When considering working on a real estate team you probably consider the question “how do real estate teams work?” Real estate teams work by being both efficient and effective. They are a development in the industry that is allowing agents to reach new heights in their careers, while giving clients the best possible service they can find.
How Teams Work
Real estate teams work and thrive off of collaboration and community. Team members work together, and support each other with every client, and clients definitely take notice. A client can contact any team member to answer any questions they may have, even if they are primarily being served by another agent on the team. This gives clients access to a real estate agent at almost any time of the day, helping them to relax and enjoy the real estate experience. The more positive experience your client has, the more likely they are to recommend your services.
Team members not only help support each others clients, but they collaborate on their cases as well. They bounce marketing ideas, open house ideas, and so much more off each other in order to approach the situation from every angle. On teams there are usually at least two experienced agents. They are able to give tips, and advice on the spot. Helping newer agents to grow and improve faster than they could on their own. With constant team brainstorming you are able to learn from other agents everyday, and have assistance with any client.
Compensation for team members can be done in many different ways. Members can have a flat rate if they are on a salary, commission can be divided by set intervals, or commission can be split based on performance. Any one, or combination, of these methods could be the method used by the team leader. It is important to keep in mind though that all real estate commissions are negotiable.
Dividing of Responsibilities
Even though the basis of every real estate team is collaboration, team members specialize in tasks. This is done in order for everyone to be doing the work they are best at. Therefore giving the client the best experience the team as a whole is capable of providing. Responsibilities are usually divided among team members as follows, or in a similar manner:
- Listing Agent(s) – CEO or Team Leader
- Listings – Specialists to Generate and Promote Listings
- Buyer’s Agents – Buyer’s Specialists
- Support – Transaction Coordinators, Assistants, Administration
- Marketing and Communications – Specialists in Advertising and Listing Promotion
Many teams have arose because one agent realizes that there is too much involved in real estate to effectively do it all for every client. That is why teams, and specialization on those teams, has developed so strongly in the real estate industry.
Training and Education
You have completed the training required, and have successfully obtained you real estate license. Now, you may have noticed that nowhere in your training did you learn how to secure business for yourself. It seems like a flaw in the system, but it is there nonetheless. Therefore, in order to progress into the best real estate agent possible, you need to find support and a mentor. This is exactly what a real estate team can offer you.
Many teams have weekly training sessions where agents will share successful tactics they have implemented. These sessions can be on anything from how to talk to new clients, to how to how to effectively work with investors. Teams provide an educational opportunity that is difficult to replicate elsewhere. New agents are not the only ones to benefit from continued training though. Experienced real estate agents know that you must evolve and be continuously learning if you want to become a top producing agent. Real estate teams work with you to help you achieve that goal.
Benefits of Working on a Team
There are many obvious benefits to joining a real estate team. The support, education opportunities, and collaboration opportunities should be enough to grab anyone’s attention. But there are a few more benefits that are important to point out as well.
Quality of Life
When you work alone as a real estate agent it is hard for you to find any time to turn on your phone, or stop checking your email. Your clients are counting on you to answer questions, reassure them, and help them whenever they need. When you work on team you are more easily able to go on vacation, enjoy family time, or have a quiet night off because you know one of your team members will be there for your client.
When you are working on a team, you are given the opportunity to specialize in you favorite part of the real estate experience. If paperwork is not where you excel, there are transaction coordinators that can cover that. Maybe you really love representing buyers, you can concentrate on that skill and learn from people who have specialized in that over their careers.
These benefits, along with the others previously mentioned, are only a few of the advantages that you can expect to receive when becoming part of a real estate team. Evaluate your current situation and determine if any of these benefits could positively impact you career.