If you work in real estate, you not only need to be an entrepreneur, you also need to be a team player in some instances. Both roles are crucial to realize good listing and sales results.
So, how do you contribute as a team member? What should you do to support your team’s goals?
What Is a Real Estate Team?
To understand how a real estate team works, you have to define it. A real estate team is made up of real estate agents who share commission earnings. A camaraderie develops – one that enables the participants to share in the spirit of selling real estate.
This leads to the question: How do real estate teams work? In this case, you will find they work cohesively by taking on different roles.
Examples of Team Roles
One team member, usually the team leader, may manage listings while another agent may accompany buyers on home tours. Yet, another salesperson might host the team’s open houses.
Team members may also take on roles, such as overseeing the lending process or being on hand when a buyer schedules a home inspection. The role each team member assumes is based on his or her interests and background. Therefore, agents often assume more than one role.
By establishing a team, a real estate business can also hire new agents and integrate them into the team more easily. New recruits can follow the lead of other agents who serve as their mentors and trainers.
The Agent Who Manages the Listings
As noted, the agent handling listings is often given the role of team leader. A team leader, who manages listings focuses solely on listing properties. While some teams encourage all members to list properties, the leader of the group is typically designated for signing new sellers.
In fact, often a team leader only represents sellers. This frees him or her to owe a fiduciary duty only to the seller, allowing other team members to generate leads and focus on attracting customers.
However, a team leader can only extend their reach so far. After a property is listed then, other team members begin working with buyers. Because listings are crucial to making money in real estate, it is also important to generate leads.
The Agent Who Generates the Leads
To get listings, one or more of the members works at generating leads. One of the best ways to do this is to send out postcards. Postcards allow agents to showcase listings, share pending sales, and announce open house events. By taking this type of initiative, everyone on the real estate team wins.
Open houses, alone, attract a lot of buyers, so everyone on the team is kept plenty busy.
Therefore, a real estate team offers buyers or sellers a chance to partner with two or more real estate agents and still pay one set commission. Team members work together to ensure all the real estate needs of a customer are met.
How Team Members Are Paid
Most real estate teams receive a fixed split in commission. For example, if you have three team members and one team leader, the leader might receive 50% and the other two members 25% each.
A well-focused real estate team is like a well-maintained machine. As long as everyone understands their role and works cooperatively, you can’t help but attract buyers and build your brand in the marketplace.