Real estate teams are a growing segment of the Realtor® population. As state real estate commissions continue to adapt (and sometimes struggle to adapt) to this growing trend, many new and experienced agents are beginning to ask themselves if a team is right for them.
Karen Anne Stone wrote a great blog yesterday in response to colleagues asking for her advice when considering hiring a buyer's agent (see: Attitude or Experience... What to Look for When Adding a Buyer's Agent... .) She suggested I expand my comment to a blog post...so here it goes.
In the interest of full disclosure, I am not currently on a team. I worked as the marketing coordinator and catch-all person for one of our teams for 4 years and have just moved out on my own with the same agency (with the full blessing of my former team leader.) My thoughts on the subject have to do with the team concept and the opportunity I was afforded for 4 years to absorb and observe several of our agency's teams in action and what seems to make or break their success.
As far as the nitty gritty of teams, I am sure there are many more experienced and qualified agents out there than myself, and I hope they will add their thoughts, comments, and tips to this post. For the ins and outs of growing a team, there are also detailed plans in Gary Keller's book, The Millionaire Real Estate Agent. I consider myself a team player and do value the team concept, but at this point in my life, the opportunity to grow into my career and control my own schedule are key factors for my choice to be an individual agent at the moment.
When considering expanding into a team or joining one, agents really need to ask themselves "Am I a team player?" ...and perhaps if the answer is "no," more importantly, "Do I want to be?" Real estate teams are not for everyone, but they can be a perfect fit for many when done right.
In my experience, the most important trait for all people involved with a team (leaders, assistants, agents) is a commitment to and belief in the value of the team concept. Our agency's most successful teams operate as well-oiled machines. Here are a few of the aspects that these highly successful teams share:
- Roles are clearly defined.
- Clear expectations are set.
- They hold regular weekly team meetings that are time-blocked and NOTHING else is scheduled during that time. Communication is key!
- They encourage suggestions and creativity.
- For the most part, when not showing homes, writing contracts, or participating in other lead generation or networking activities, all members of the team are in the office and busy.
- They have a consistent bonus structure so that all team members can grow. This can be a tricky one. As a team leader, a generous bonus plan can keep the troops motivated, but you also need to think it through so that you do not start something that will get out of hand and end up costing you more than the team member is worth to you.
- Lead generation is EVERYONE's job. It is planned and time-blocked.
- All team members feel appreciated and valuable to the team.
- They participate regularly in team building activities.
Whether they are new or highly experienced, agents joining a team need to truly buy into the team concept for it to be a success. If a potential buyer's agent joins a team only because they think it will be easier, then they may not see the value in giving up half of their commission. However, if a buyer's agent no longer wants to plan advertising, handle tons of paperwork, organize closings and just wants to meet with clients, show and sell property, then they may decide that a team that can provide them with 5 times as much business is worth giving up half of the commission.
The flip side of this is true as well and just as important. Many experienced agents come to a point where they envision themselves as the leader of a team. However, not all of them will be successful. A team leader who adds assistants and buyer agents, but keeps all the choice leads and does not work daily to actually lead the team, will not be successful. To lead a successful team, an agent needs to be able to develop a balance between delegating responsibility and keeping a level of involvement that keeps the team focused, but allows it to grow and function smoothly. Teams need to have a strong value proposition to attract top talent.
Well, I have babbled on long enough. I'm anxious to hear your thoughts on what you have observed, what makes or breaks a team, and what you are looking for in a team or team member.
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