Teams have become an integral part of today’s real estate landscape. Every fourth member of the National Association of REALTORS® now identifies as a member of a team.
Should you join a team?
Many new agents, or agents struggling with the production view, become team members as good career options. Usually it’s because they take or hope that the team leader will take all responsibility for prospecting and business development. In other words, they want the team leader to “give them leads” in exchange for sharing the commission.
It doesn’t take long to find examples of agents joining a team. They think life is good only to quickly derail their careers and lose a lot of time. When considering joining a team, it is important to do your research and clearly understand the team leader’s business model, systems, expectations, and track record.
Being a team member is not for everyone and is not a guaranteed easy way to make money in real estate than going it alone. It’s a different way, but it will still take hard work, persistence, and patience.
Should you be a team leader?
Entry into a team leader position can be a costly disaster in your career. Most agents choose to team up because they are too busy. They believe that a team model saves time and allows them to keep increasing their production. This can happen, but it does require careful planning and execution.
If you are a single agent, you can easily run your business by storage. When moving to a team leader, there must be processes, systems, and checklists in place for every business task your team manages. Your team members represent you as an extension of your personal brand. You have to set them up for success.
As a team leader, you must have a solid operational foundation, a clear value proposition, a defined team structure and a compensation model for your team members.
Start or rebuild a team
The first step in moving from a solo agent to a team leader should be to hire an assistant. You should work with this person to lay the operational foundation of your business so you can add agents to your team. One of the main reasons teams fail is because there are no systems in place.
Don’t forget: team leaders are leaders. Are you ready to lead other people? This takes an enormous amount of time and is often not intuitive for motivating people to form a team in order to save time. So you need to be very clear about what you want and what you are willing to do in order to avoid mistakes. Incidentally, the failure rate of teams is even higher than the failure rate of individual agents.
Are you ready?
Check out this team readiness assessment to see if you’re ready to create a team. Answer these ten questions to help you decide if you are ready and determine the areas to focus on as you prepare. Answer yes to seven out of ten, and your chances of becoming a successful team leader are really good!
About Wendy Forsythe
Wendy has spent her career helping top brands, brokers, and agents in Canada and the United States build their businesses. At Fathom Realty, she serves as Chief Brand Officer, where she focuses on growing the Fathom brand across the country. You can contact Wendy at Wendy@FathomRealty.com. To learn more about Fathom, visit www.FathomCareers.com.