If two people are better than one, then a whole team is the best. A recent study by Side, a real estate company that offers white-label services for agent teams, shows just that. The study went on to reveal that agents working on teams had the highest earning potential along with the most job satisfaction.
Side notes that the benefits of joining an agent team include:
- A positive team experience,
- A priority placed on team-wide success
- Increased income
- And a focus on customer experience.
The survey results of agents on teams compared to those working alone were clear: agents thrive when they are working in a team.
“This study reinforced what we at Side have always known to be true: agent teams are the future of real estate,” said Michelle Denogean, chief marketing officer at Side. “Teams will always outperform solo agents; they’re better able to distribute the workload so each team member can focus on what they do best. Agents receive tremendous value when they join a team, and that value is compounded when they join a company led by a local expert.”
Teams in 2023
Joining a team could be a saving grace during a down market, especially considering the large percentage of agents who have not experienced the challenges of a market like this one. According to a study by the National Association of Realtors (NAR), 50% of agents working today have been in the business for less than eight years.
While Side exclusively surveyed it’s partner, boutique firms, their findings are supported by the RealTrends Team Profitability study which stated that “Well-run teams are, in fact, highly profitable enterprises.” This survey by RealTrends included over 2,000 of the top-performing real estate teams in the country to verify that brokerages shouldn’t shy away from the team dynamic.
Of the teams surveyed by RealTrends, their average gross commission revenue was $3,300,176. The teams had been in operation for an average of 10.9 years, and they operated at an agent-to-employee ratio of 3:1.
As we move into 2023 and beyond, it is clear that the most productive and profitable agents will be those on boutique teams. These agencies just may be the future of the real estate industry.
