here are seven ways joining a real estate team can benefit you as a realtor.
When you’re working on your own, you’re always dependent on your own motivation to get things done. When you’re doing this day-in and day-out, it can be hard to keep doing the things you know you need to do. Real estate teams can provide accountability that can help you maintain consistency and production.
It’s easy for things to fall through the cracks when you’re working on your own. It’s tempting to procrastinate things that you don’t enjoy doing, and sometimes you’ll forget about things altogether. A real estate team provides structures for best-practice behaviors so that you stay consistent with priority tasks.
Teams often require their agents to have set office hours for calls, client follow-up, and paperwork. Teams will also provide timelines for all of the things you need to get done for a sale so things like termite inspections and titles are done correctly and on time. Fixed deadlines from your team will keep you on target and productive.
When you’re working on a real estate team, you also get the benefit of financial accountability. You have a responsibility to contribute to the team financially, and the commissions you bring in have an impact on others. Knowing this can motivate you to keep producing, even when you’re fatigued or the market is struggling.
Joining a real estate team can also help you set goals and stay accountable for taking steps to meet them. Your team will push you to work harder to meet or exceed your goals, encouraging you along the way. And if you’re someone who thrives on a little competition, contests and achievement boards just might be the incentive you need. When you’re a part of a team, your hard work won’t go unnoticed, and you’ll have the opportunity to encourage others as well.
When you’re working on your own or if you’re just starting out, marketing yourself is hard. You’re reliant on your own network and your own resources to get your brand recognized in the local real estate market. But when you’re a part of a team, you’re able to take advantage of the team’s marketing.
Team marketing has a number of advantages. When your resources are pooled for marketing, you’re able to afford much higher quality marketing than you could on your own. You’ll also receive increased exposure. Every time your team puts a sign in a yard, you’re receiving exposure and increasing your brand recognition. It’s much easier for a potential customer to remember a team’s brand than it is to remember an individual realtor.
But teams don’t only pool resources for marketing. Teams will also pool databases together. Through a real estate team, you’re able to access a far bigger database of leads than you could generally get on your own. You’ll also have more opportunities to access those expensive, paid leads (such as Zillow leads) through these pooled resources.
Real estate teams are also very attractive to lenders and title companies. Lenders and title companies are able to work with an entire team of realtors through just one contact. These organizations also learn the processes of the teams they work with and are able to tailor their services to better fit the team, making things easier and more straightforward for everyone involved.
If there weren’t any financial benefits, no one would ever consider working with a real estate team in the first place. Although you’ll have to split your commissions with your team, you’ll usually find that the split is actually a great investment.
One of the biggest ways you’ll find financial benefit through a real estate team is through the leads. As part of a team, you’ll have a much larger network of leads than you could develop on your own. And as you know, leads turn into buyers, buyers turn into deals, and deals turn into profit for you and your team.
When you’re working on your own, it’s difficult to afford administrative help. But when you’re a part of a real estate team, you’re able to share the cost of administrative support staff. While that may not seem like a direct financial benefit, having administrative help enables you to focus on growing and developing your leads, listing houses, and making deals.
And you already know that real estate teams enable you to afford better marketing than you could on your own. With better market visibility, it’s going to be easier to get those leads and increase the number of transactions you make.
Finally, some real estate teams provide a salary model for their team members, either combining a base salary with commission splits or a full salary with bonuses. Every team will compensate their agents differently.
Whether you’re just getting started as a real estate agent or you’ve been in the business for a while, training is so valuable to developing your business. But when you’re working on your own, it can be difficult to make training a priority, especially when you’re juggling so many other important tasks. When you’re a part of a real estate team, you can give professional development the attention it deserves.
A real estate team can provide support and mentoring from veteran realtors to realtors who are just getting started. Some teams will sponsor new realtors as they get their realtor license. Many will also provide personality and strength testing to determine where you’ll best fit and have the most success within the context of the team. And when you’re just starting out, your team is there to show you how to be successful.
