In many markets, the model of the lone real estate agent has given way to a team-oriented approach. Before you jump on the team train, consider the advantages and disadvantages of joining one so that you don’t let down the team, your clients or yourself.
Pros of Working With a Real Estate Team
Working with a real estate team can be a great way to launch your career or scale up from your current approach.
Help With Lead Generation
Many teams have a strong team lead with a steady flow of referrals from past clients and a robust lead gen program in place. They will then distribute leads for follow-up from team members, who will become the primary contact for that client.
Shared Support Staff
Many teams share the cost of support staff like an assistant, transaction coordinator or lead nurturer. This may allow you to add leverage to your business less expensively than if you were maintaining staff on your own.
You may be able to share the cost of a web presence, content creation, graphic design, branding, special events or other resources with your team lead and colleagues. This can allow you to create promotional materials and initiatives that you might not be able to afford on your own.
Cons of Working With a Real Estate Team
As with any group working together, real estate teams can have their share of struggles.
If you’re looking to make a name for yourself, you may have some trouble doing so on a team. Since the team’s identity is normally centered around the name recognition of the team lead, it may be harder to create your own professional identity.
Lack of Brand Differentiation
Your team will have a brand identity that may keep you from pursuing your own interests. Make sure the team you join is focused on the real estate niche you want to work in so you can transition to a personal brand should you choose to do so.
While there will no doubt be people on the team with whom you bond, you’ll also find folks who aren’t your cup of tea. You’ll need to put your people skills into high gear to ensure that you work well with your teammates so that you can be productive and successful.
Smaller Commission Cut
When you’re part of a team, both your broker and your team lead will take part of your commission, meaning a smaller cut for you. This will need to be offset through the larger number of clients you can expect to work with.
Whatever your decision, consider both your short-term needs and long-term goals. Talk to a trusted mentor or colleague who has worked both individually and at the head of a team to get their insight. Do an honest self-assessment to decide whether a team dynamic will work well for you.
Real Estate Express is one of the nation’s premier online real estate schools, providing pre- and post-licensing courses, continuing education courses and professional development to hundreds of thousands of real estate agents across the country. Real Estate Express, along with its sister schools McKissock Learning, Superior School of Real Estate, Allied Schools, The Institute for Luxury Home Marketing and Hondros Education Group, helps real estate professionals achieve sustainable success throughout each stage of their real estate career. Learn more at RealEstateExpress.com.