It’s a dog-eat-dog world out there, right? Hold on. While the real estate world might be competitive, there are some real benefits to joining a real estate team.
Gone are the days of real estate agents working against each other to build their real estate business. Now, it’s become quite common for agents to work together.
What is a Real Estate Team?
A real estate team is a group of agents who work together. They perform lead generation together, manage listings together, and collect commissions together. The real estate industry has a reputation for being quite competitive and cutthroat, but it doesn’t have to be that way.
Under the team structure, there’s usually one team leader, and there may be specialists such as a transaction coordinator. Everyone will work to bring in and secure leads, and everyone will be able to reap the benefits.
So, let’s take a look at a few advantages of joining a real estate team.
6 Reasons Why You Should Consider Joining a Real Estate Team
1. Learn From and Network with Your Peers
As an independent agent, especially a new one, it can be difficult to get started. You want to become a successful real estate agent and business owner, but you don’t know what you don’t know.
When you work in a small team, it’s like working as an individual agent in a small business. You are able to share efforts such as marketing, and you can reap the benefits of team culture.
You will get close to other agents, learn more about the industry, and develop your career. And your agents can help you in networking as a newly licensed real estate agent.
Within the team, you can learn from a listing specialist what the best listing looks like. Or learn more from a buyer’s agent about what a well-qualified buyer looks like. All these things will make you a better Realtor.
2. Combine Your Marketing Power
Your entire team will be able to combine your marketing, including social media efforts, door-to-door sales efforts, and engaging with the community at community-driven events.
As a new agent, it can be difficult to establish yourself. But working with a team can get your foot in the door. And if any of your team members decide that they would rather not deal with certain clients, buyers, or houses, they can pass that on to you.
Marketing is exponential. Once you hit a certain amount of growth, your marketing takes on a life of itself. Working with a team means that you can grow your business faster and that you will yield greater results.
3. Be Available to Capture and Secure Leads at Any Time
A client calls, but it’s Sunday — your day off. Before you know it, they’ve gone with someone else entirely.
You can’t be all things to all people, and you can’t be available 24/7. But your team can be.
Working in a team means that you’re more likely to be able to capture and secure leads at any time. The real estate industry moves fast. The more available you are, the better it is.
And that also extends to things like being able to update social media consistently, take better pictures and videos of listings, and market real estate sales.
4. Achieve Better Work-life Balance
Every experienced real estate agent knows that you make money based on the number of hours you work. But that doesn’t mean that you want to always be on call.
By working for a team (especially within a boutique brokerage), you can free up more of your time for your lifestyle. Whether you have hobbies you want to engage with, children you want to spend time with, or even just pets at home, you can spend more time doing the things you love.
If you’re working on your own, you need to be present for every real estate transaction. But if you’re working with other established agents, you can find ways to work around your schedule.
You’ll still be a sole proprietor; you’re still ultimately in charge of your own fate. But you won’t be entirely at the whims of the real estate market.
5. Increase the Predictability of Your Income
One of the most common complaints about real estate, especially for a new agent, is how unpredictable the income is.
You could make three sales in a month and then have no sales for the next six months. It’s extremely volatile.
As a solo Realtor, you’ll just need to get used to it. But if you’re a Realtor with a team, you don’t. The money will come in far more steadily, making it easier to plan ahead.
A member of a team is going to be kept constantly busy marketing listings, showing houses, and meeting with buyers. Even more than their managing broker, their team will keep them at work.
Because of that, it won’t be a scramble to find a listing or a buyer. Income will be far more predictable, and the entire process of building your real estate business will be less stressful.
6. Specialize in the Area of Real Estate You Desire
Let’s say that you really only want to specialize in waterfront properties. But waterfront properties in your area are highly seasonal; they tend to sell during the summer.
If you were working alone, you’d have to branch out; otherwise, you just wouldn’t get any sales throughout the year. But with a real estate team, you can concentrate on waterfront properties — as long as you’re pulling your weight.
Alternatively, if you just want to be a listing agent or a buyer’s or sales agent, you’re free to do so.
Who Should Join a Real Estate Team?
Joining a real estate team is generally a good choice for a new agent. It allows you to benefit from the experience, knowledge, and skills of other agents while also building your own career.
A real estate team may sound restrictive. But it actually lets an experienced agent concentrate on the areas they want to concentrate on while providing them a buffer in terms of finances and labor.
With the right team, most agents are going to find themselves being far more effective than they usually are. And they may eventually find that their team leader could even become a real estate broker and form a firm themselves.
FAQs on Joining a Real Estate Team
How do you join a real estate team?
You can look around your brokerage to see whether any teams have been established. If your brokerage doesn’t have any teams, consider building your own real estate team.
If you’re a newly licensed agent, you may need to become a little more experienced before you’re invited to a team. But if you’re a seasoned agent, it may be time to start a team of your own.
What’s the difference between a real estate team and a brokerage?
A real estate team generally functions within a brokerage. Once you sign on with a real estate broker, you’re a new agent; you can work for yourself. The broker gives you some support, but you mostly need to figure things out yourself.
With a real estate team, you have more of a safety and security net. But a real estate team can’t replace a real estate company. A real estate professional still needs a brokerage to hold their real estate license.
Are there any cons to joining a real estate team?
If you don’t have a good real estate team or a trustworthy team leader, a team can be more trouble than it’s worth. You need to find a team that works well for you.
Not every agent wants to share their real estate career with a new real estate agent. It may take some time to join a real estate team. And some people just prefer the freedom of being a solo agent.