Real estate teams also provide ongoing professional development for their realtors. In the states that we serve, realtors are required to complete continuing education requirements to maintain their realtor’s license. Your team will make it easy and stress-free to meet this requirement. You’ll also get specific training through your brokerage or team to keep your skills sharp. Many real estate teams will also help you with business and personal development through book clubs, speakers, and classes that foster personal growth.
#5: Systems and Processes
Real estate agents have a lot to remember when they’re closing a deal. Real estate teams have worked hard to develop stable, established processes for doing business so that nothing is left out or forgotten. These processes provide a safety net for agents since even the most experienced agents have been known to forget something important from time to time.
When you’re a new real estate agent, there’s a steep learning curve. Being a part of a real estate team can help make that curve a little less steep. Rather than having to figure out a process for yourself through trial and error, a team will simply help you learn their processes that actually work.
Real estate teams also provide structures that help agents be more effective. We’ve already mentioned that your team will help you prioritize those important-but-often-neglected phone calls and lead follow-up work. Teams will also develop you as a buyer’s or seller’s agent, training you in best-practice procedures as you specialize.
Being on your own as a real estate agent without any support system can be difficult. Real estate teams provide the support you need to be successful.
Life happens. Sometimes you get sick, a family member needs help, or you have some other personal crisis. With a real estate team, there’s always someone who has your back. The pressure is off, and you’re able to focus on your personal issue rather than worrying about missed work as well. Your team can pick up a showing, check in with your clients, and provide any other support you may need.
Your team is also there for you when you have questions. Even experienced realtors run into questions while they’re on the job. Rather than having to figure it out on your own, chances are good that someone on your team already knows the answer. And if they don’t, they’re there to help you find out.
When you’re working on your own, it can be very difficult to maintain a work-life balance. You may feel like it’s impossible to take a day off, be at your kids’ games, or even consider a vacation. Real estate teams want their members to be healthy, so they’ll not only permit you to have a life, they’ll encourage it.
Realtors have many roles that they play, and it can be difficult to do all of them well. In fact, doing it all on your own can be really frustrating. And when you’re spread too thin, your relationships with clients can suffer.
Real estate teams offer realtors a chance to specialize in roles where they’ll be the most successful. Some common roles on a team include:
- Buyer's agent
- Seller's agent
- Listing coordinator
- Team leader
- Marketing director
- Administrative staff
When you’re working hard at a specific role, you have the opportunity to really cultivate your skills and provide better service to your clients.
Real estate teams also enable agents to specialize in specific locations. You’ll often have the opportunity to become an expert in particular neighborhoods and communities. This expertise helps you better understand client priorities within a specific location, making it so much easier for you to meet their needs.
When a real estate team might not be right for you
It’s clear that real estate teams can be beneficial to many agents, but they aren’t for everyone. If you’re an agent who:
- Likes to do your own thing your own way
- Has stable processes and practices that work
- Is independently driven and highly motivated
- Has experienced significant success on your own
- Has many connections and a lot of experience
A real estate team may not be the best fit for you. In fact, if these are characteristics that describe you, you may want to consider starting your own team and leverage that success.
Additionally, not all realtors have priorities that would be a good fit for a team. If you’re an agent who likes working part-time or as a hobby, a team might not be the best choice for you. Real estate teams also require their agents to split their commissions, so if you’d rather keep your full commission, working alone would be a better choice.
Opportunities through real estate teams
For many agents, participating in a real estate team can create many opportunities that they would not otherwise have if they were working alone. If you’re looking for financial growth, professional support, or an opportunity to specialize, you may want to consider joining a real estate team. In our next article, we’ll be discussing how both new and experienced realtors can become a part of a team.
At South Oak Title and Closing, we support realtors. Whether you’re part of a team or working on your own, we want to help you close with confidence. For more information about how South Oak can partner with you, contact us.