Whether the ink is still wet on your real estate license, or you’ve been in the business for quite some time, there are real benefits to working on a real estate team. According to NAR, 28% of agents were on a team in 2018, and that number is only expected to grow. Why is the team structure so attractive? We’ve got 5 benefits of working on a real estate team that might have you thinking a team is for you.
1. Keeping your sanity. If you’ve ever tried to be a one-man (or woman) show with any volume at all, you know that you’re expected to be available around the clock for clients, other agents, and vendors. Like to take vacations on the beach? Don’t forget to take your phone, your laptop, tablet and definitely don’t forget your to-do list. However, if you have a team, there should always be someone to cover for you when you’re unavailable, without sacrificing your normal level of service. Just the option of some interrupted you time will increase your job satisfaction and quality of life. Remember, you’re in this for the long haul, so you don’t want an early case of burnout.
2. Cost savings. The cost of doing business as a real estate agent isn’t exactly cheap. There are MLS fees, marketing costs, association fees, broker’s fees, office space, the cost of tools and technology, and that is only the beginning. Wouldn’t it be nice to share some of those expenses collectively? A team may just help you do that. Take marketing costs for example. When it comes to business cards, file folders, snazzy pens, and yard signs, costs can be split among everyone on the team. In addition to the costs that a team can divvy up, your brokerage may also offer a cap for transaction fees which would save everyone on the team thousands.
3. Training and support. Training and support provided by your team, especially if you are new to the industry, will be critical in your success. Industry training from other experienced members of the team is priceless. Not sure what to do about the septic issue your client had the day before closing? It’s likely someone on the team has dabbled in a few deals and can help answer your questions. Not great at tedious paperwork? A team could have you covered there too if they already have an admin or transaction coordinator on board.
4. So much collaboration. Some agents say the best part of being a real estate agent is working alone, but it’s also the worst part. Sometimes bouncing ideas around, watching others use successful marketing tactics, and voicing your goals to someone other than your dog can be just what you need to stay motivated and accountable. You get out what you put in as far as collaboration, so attend team meetings regularly, come into the office once in awhile, and take in as much as you can from those around you.
5. Specialization. Is there something you really like about being a real estate agent? Is it showing homes? Is it listings? Do you love the intricacies of the paperwork? On a team, you can specialize in an area that you’re passionate about, while the rest of the team picks up the areas you don’t love for a seamless client experience.
If those 5 benefits of working on a real estate team aren’t motivating enough to get you thinking about being on a team, then maybe a team isn’t for you. However, I would encourage you to interview a few and see how you’d fit. There is a reason that the number of Realtors on a team is only expected to grow over the next five years.
Author Bio: Emily Fisher. Emily is a licensed real estate agent and Brand Ambassador for Worth Clark Realty and Transactly. She has helped grow the brokerage into a top 50 fastest growing company, repeat INC 5000 winner and contributed to their multiple rankings on the SBJ Best Places to Work lineup. In her personal life, Emily can usually be found dancing in the kitchen with her daughter or discussing the physics of superheroes with her fiance.