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Complete Guide to Building a Real Estate Team
How to build a real estate team with a step-to-step guide: real estate team structure guidelines, important roles & tips for building a successful...
The Benefits of Working on a Real Estate Team
Evaluate the benefits of working on a real estate team before deciding to work alone. Real estate teams can give you the support needed to be successful.
Madison Clifton
Aug 22, 2019
The freedom to work independently and on your own schedule may have been what drew you to a career in real estate. While this a very attractive element of being a real estate agent, you might want to consider giving a little bit of that freedom up to join a real estate team. There are numerous benefits to working on a real estate team that many consider well worth the cost. Making the decision to work on a team can give you the experiences necessary to become more successful, and make it a little easier to meet the goals you have for your career.
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Skill Improvement
The best way to improve your skills as a real estate agent is to apply them to sales opportunities. Sales opportunities can be hard to come by, especially if you are a newer agent. This is where a real estate team comes in. Real estate teams have vast lead generation outlets. Meaning that they consistently have access to and knowledge of many buyer and seller leads. Being apart of a team gains you access to these leads as well. The more you are able to work with buyers and sellers, the more refined and advanced your skills will be. Real estate teams help to provide you with the necessary leads you need in order to increase you experience and improve upon your skills.
In addition to providing you with leads that will help you earn more money and become a better agent, teams also provide another outlet for skill improvement. The other agents on the team are some of the best resources you will have to improve your skills. Regardless of if they are new, or seasoned, speaking to them about their successes, failures, tactics, and strategies they have used will allow you to grow as an agent faster than you ever imagined. Learning from the experiences other agents have had working in the field will set you up to be the most successful you are capable of being.
Collaboration
Many consider the fact that you get to work alone the best part about a real estate agent. You have total control of everything in your business and you don’t have to rely on anyone else for work. While this may seem perfect, it is easy to hit brick walls, and not know what to do. Maybe your lead generation strategies aren’t working, or you don’t know how to solve a problem for a client. These situations can become stressful very quickly if you are working alone. Real estate teams allow you to avoid this though. You still have a lot of the freedom you love about being a real estate agent, but you also have other experienced and trusted agents to bounce ideas off of. The other agents you will meet on the team are amazing resources and many times you will consider them invaluable.
Networking Opportunity
When you join a real estate team you will have the opportunity to not only network with your team members, but countless other people as well. On a team you will be working with more clients, and a larger diversity of clients than you would encounter working alone. This is because you will be interacting with team member’s clients as well. Therefore allowing you to make connections with a multitude of buyers and sellers that could potentially lead you to your next client.
Your team leader and team members will also be able to introduce you to more people in the industry. Thus allowing you to make numerous professional connections. Professional connections can easily jump start a career, so it is best to have as many as possible. It is attainable to make many professional connections working alone, but it would take you exponentially more time.
Specialization
The key to a successful business is doing a lot of what you are good at. Real estate teams allow you to focus on that,while other members focus on areas where you are weaker. Collectively a team is able to present the strongest front possible by utilizing everyone’s strengths. This allows for a better overall experience for your client as well. Your client is getting the best service you are capable of when you are utilizing a team to improve upon your weaknesses.
Specialization is a benefit of working on a real estate team that will allow you to have a more enjoyable and relaxed work experience. Maybe you struggle with an excessive amount of paperwork. Real estate transaction coordinators are great with paperwork and can easily manage yours. Or maybe you can become forgetful and neglect to fully nurture cold leads. An inbound sales assistant specializes in nurturing leads and will make sure they are never forgotten about. When people who specialize in certain areas come together and work off of each others strengths, everyone involved has a more positive experience.
Distribution of Costs
In case you have not already found out, the cost of doing business as a real estate agent can be quite expensive. When adding up MLS fees, marketing costs, access to necessary technology, and much more, the total can be much higher than you imagined. When you are on a team though, those costs are distributed among team members. Thus making the expense of being a real estate agent much more manageable. On top of dividing costs between team members, your brokerage may also have a cap on transaction fees. Saving you even more money.
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Should You Be Working on a Team?
At this point the benefits of working on a real estate team should be obvious. You will be able to easily improve on you skills, save money, collaborate with other agents, and much more. Working alone may have been what you originally envisioned when you decided to become a real estate agent, but visions can change. You will be able to grow and be more successful with the support of a team behind you. And who knows, you may even discover that you love working on a team and wouldn’t want to be an agent any other way. Keep an open mind and truly consider all of your options before you decide on being a lone wolf agent.