Cincinnati Real Estate Careers – What Is A Real Estate Team?
What is a real estate team? Teams are business minded groups focused on work life balance as much as the bottom line. Teams provide a shared vision, creating and managing systems necessary for the team to thrive.
Teams in real estate create the opportunity to deliver information, guidance and customer service to clients without having to be a super hero individual / solo agent who works 75+ hours per week.
Teams originated for the most part as two person teams, for example a husband and wife, two friends partnering together or an agent with an assistant. Generally the purpose was to support one another.
Research shows that today 80% of teams range in size from 2 – 9 members. The number of teams nationally is growing rapidly. 53% of teams nationally have been in existence for less than three years. Statistics show that from 2011 – 2015 teams closed 16% more transactions. While that increase might seem small, understand that in the same time frame top agents (individual) saw a 20% decrease in transactions closed.
The simple definition of a team is two or more people working together. What this definition does not identify is whether or not a team has a support structure, lead generation strategy or leadership in place to sustain and guide the team. Some groups form with the hope that they will generate more business together than on their own. This approach often fails because it lacks a proven source for lead generation and no defined system of support.
Types Of Teams:
The Plus One Team; It could be two licensed agents working together or a licensed agent with either a licensed or unlicensed assistant. This model provides support and generally lacks a clearly defined vision or strategy.
Partnerships: This model includes several licensed agents marketing themselves together, working in separate roles towards a common goal. Tasks are generally divided up by skill set. A clear leader is often missing in this business model, with no one charged with leading and directing the business as a whole.
The Brokerage Within The Brokerage Model: This model has a clearly defined leader and focuses on a group goal above all else. It provides a high level of support and extensive training. It leverages lead generation at a high level utilizing technology that most individual agents cannot do on their own.
In my next article I will tackle the subject of why an agent would join a team.
To learn more about real estate teams and the trends we see for the future growth of this business model please get in touch.
Eric Lowry | Team Leader | 513-368-3751 | About The Lowry Team | Contact Eric | www.LowryTeam.com