Single agent or team?
This question has been asked by agents, brokers and owners of companies, and depending on whom you ask, you’ll get a different answer. As a coach to many elite agents and teams, I’ve seen successful business models either way. Let me begin by describing what it means to have a team. Teams can be as small as a licensed assistant and can grow to include the following positions:
- Administrative assistant
- One or more buyer’s agents
- Transaction coordinator
- Listing coordinator
- Listing partner
- ISA or Inside Sales Associate
Each of these positions has a distinct job description and clearly defined roles and responsibilities. As a team grows, there’s a correct order and compensation structure that allows the rainmaker or team leader to run a profitable business.
The primary reason agents form teams is because they feel that their best use of time is focused in a particular area where they have passion and the ability to succeed. By adding an assistant, they quickly realize that by spending more time prospecting and on business development, their opportunities increase. So they hire a buyer’s agent to help them show homes, and as they add each person to the team, they begin to form successful habits that allow them to continue to grow.
We build teams based on core values, exceptional customer service, operational excellence and profitability. Some of the advantages of being on a team, or starting a team, are as follows:
-The client gets to work with specialists throughout the transaction who have a better understanding of the transaction process at their level. For example, a closing coordinator who closes five to 10 deals a month has a lot more experience and knowledge than an agent who closes five to 10 deals a year. A buyer’s agent who closes three to five transactions a month and specializes in working with buyers knows the market, understands the clients’ needs, and because of this high level of interaction, becomes an expert in working with buyers.
-Life balance is a core motivating value that makes rainmakers want to form teams. High producing agents find a cap to their production simply because there are only so many hours in a day—you can only do so much and then something has to give. I recommend getting an assistant day one in real estate. If you spend any time doing administrative tasks, you’re doing it at the expense of something more important or of higher value.
-Coming to work and loving your experience is so valuable. Building a team with the right culture, core values and fun allows people who don’t thrive well on their own to be in a productive environment with like-mined people that have common goals. Being part of a team can be very rewarding.
Teams aren’t for everyone and there are a lot of successful agents who choose not to have teams. It’s up to you to decide what business model fits with your brand, your company and your goals.
Verl Workman is the founder and CEO of Workman Success Systems (1-385-282-7112), an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams.
For more information, visit www.verlworkman.com.