Nothing can be more satisfying than closing a real estate deal or achieving a huge revenue milestone. But you face both the highs and lows in the real estate business. Even if you try to handle everything independently, you still need another helping hand to get your job done more effectively. That’s where the role of a real estate team comes into play.
What Are the Benefits of a Real Estate Team?
As a realtor, you should acknowledge that a team can do much more than individuals. The more insight you will get about the team, the more you will realize how much you need it in your life.
Here are a few top benefits of the real estate team mentioned.
One of the most significant advantages of creating a real estate team is that it helps you achieve a work-life balance. If you want to stay productive, energetic, and lively:
- Leave your work at your office before entering your home.
- After you reach home, spend time with your friends, family, or spouse.
- Engage yourself with the activities you enjoy, like a hobby of painting or gardening.
Establishing healthy boundaries is essential to maintaining a difference between work and home.
Adjust the Workload
When you have an entire team with the same goal, you can adjust the workload by redistributing it among them. If there is an emergency back at your home, the other team member can handle your work. Similarly, when some other team members need an urgent leave, you can take responsibility for their workload. This way, the adjustment of the workload becomes easier.
The real estate team also allows you to be more flexible. It doesn’t matter how many hours you spend in the office. So, you can focus on what you bring to the table in the end, as it will make all the difference.
The level of productivity improves when there is no external pressure, dirty politics, or negative vibe in the work environment. Everyone works hard in a real estate team to achieve the same goal. There is a positive vibe all around that helps team members become more productive. So, when you have a team, you can feel secure that no one will bring you down because everyone shares a common interest.
How To Form A Real Estate Team To Enjoy Its Benefits?
Now that you know the benefits of having a real estate team, you must know there are different team structures that you should consider before finalizing anyone of them.
Since real estate agents have different interests, strengths, and skill sets, each team has its unique structure or culture.
Team in the Name Only
In this model, the leaders act as mentors. They carry out the recruitment process to hire the agents but don’t deliver the leads to them. They don’t even provide the agents with marketing support. They act like managing brokers who get around 10% to 25% commission for their services.
The two significant challenges of this model are “accountability” and “liability.” The leaders don’t know much about the client’s experience and don’t look into any issues related to the mid-transaction. But still, they are considered responsible if anything goes wrong legally.
In this team model, the leader delivers the leads, but agents are responsible for handling their own administrative and marketing support. The job of the agents is to act like “Managing Brokers.” In this type of team, the leader takes a considerable portion of the commission, that is, 30% to 50%.
It works best for those real estate agents looking for plenty of leads. However, the problem persists for the leaders as they have to manage customer service and visibility into the transactions. Moreover, keeping the agent in control is another issue as they will keep finding better opportunities because of their high demand. As a result, the team will lose its past clients as the agents take them along when they leave the job.
The Full-Service Approach
In this model, the leaders provide the leads and extensive marketing and administrative support. So, for every lead, the leaders get a 50% commission from the agents. In case leaders provide a client, they get a 60% commission.
Moreover, leaders handle all the virtual work related to the transactions, which include CMAs, pricing analysis, negotiations, and more. The agents in the team handle the on-ground tasks, which include open houses, staging, photography appointments, and so on.
These are the three most common structures for the real estate team. It depends upon the individuals which structure they choose, depending upon their expertise, interests, and requirements.
Choosing the proper structure or model is vital to make the team work more effectively. This way, all team members would be accountable for their assigned tasks. Moreover, you can enjoy the multiple benefits of forming a team. Above all, when you get home, you can breathe a sigh relief as you will be done working for the day.