The majority of real estate agents working on teams believe they’re more productive and more likely to remain in the industry than if they’d opted to operate alone, according to a first-of-its-kind national study.
The recent study, conducted by the Center for Generational Kinetics in partnership with Workman Success Systems, included over 500 agents and brokers nationwide who work with one or more people. It set out to gain a better understanding of what real estate professionals expect when working with a team and how they view their experience as a team member.
The 500 participants were asked about strategies that make teams successful and about barriers or headwinds that most negatively impact real estate team performance.
On the whole, the study found that brokers and agents tend to have positive, enriching experiences, both professionally and personally, when working in a collaborative environment.
One of the more intriguing findings was that 81% of agents believe that being on a team makes them more likely to remain in the industry—an industry where jumping ship is all too common (the majority of agents do not renew their license after two years).
Other key discoveries:
- 72% of respondents believe their team has been essential to their success.
- 77% had positive or very positive experiences working on a team.
- Less than a quarter of respondents said being on a team does not earn them more income than operating solo.
- 80% of respondents said being on a team makes them more productive and successful.
- 62% wish they had more specific specialty training within their teams.
- 89% of respondents want major real estate companies and brands to support a team model.
- 55% said being on a team has had a positive impact on their personal lives.
- Nearly one-third of respondents said poor communication is the biggest barrier to establishing a strong team.
The takeaway:
“The study found that across all major variables, being on a team drove a better outcome for real estate agents and brokers which in turn creates a better outcome for their clients. Adopting a team approach to real estate not only brings out the best in agents and brokers, but also creates a virtuous cycle of being able to deliver better results to clients who in turn can drive growth, referrals, loyalty, and more,” report authors write.
“Teams and a team-based approach are the future of real estate organization structure and the key to overall performance. A significant majority of all 500 study participants wanted to work on teams, said they delivered better results when on a team, and found being on a team was critical to achieving goals for their clients, both buyers and sellers,” the report concluded.
The full study can be found here.
Brendan Rascius is RISMedia’s associate editor. Email him your story ideas to brascius@rismedia.com.
