Working as a real estate agent offers plenty of possibilities for having a successful career. However, not everyone can have the same level of success. If you are fresh out of college, or working as a lone agent, you might have thought about joining a real estate team. Let's look at the pros and cons of joining a real estate team.
PRO: It's easier to get clients
Working as a part of a real estate team will mean you have access to more clients. And not just any clients, but big shots as well. For example, it will be easier to become an agent for investors if you have the company name backing you up. The lead generation will rapidly increase.
CON: Brand definition might be in the way
When being a part of a real estate team, you usually cannot pick your clients. You will have to follow up on the leads given to you. If you decide to join a real estate team, you will have to go with their flow.
PRO: You can develop your skills at a fast pace
Working closely with a team of highly skilled professionals will help you improve your knowledge as well. You'll be exposed to different ways of thinking and learn about others about their approaches to solving problems.
This dynamic environment will help you improve quickly and expand your set of skills.
CON: Different personalities sometimes do not go well together
This is a tricky subject. When working alone, you don't have to worry about other people (other than your customers!). However, when working in a team, there's a chance that some of the colleagues will not share your personality type. This can be both good or bad, depending on how a potential situation is handled. Still, it can be stressful when working with different people in close proximity every day.
PRO: You will have fewer expenses
Having shared staff will reduce the costs of hiring an assistant, lead nurturer, transaction coordinator, and so on. Paying for employees out of your packet is more expensive than making use of shared staff.
CON: Get ready for a smaller commission cut
While having shared staff will help you cut down on your expenses, it will also mean you will get a smaller commission cut. Since the entire team is handling all of the clients, everyone takes part in the commission. The good thing is that you will be working with more clients. Do the math and see if it pays.
PRO: You get access to a large database of shared knowledge
A huge benefit of joining a real estate team is that you get access to all of their promotional content, web designers, useful books, content creation tools, and much more. Purchasing licenses for that quantity of software or buying learning material is a considerable expense. By being a part of the team, you gain access to all of that at the company's expense.
CON: You are a part of the group identity
One of the big benefits of working alone is building your own identity in the business and managing your online reputation. However, the identity and the success of the company usually do not include the individuals' performance. You get a done deal, for better or for worse.
For that reason, if you decide to join a team of real estate agents, do your research and get to know the company a little better before making the transition.
Check their social media, ask any colleagues if they heard anything about the company, and see who their clients are.
PRO: You get to work for a brand one day
One of the key components in becoming successful in the real estate business is whether you can brand your agency or not. If you are a part of a larger team, chances are you will become a part of a strong brand without too much trouble.
CON: You are branding the team, not yourself
The downside of being within a large company is that all your effort goes towards building the company name, not your own. You become a part of the system. If you are working as a lone real estate agent, it will be a lot harder, but you will achieve massive success if you manage to brand yourself.
Pros and cons of joining a real estate team explained
Both sides have their advantages and disadvantages. Working alone is a bit more difficult, but it can be very rewarding, while working in a team gets you a lot of benefits with some sacrifices.
Usually, if you are just starting out in real estate, joining a team might be a wise decision. You'll benefit from the wealth of knowledge and leads so that, when you are ready, you can strike out on your own.
Collin Jameson is a blogger and an aspiring interior designer. He often contributes to various online publications and enjoys writing on the topics of real estate and home decor. In his free time, Collin enjoys listening to old records.
REAL Trends has been The Trusted Source of news, analysis, and information on the residential brokerage industry since 1987. REAL Trends is owned and operated by HW Media.
Accessibility: We are making efforts to be ADA Compliant. Should you have any challenges or questions please contact us at (303) 741-1000.