Trying to predict the future is always a risky business—especially in our industry, where market indicators can turn on a dime and every day brings a new overnight expert. Over the last few years, there has been a lively discussion in the industry about the rise of teams. Is it just a passing fad, or are teams going to one day be the new normal? Well, for the first time, we have hard, statistically accurate data about the team experience, and I believe we can finally put this question to rest.
This spring, I commissioned an independent national study to conduct the first data-driven analysis of real estate teams. Here is just some of what we uncovered.
Teams Are Very Well-Liked
Over three in four (77%) of study respondents reported having a positive or very positive experience on a real estate team. This figure remains consistent across generations, genders, income, and work experience, indicating that teams enjoy significant popularity among those that work in them. Respondents noted that they value the sense of accountability, community, and collaboration teams facilitate, which in turn helps improve sales results.
This finding is one of the least surprising to those of us who have advocated for team models but is still one of the most significant. It shows that teams have real staying power, and aren’t just a passing fancy.
Agents Say Teams Boost Their Success
Over seven in ten agents on teams (72%) say that being on a team is essential to their success. Even more (85%) say being on a team gives them a competitive advantage. This indicates a significant shift in mindset across the industry. Where for years many have felt that being a solo agent was the best way to find success, we are learning that success and satisfaction are not only possible but more sustainable in a team setting — just one more indication that the team model is here to stay.
There’s More Work to Do
Taken as a whole, the study’s findings indicate a strong current and ongoing appetite for teams. However, it also shows that many teams still fall a little short of their full potential. Despite reporting high rates of positive experiences and success, only 55% of respondents — just over half — say being on a team has had the effect on their lives that they hoped.
But respondents also provided a wealth of information about their attitudes regarding leadership styles, workplace culture, training, challenges, and more. This data is as valuable to those building and developing teams as anything else reported in the study. It helps us truly understand what makes a successful team tick as well as what pitfalls they can experience.
I am so pleased to share this exciting and valuable information with agents and teams everywhere! If you lead or are part of a real estate team, visit https://workmansuccess.com/teamstudy to download your free copy of our national study.
Verl Workman is the founder and CEO of Workman Success Systems, a real estate consulting company that specializes in performance coaching and building highly effective teams. Get free access to some of the very same tools and resources he has used to create success in his clients’ businesses.
