Ever caught yourself asking, “Should I join a real estate team?” If so, the answer completely depends on your business goals. Do you want to surround yourself with a few close associates or be part of a brokerage? Do you hit your goals easier when you have a team counting on you?
Joining a real estate team could be your ticket to more sales and leads. But it can also mean less commission cash or business autonomy. If you’re considering a real estate team, weigh the pros and cons with our quick overview.
What is a real estate team?
A real estate team is comprised of two or more real estate agents. They work together to sell properties while splitting the commission. You meet with team members regularly to discuss new strategies and meet collective goals.
Teams often leverage specialized talent by curating members who can boost the team’s morale and sales. They also have in-person offices where everyone can collectively meet.
Some real estate teams are experienced agents or family businesses where family members are grandfathered-in, though they may also recruit outside help.
Larger real estate teams of 30 or more can be part of a brokerage or a real estate company.
Why join a real estate team?
Being part of a real estate team can help you build your brand professionally. If you’re a new real estate agent, you can benefit from the knowledge of other established team members. That way, if you want to work solo in the future, you will have increased industry knowledge.
Many teams also provide training and professional development opportunities to level up in your field.
Looking to make new connections? Networking is a lot easier when you are already surrounded by other real estate professionals.
Real estate teams also have assistants and staff to tackle administrative tasks and other specialized needs so you can focus on what you do best: closing a sale.
Carefully research potential teams before making a decision. You don’t ever want to jump into a team environment that’s incompatible with your ethics.
Joining a real estate team has pros and cons, so carefully evaluate both before deciding. We have a few common pros and cons below:
Pros
If you thrive in an environment surrounded by other people, a team could be the right choice for you. There’s only so much one person can do, including you. Even if you are amazing, having a team by your side can simplify common real estate tasks like lead generation or tackling a particular niche.
Real estate teams also have access to valuable marketing software such as client relationship management (CRM) systems, design tools, and task management systems.
You can also achieve the coveted work-life balance by having a set schedule and other team members by your side.
Additionally, you will have a predictable income depending on the team’s commission split.
Cons
Don’t want to split your commission? With a team, you likely have to split your commission with other team members. Clients may also play favorites with agents, wanting to consult with the same team member instead of branching out to other members.
You also need to find a team that values your input. Some teams have a toxic, competitive atmosphere that only encourages growth for some members, like top real estate agent teams where the focus is always on the top seller.
Don’t like taking orders from others or find yourself arguing with others often? A team probably won’t work out for you.
If you are the one creating a team, you have the burden of being accountable for legal issues that may arise. You also have to ensure that team members are properly licensed. So as opposed to condensing your workload, it’s adding something new to your plate.
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FAQ
If you’re wondering how to join a real estate team, consider researching local real estate teams or asking professional connections if they know of any openings. Networking is a great way to meet the right connections to join a team.
Before joining a real estate team, ask about commission rates, team structure, your role, and whether joining will meet your personal and business goals.
