In recent years, the real estate industry has changed dramatically.
With the advent of new technology and more home sellers and buyers using the internet before selecting a real estate agent those who have not kept up with the times and technology are destined to fall behind the leaders.
Take for example the concept of real estate teams. Most industries have utilized team concepts to their advantage for years: corporate departments, sports, small businesses all utilize the team concept for growth and profitability.
The real estate industry however has historically placed real estate agents as sole entities, training them to be stand alone islands left to their own devices and abilities.
However, in recent years this ‘old school’ training has slowly been side stepped by some of the most profitable and top producing real estate agents in the country.
By realizing and implementing team concepts into a real estate agents business, these agents can provide substantial benefits to their customers’ traditional methods lacked.
Let’s examine a few of the benefits of being on a real estate team…
Marketing and advertising
Teams utilize shared expenses in marketing and advertising to a much greater degree due in part to having additional resources by way of more agents as well as an increased visibility in the communities.
Stand alone agents must pay for all marketing and advertising costs themselves with little assistance from the brokerage. It is up to the individual agent to market and advertise properties for sale using their own limited funding.
With teams, agents do not have to fund the advertising costs alone. Having more agents available to share the costs greatly decreases an agents cost outlays and increases their profitability.
In addition, sellers can be assured that their property will reach more potential buyers. More potential buyers in turn may mean quicker sales and often times better realized profit.
Let’s not forget about our buying customers who also benefit greatly from the real estate team concept. Regular team meetings to discuss customers’ wants and needs may often present opportunities missed by the solo agent.
More minds working on a task tends to produce better results!
Experience and training
Teams benefit not only from 1 agents experience, but the combined experience of the entire team.
This aids the individual agents by having insight and experience to draw on for help in problem solving and working with difficult property issues as they arise.
Having a larger ‘pool’ of experience to draw on provides agents with less experience increased training opportunities in a much quicker time frame.
Support
The real estate business experiences business peaks and valley’s through out the year depending on locality.
During the busiest times of the year some agents may not be able to provide the support and services which they normally provide due to the number of customers they’re working with at one time.
On a team, this is never the situation as there is always someone on the team that can lend a hand, provide support, show customers properties, write contacts etc.
Fun and Camaraderie
Teams tend to be much more fun!
Think about this a moment: If an agent is working alone, they may be able to visit and entertain with a few other agents in their office when not busy.
However, with a team you get the closeness of friendship and support that only a group of like minded professionals enjoy.
Team events, dinner parties, team meetings etc. all lend themselves to additional fun for the agents providing the ability to relax and share good times with others.
While many agents continue to employ the ‘old school’ traditional techniques in running their businesses, the more successful agents employ the team concept to provide increased customer services, reduced costs to team agents as well as increased profits to sellers and agents alike.
Growing a productive team is a key ingredient in running a successful real estate business in today’s market.