The concept of real estate teams is not new and it’s been the point of debate for years: Do I join a team or fly solo? Real estate teams came to be when the lead agent, or the “rainmaker” had too much business and leads were falling into a trashcan. Instead of losing business, the rainmaker could hire someone to work those leads, and in turn create more revenue for everyone.
Well, with a new independent study released by Workman Success Systems, we can end the debate – teams are the unfair advantage in real estate. The Unexpected Impact of Teams in Real Estate study found:
- 72% of real estate professionals on teams believe their team has been essential to their success. This directly contradicts the myth that being a solo real estate agent is preferred.
- 80% of real estate professionals say they tend to be more productive and successful when they work on a team!
- 85% believe being on a great team is a competitive advantage.
The study also revealed that poor communication and poorly defined roles and responsibilities are seen as the biggest threats to establishing a strong real estate team. That is because 98% agents are not efficient with their day-to-day operations, and when they finally burn out, they decide to hire a team member with no plan or direction. When this happens, they expand their inefficiency, which leads to frustration, chaos and turnover.
As a team leader you need to be clear on your “why” and build your team’s culture around your goals and principles. Who is your team? Who do they aspire to be? What do they believe in? Answering these questions will help to define your team’s core values.
If you don’t know where you are going or why you want to get there, it will be impossible for anyone to stay on your team for the long run. Each team member must be in alignment with your purpose and your vision, and feel as if they have a vested interest in the entire team’s vision. A strong team has clarity and a clearly defined path for success.
- A team vision: what impact do you want to make in your community?
- Establish values: what do we stand for as a real estate team?
- Create team beliefs: how do we treat our clients?
- Set team expectations: how will each person contribute to the team?
- Take the culture test: can each person on your team recite the team mission, beliefs and values with conviction and confidence?
- Accountability: hold each team member accountable with training and leadership. Remember, accountability means you care!
Following these proven steps will ensure you develop an environment that keeps your team members happy, prosperous and loyal – which is the ultimate unfair advantage of teams in real estate!