On August 1, another agent (Michael Valentine) at my office and myself teamed up to form the "Home II Home Team."
The team came about for several reasons. We have worked at the same RE/MAX office together for about 3 years. We often shared stories about our clients, offered up solutions to each other, and when each of us had to be out of the office, we wouldlook to the other for assistance with our clients. Because of our office camaraderie, we began to discuss forming a team earlier this year. We were able to recognize that while it could be a time-consuming process getting paired up, we would be able to achieve more together than we would separately.
Here are the benefits of forming a team:
1) A team allows you to specialize. I am the listing specialist for our team and Michael is the buyer specialist. This allows us to devote our time to becoming experts at what we do and eliminates some of the activities we were previously doing.
2) A team presents a united front when working with other members in the real estate community. We have been able to visit builders and others in this industry and it seems to give a more powerful impression to others knowing that a team is working together to make something happen rather than one individual.
3) A team gives you emotional strength. As we all know, sometimes the real estate business can be harsh. When dealing with negative situations, you are able to turn to the other team member for moral support and advice.
4) A team makes you accountable. You realize that if you do not produce, the other members of your team suffer as well. Assuming that you genuinely care for the others on your team, you feel responsible to do your part to make the business successful.
5) A team is fun! I have found that going to the office each day, networking, and marketing have all been more enjoyable since forming a team. It is easy to get burnt out in real estate, but having someone else working along with you is more exciting than going at everything alone. I have found that I am laughing more and in general have a more upbeat attitude.
6) A team can save money. There are many expenses that we can now split, which makes the cost of doing business go down. For example, we only need one subscription to Realtor.com, we only have to have one website, we only need one checking account, and we have reduced costs each month to our broker.
7) A team doubles your sphere of influence! Since we have teamed up, we are actively going out to visit each other's friends, family members, and past and current clients. We now have a wider group of people to market to.
8) A team increases your knowledge base. Many real estate agents say that each deal is unique or different, and it's true. I can't think of any two closings that went exactly the same. Having another agent on your team provides increased experience and knowledge about areas that you may have little or no expertise in. For example, Michael has more experience than I with short sales, and I have more experience than him with HUD properties. We are able to share that knowledge with each other so that our future transactions go smoothly. As the old saying goes, "Two heads are better than one."
9) A team gives you a bit more flexibility. It can be very hard to take phone calls when you are the doctor's office, on vacation, or at home with a sick kid. While it is not ideal to be gone from the office, you do have peace of mind knowing that a team member can answer phone calls and help clients until you get back.
10) A team can be a source of additional income as it grows. By running your business correctly, you can add to your team and increase your income potential. By hiring more people for your team, you can effectively serve more people and increase earnings. In the future, selling your business can be a source of retirement or passive income.