Should You Join a Real Estate Team?
Real estate teams have become increasingly popular in recent years as more and more agents seek the support and camaraderie that comes from working with a group.
While there are many advantages to joining a real estate team, there are also some attributes that real estate agents should consider when making the decision.
By carefully weighing the pros and cons, real estate agents can decide if joining a team is the right decision for their real estate business.
Working in a Real Estate Team vs. Individual Practice
A day-to-day job in a real estate team is very different from working as a solo agent.
Unless the individual is a successful real estate agent who has a consistent lead generation strategy, they will face peaks and valleys. This can ebb and flow based on the season, market conditions, or other factors.
A real estate team has a different set of priorities. The team’s goal is to maintain a consistent level of business by sharing leads and clients.
The members of the team also rely on each other for support, advice, and mentorship.
This different way of doing business can be a major advantage or challenging, depending on an agent’s personality and business goals.
The Pros of Joining a Real Estate Team
Learning from experienced team members
After earning a real estate license, there are many challenges that new agents face. One of the biggest benefits of joining a team is having access to experienced agents who are doing well.
These experienced agents can offer guidance, support, and advice on how to succeed in the industry. Additionally, they can provide insights into the local market and help new agents develop a strong network of contacts.
By taking advantage of this experience and knowledge, new agents can quickly transform themselves into top producers. In today’s competitive real estate market, this is more important than ever.
As a result, new agents who are willing to learn from their more experienced colleagues are well-positioned to find success in the industry.
Everyone is working together
There is no denying the competitive nature of the real estate industry. When agents are working on their own, they are in constant competition with everyone else in the business.
However, when agents join a real estate team, they are working to reduce their competition by collaborating with their team members. This collaborative environment can be very beneficial, both professionally and personally and alleviate the magnitude of competition by working in conjunction with supportive peers.
Shared business expenses
As with most businesses, the job comes with its’ costs as well. These fees can include marketing collateral, client appreciation expenses, lead generation and much more. When agents are on their own, they have to pay for all of these things by themselves.
When agents work on a team, these expenses can be spread out amongst team members, making it much easier for everyone to handle the financial burden.
Great way to gain experience
Working in teams allows real estate agents to be closer to experienced agents who have accumulated more industry knowledge and expertise. Being able to ask for help and get feedback from these more experienced agents is an invaluable way for new agents to learn and grow in the business.
In addition, many team leaders provide their members with leads and help them get their business off the ground. Instead of new agents spending their first weeks or months trying to land that first contract, joining a real estate team can give them a head start and ensure mentorship for years to come.
Holds Real Estate Agents Accountable
While working alone gives real estate agents better time control, it might not be the most productive way to work. Independent agents can struggle with time blocking, discipline, efficiences and scaling their business on their own.
Team members can help hold each other accountable and make sure that everyone is doing their fair share of work. This accountability can lead to a more productive team overall and increased commissions for agents.
Comes with Training and Support
Every real estate agent knows that there are rarely two transactions that are the same. While there are many resources available to help agents learn the ropes, it can be difficult to figure out where to start.
Real estate teams provide their members with access to training and support that can be difficult to find when working independently. In addition, teams often have established systems in place that allow agents to hit the ground running and start generating business right away.
For new agents, joining a team is often the best way to get started in the business. With the right team behind them, they can receive the training and support they need to build a successful career in real estate.
Creates a larger sphere of influence
In order to build a large sphere of influence, agents need to develop relationships with a wide range of people, including potential clients, referral sources, and other professionals in the industry.
While some agents are able to do this on their own, others find it helpful to work with a real estate team. Real estate teams can provide agents with the resources and support they need to expand their sphere of influence and reach more potential clients.
Working with a real estate team can help agents build stronger relationships with referral sources and other professionals. As a result, teams can be an invaluable resource for agents who are looking to grow their business.
The Challenges of Joining a Real Estate Team
One of the most important decisions a real estate agent will make is whether to work independently or as part of a team. Both options have their own advantages and disadvantages, but one key factor to consider is commission.
When real estate agents are part of a team, they may find that they’re giving up a portion of their commission for the support and benefits a team delivers. Consider the structure defined by the team leader, negotiate based upon your experience level and lead sources and evaluate if the benefits of collaboration and support outweigh the investment.
It’s Hard to Say Goodbye
Another fact of working within a real estate team is that it can be difficult to leave.
In many cases, agents will give up a referral or lead source when they leave a team. This can make it difficult to start over, especially if the agent to work independently.
Before joining a team, agents should make sure they are prepared to commit to the team and the camaraderie that ensues.
Not the Boss
Many real estate agents get started in the industry with aspirations of being their own boss. However, when an agent joins a real estate team, it’s normal to give up a portion of that autonomy.
As a member of a team, the agent will work under the direction of the team lead and operate within a team structure. While they may have less say in how the team is run, it can still contribute to the exponential success of their business by having peers cover during vacation time, support a client’s showing or offer support.
For agents who want to be in charge of their own business independently like a CEO, working with a team may not be the best option.
Working with Different Personalities
Joining a real estate team means knowing how to deal with different personalities. Not every team member is going to get along, and it’s important to be able to work with a variety of peers, just like a variety of clients.
If an agent is not successful at handling conflict or dealing with different personalities, they may find it difficult to work on a team.
Should Agents Join a Real Estate Team
While it is certainly possible to succeed as a real estate agent without joining a team, there are a number of benefits that can’t be missed.
In the end, each agent has to make the decision for themselves whether or not joining a team is right for their career.
There are benefits and challenges to both working independently and as part of a team, and the best decision is the one that’s right for the individual agent.
If you’re looking to start or join a real estate team, let Radius help. We offer tools and resources that make it easy for agents to collaborate, manage and grow their teams.
Contact us today to learn more about how we can help you grow your real estate business.