Real estate is an evolving industry. While experts question whether the future will be dominated by teams or solo agents, an independent national study indicates that the popularity of real estate teams is here to stay.
Why real estate teams are gaining popularity
In the past, agents indicated that they worked best alone. They found that selling themselves as an individual agent helped them find clients and build their businesses.
However, the industry has experienced a substantial shift. An independent national study from Workman Success Systems found that 85% of REALTORS® believe being on a team gives them a competitive advantage. Additionally, 77% of respondents indicated that they had a “positive” or “very positive” experience working with a team.
Differences in pay and commission
Agents early in their career may struggle to find clients, ultimately impacting their income. Working for a team offers the benefit of having clients from the first day. Some brokerages also pay salaries, offering a more reliable income.
On the flip side, seasoned veterans may benefit from starting their own agency where they won’t have to split commissions.
How teams can outperform a solo real estate agent
Most real estate teams are skilled agents pooled together to win more business. Here are five characteristics your team needs to be at peak performance:
Trait No. 1: Develop a niche
Determine what sets your team apart and capitalize on it. Whether your focus is on luxury properties or first-time homebuyers, find your differentiator and work it into your marketing strategy.
Trait No. 2: Create an effective marketing strategy
Effective teams understand the importance of targeting potential clients who fit into their niche. Speak to their specific needs so they feel confident that your team is the best choice.
Trait No. 3: Fine-Tune your team culture
Encourage open communication and set the example of how to support each other. Show empathy and offer advice when asked. Set common goals and celebrate wins as a group. Help people let go of the individual mentality and focus on building the group outlook.
Trait No. 4: Track success
Data should drive everything you do. It helps track improvement as a group and identify campaigns that have been successful. It also gives you an excellent pitch to use when marketing to prospects.
Trait No. 5: Make real connections
Referrals are one of the best marketing tactics for any team. Gaining referrals from past clients helps bring new clients to your business. Focus on providing exceptional customer service, and don’t be afraid to ask for referrals after a successful transaction.
Real estate team versus solo agent: which is better for your career?
As you grow your career, consider joining a team of skilled agents. As a new agent, working on a team can help you win more listings and, ultimately, make more money.
For more information, visit https://www.colibrirealestate.com.
Tina Lapp is head of customer experience and instruction for Colibri Real Estate. With nearly 30 years of professional education experience in the real estate sector, Lapp empowers aspiring and seasoned professionals to thrive in their careers. Lapp was inducted into the RISMedia Newsmakers Hall of Fame in 2022.
