Henry Ford once said, “Coming together is a beginning, staying together is progress, and working together is success.”
Ford knew the benefits of working collaboratively in his industry. And contrary to what you might think, the team approach also works in real estate. In fact, real estate teams are growing in popularity.
Don’t expect real estate teams to go anywhere in 2023 and beyond – according to two different surveys by industry leaders. Before we dive into the data, let’s examine how successful real estate teams have changed the industry.
5 Secrets of Successful Real Estate Teams
Are you considering joining a real estate team? Or starting one? Here are some of the benefits of working with other Realtors.
Accountability makes you a better salesperson.
People tend to work harder if they know they will be measured by others. And you are more likely to complete unpleasant tasks if you know you will have to report on your progress at your next stand-up team meeting.
Accountability to others means your daily efforts will be measured, increasing your productivity.
The team model allows you to showcase your specific talents and skills.
A successful real estate agent is talented on many different levels. But you probably enjoy and excel in some parts of the job more than others. In what areas do you shine?
When working with a team, you can focus on the tasks you’re best at and depend on others for those jobs that don’t come as naturally to you. (Or you could have a growth mindset and learn from your team members!)
Joining a real estate team gives you a better work/life balance.
Yes, there are some benefits of flying solo in real estate. (When you work alone, you only have to split your commissions with your brokerage.)
But, by joining a team, you can feel more comfortable taking a stress-free vacation – even during the busy season. And when you or a family member experience a health-related emergency, you will have backup and support. You’ll feel more comfortable taking time off without worrying about whether your clients are receiving the assistance they need.
Successful real estate teams share resources.
One of the top benefits of teams in real estate is that you can reduce costs by sharing resources. Teams can share marketing collateral, CRM software, personal assistants, and transaction coordinators.
You can become more efficient with administrative tasks when you work with a group.
Being a team member widens your reach in the community.
Do you have a lead on some investment properties but don’t have contacts with real estate investors in the area? You can pass the info to your teammate with experience in that niche – and benefit when the sale is complete.
Relationships are vital in real estate—the more people you know, the better.
Real Estate Teams: What Does the Data Say?
Joining forces with other real estate agents makes sense. But what do people who are part of real estate teams say about the experience? Workman Success Systems and Colibri Real Estate report asked real estate agents about working as a part of a team.
Most real estate team members say they are more “productive” and “successful” when being a part of a team.
In fact, four out of five surveyed reported these positive results. And regarding income, only one-quarter of those surveyed said that being on a team reduced their salary. However, they may have been willing to take a pay cut for a better work/life balance.
Most real estate agents want their brokerage to support the team model.
One national study found that 89% of agents want their brokerage to support real estate teams. And why wouldn’t they? Real estate teams are more self-reliant.
Real estate agents want more lead generation and marketing support, which they can get by working with a team.
Colibri Real Estate’s national survey also reported that real estate agents want a better company culture. How more comfortable would you be working as a real estate agent knowing that your awesome teammates had your back?
Do you have years of real estate experience and feel ready to lead a real estate team? Then, maybe it’s time to earn your broker’s license with Colibri Real Estate.
Colibri Real Estate will provide a quality real estate education – no matter your career goals. You’ll learn everything you need to know to obtain your state-specific broker license – as well as tips on office operations and boosting your income. Get started today!
