Joining a real estate team is a popular move these days. This is especially true for agents who are just starting out and looking for experience. Real estate teams are agents who combine resources and work together under the umbrella of a brokerage. Rea estate teams typically have several agents as well as specialized supporting roles. These include people in marketing, transaction management, and lead generation.
Our team at Local Leader® is always on the lookout for ways to help real estate agents grow. This is why we made this list of eight reasons to consider joining a real estate team. Give it a read to determine if joining a real estate team is the right move for you.
For more details, read our guide on building a successful real estate team.
Top Benefits of Joining a Real Estate Team
1. Network With Your Peers
One of the best ways to learn the ins and outs of the real estate industry is to work with seasoned agents who can show you the ropes. Joining a real estate team can be a great short cut to valuable knowledge from your more experienced peers. You will be able to learn from their insights, mistakes, and strategies. Over time, you’ll find your own strategies that help you grow as a real estate agent.
When you work alone, it can be very challenging to find the right mentor or the right connections. In turn, this can slow down your business growth and hinder your career.
2. Combine Marketing Efforts
Another top reason to consider joining a real estate team is the benefits from combined marketing efforts. As a new agent, you probably don’t have the budget or industry know-how to implement marketing strategies that attract many leads. Joining a real estate team can allow you to combine budgets for marketing materials, which can help to stretch your dollar. Additionally, many teams have dedicated roles for marketing and lead generation.
It’s true that it’s more difficult to promote your personal brand while on a team. However, joining a real estate team can help you gain the experience that will help you in your future. That way, when you are ready to branch out on your own, you will be better set for success.
3. Capture More Leads
You can’t be available 24/7 to answer your phone or emails. As a result, some leads slip away before you can do anything. Joining a real estate team can help you solve this problem. You may have a dedicated person to answer calls or simply step in for one another when someone is busy.
When you’re a solo agent, you might get too busy to search for prospects while closing deals. This often means that you leave gaps in your business. Teams generally have a specialized lead generation system with a constant stream of new clients, referrals, and returning clients. In this way, joining a team can help you capture more of those leads.
4. Achieve a Better Work-Life Balance
Real estate agents are typically busy because working more hours means closing more deals. However, this mindset can lead to a poor work-life balance and burnout. By joining a team, you can coordinate with your colleagues to make time in your schedule to see your friends and family and enjoy your hobbies.
It’s also helpful to have a backup from your teammates for emergencies or unexpected time off. In addition to having more time for yourself, this can save you from potentially losing clients or missing important meetings. Ultimately, joining a team can give you peace of mind that your business will be fine, even after an absence.
5. Receive Predictable Income
Working as a solo real estate agent means that sales are inconsistent and sometimes few and far between. When working with a real estate team, you’ll always have work to do. This can include everything from showing listings, meeting clients, and marketing properties. As such, your income is likely to be more consistent and more predictable than if you work alone.
Real estate teams have different compensation structures. However, a fixed commission split is the most common. With a fixed commission split, you make a percentage of all your sales, which might be 60/40 or 70/30, depending on your team leader’s decision. Typically, teams that take less commission will provide fewer services like marketing resources and lead management.
6. Specialize in Areas of Interest
You can’t be picky about your work as a solo real estate agent because it would be too challenging to make sales consistently. However, you might be able to specialize in a specific area of real estate when working with a team of agents. One of the goals of real estate teams is to provide excellent service by utilizing the skills of the agents, so you could potentially find a team that needs your specific knowledge.
Also, with other team members taking care of time-consuming tasks like managing social media and nurturing leads, you have more time to focus on your interests and build your expertise in a certain area. Even if you might get less commission by being on a team, it can be worth it for the experience you gain.
7. Benefit From an Established Brand
Some teams have been working in a particular area for many years and are well-known by the locals. By joining this team, you gain some of that reputation by proxy. Even if you’re a fledgling real estate agent with no accomplishments to speak of, simply being a part of a renowned group of professionals will give you a leg up in the industry.
8. Connect With Clients
When you have a whole team backing you up and taking care of the details behind the scenes, you have more time to spend helping your clients. As a real estate agent, solid client relationships are crucial. Not only will those clients be more likely to reach out to you in the future, but you’ll get many more referrals from those who enjoyed their experience.
When you eventually branch out and start your own brand, you’ll have a substantial contact list of past clients who might want to work with you again.
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