Should Brokers Join a Real Estate Team?
In a well-paying business, working solo might be an easy and wise option. It creates opportunities for a professional to earn more and spares him from preventable conflicts caused by interpersonal interactions.
The real estate industry continues to establish itself as a lucrative and sought-after business, and its brokers, after getting their license, may opt to work solo or join a brokerage team. Nevertheless, neither option assures an instant path to success, as success is dependent on admirable work ethics backed up by purposeful hard work.
Working solo has its upsides; one can work at her own pace, and express and evaluate her ideas freely. However, it is not entirely beneficial for professionals who aspire to succeed and to be reputable in the industry. It leads to narrow perspectives on crucial business matters and her only help is herself when problems arise.
All of us might have heard the old adages that two is better than one and that to go far, one must go with people. Such maxims may sound cliché but hold truth. In any kind of work, there will always be a debate on whether it is more beneficial to work alone or with a team. In real estate, working with a team proves to be an advantageous decision. Today, it is the norm. Moreover, it is even a surefire strategy to jumpstart the career of new brokers.
Vital in trust building
If a broker aims to succeed in real estate, trust is indispensable. In the industry, trust creates healthy business relationships; it helps establish integrity. When a broker works solo, it poses a difficulty in finding clients, as he is limited to his network.
Working with a team helps expand a network. In real estate where money is inherently involved, it is beneficial to have colleagues who will uphold the integrity of their co-brokers to clients. While it could take months to years for trust among co-brokers to be built, once established, it results in stronger professional relationships and more business.
Continuous learning and mentoring
The real estate industry is complex and can be challenging to navigate. Moreover, it involves legalities and a stupid mistake can jeopardize a career.
A real estate team can provide brokers expert advice in every area of the industry. A team that fosters collaboration and the sharing of knowledge and insights improves the work strategies of its members, engaging them to discover and practice ways to progress in their job.
For teams that have seasoned professionals, mentoring is constructive, as it empowers brokers to develop their skills to be effective. Moreover, a broker can learn valuable insights without constantly attending costly forums and seminars, as real estate teams often conduct training to equip its members to be competitive.
Sharing of clients to get more business is the standard in real estate teams. When a broker needs leads for his listings, his associates can offer him clients. Moreover, being part of a team ensures that he has a referral network that he can work with. Some teams have a lead generation system; coordinators or team administrators will simply assign leads to brokers. Brokers, then, have the option to accept or reject the assigned leads. This saves them time and money and lets them focus on the more important thing – closing deals.
To get more business, a broker must also provide clients to his co-members. Such an initiative highlights credibility and fortifies professional relationships.
Brokers often have hectic schedules, leaving only a few minutes or hours a day to promote their properties. Now that millions of people are online, posting listings on real estate portals is all-important.
Marketing can be expensive, but it is required if one wants to attract more clients. There are real estate teams that offer free property promotion. From taking photos to uploading online, teams have support staff to do these tasks for brokers without any cost.
Real estate teams boost the career of brokers; however, not all of them provide the same benefits. Therefore, before signing up with a team, a broker must ask decisive questions.