Should You Join a Real Estate Team?
Real estate teams are hot! According to the National Association of REALTORS® 26% of agents are on a team and another 30% are considering joining one.
Although there is a ton of freedom that comes with working solo, there are many perks to joining a real estate team. If you’re new to the industry, and thinking about joining a team, here are some things to consider.
1. Organization and planning.
Real Estate Team: A team provides you with structure systems and tools that can shorten your learning curve. Being your own boss sounds like a dream, but a dream without a plan remains a dream. Support of the team in the beginning of your career can help you to get more confident and organized.
Solo Agent: Invest in a business solution or training. This will help you create a plan and stick with it. Start with goal setting and budget, your personal and business expenses, make sure you have all necessary documentation and understand the process of closing the deal. You might want to consider coaching to help you create business plan and strategy.
2. Growing your database
Real Estate Team: A team provides you with leads and tools. When you are just starting your journey in real estate, it may not be clear how to generate the leads, how to convert them into the prospects, how to close the deals or how to run your business. One of the advantages of joining an agency is that it already has an established reputation, and you don’t have to worry about marketing and advertising.
Solo Agent: Start building up your name in the industry. Marketing can be tricky, but there are solutions, like Referral Maker® PRO – an ultimate solution for real estate agents. Create your own database based on referrals and use tactics that work.
3. Closing more sales
Real Estate Team: A team provides you with back-up when needed. You will also have some help with documentation and transaction coordination, as well as advice on how to convert the leads. It is important to remember that commission split with a team is one of the main reasons why agents prefer to develop their solo career. For many agents this is the main reason for going solo.
Solo Agent: Consider real estate training or coaching. Having an accountable, trustworthy, and experienced coach who is there to help you to set and achieve your goals, balance your work and life, will help you to stay on track. Being part of a real estate team can be a great and safe way to take your career, especially if you are new to the industry. It will help you navigate through uncharted waters and help you build your business on a solid foundation. Whether you join a team or not, start creating your own network, using personal referrals, and establishing your name. It’s always a good idea to start growing your own brand and work by referral.
