Many brokerage company leaders and owners are not particular fans of agent teams. In some cases, even forbidding the formation of teams or not inviting existing teams to join their company. They express concern about loss of control, loss of revenue and diminished company brand. I have a different viewpoint.
Agent Teams Make Sense for Many Agents
There reaches a certain point of production when an individual agent just can’t do it alone anymore. If their desire is to increase production to a higher level while still maintaining some resemblance of sanity, and whatever a balanced lifestyle means in today’s world, building a team is a great choice.
- Opportunity for increased production
- Ability to grow your personal brand/create a team brand
- More flexibility with your schedule because team members can work with clients
- The opportunity to provide better service to your clients
There are some negatives as well like you need to manage and lead people but for the right team leader this is an opportunity to use and develop leadership skills that are often important growth and aspirational goals.
Considerations of Building a Team
You can avoid hassle and challenges down the road by structuring your team and having clear expectations and boundaries with team members from day one. Here are some things to consider:
- You are the team leader/rain maker. Success or failure falls on your shoulders. Be prepared for that. It is your responsibility to focus and direct the team.
- Do all your marketing, branding and selling in the team name. Team members shouldn’t be listing or selling in their personal name, otherwise how will you build a team brand? (Note: obviously follow all your local board policies around how to advertise a team).
- Have defined team roles and responsibilities. In other words, every team member should have a job description and a clear role along with accountability.
- Make sure you build relationships with all your clients and that they are your clients (not a team member clients). Everyone has to sing from the same songbook.
Your Broker is Your Partner
A team in many ways is a business within a business. If I were selling real estate again I would build a team within a brokerage. It would give me the opportunity to run a business without the liabilities and additional responsibilities of owning a brokerage.
Many brokers dislike teams because they can’t figure out a financial arrangement that they feel comfortable with. The industry has enough experience with this now that this challenge has been overcome and today you see successful teams within successful brokerages all over the country. In fact, I’m guessing you’ll continue to see the number of teams grow in our industry.
If you are thinking of building a team work with your broker and company leadership on how to set it up and utilize them as a business coach to help you reach your goals. If they are not willing or able to do that, you should consider joining a company that is.
If you have any questions about teams or comments just let me know. I’d be happy to chat.