As a new real estate agent, it’s important to have some SMART goals to help maneuver through the challenges of a highly competitive industry. However, if you want to thrive, you need to join a team. In real estate, being a lone wolf an leave you at a disadvantage.
As a beginner, a real estate team will provide you access to resources, mentorship, and networking opportunities that can accelerate your learning curve and propel your career forward.
But how do you decide which of the hundreds of real estate teams is good for you? Here are some tips from the number one real estate team, ICONS of Real Estate.
Key Factors to Consider When Choosing the Perfect Real Estate Team
Here are the essential things to keep in mind when choosing a real estate team:
Short-Term and Long-Term Goals
The ideal real estate team to choose should have goals that align with yours. For your short-term goals, you can think about how many number of deals you want to close in a year. Then, learn about how many deals each member closes in the same period on average.
As for the long-term goals, you would want to be part of something bigger. Is it building a sustainable client base? Are there opportunities for a leadership position? Ask yourself these questions, as these will be your guide toward achieving your own goals.
Specialized Niche
Real estate teams can have different specializations. Some may focus on residential properties, while others focus on commercial real estate or luxury homes. So, understand what types of properties you want to sell, as this will also determine the types of clients you'll be working with daily.
Moreover, joining a team that caters to your preferred niche ensures that you receive the necessary support and resources to excel in that specific market.
Compensation/Commission Structure
The standard commission for real estate transactions is 6% of the actual sale, and this should be divided equally between the buyer’s and seller’s agents. If you’re representing both parties, then you’ll get the full commission.
However, when working for a real estate team or brokerage, the company would get a certain percentage of your commission. And, according to NAR’s compensation plans for agents, these splits can vary.
Some teams offer a more lucrative compensation package than others, so take the time to review and understand the structure before joining.
Team Structure
Real estate teams can range from small groups to large, multi-office operations, and the one you choose should depend on how you want to start your career. Do you prefer to work with a small team where you can work closely with the lead and other members to build your skill set and knowledge? Or, do you want to get more connections for more opportunities right off the bat?
Regardless, you should look for a well-defined team structure that fosters clear communication, efficient workflow, and collaboration and support.
Your Role in the Team
Find out how your skills, experience, and interests fit the responsibilities and expectations outlined by the team. Are you comfortable taking on more active client-facing roles, such as lead generation, meetings with buyers and sellers, and negotiations? Or, do you prefer to focus on administrative tasks, like marketing?
Clarifying your role ensures that you can leverage your strengths in contributing to the team's success and also achieve your career goals effectively.
Training and Education
Real estate education is a vital tool in shaping yourself as a proficient agent. And, typically, real estate teams provide it to their new members.
However, you should still assess the team's commitment to professional development and ongoing learning opportunities. Does it offer regular training programs, workshops, seminars, and mentorship initiatives? A strong emphasis on training and education indicates that the team is invested in your success.
Technology and Resources Used
A team that uses the latest technologies, innovations, and resources has streamlined operations and is efficient in providing services to clients. So, what are these tech tools that you should look for in a potential team?
- Artificial Intelligence
- Building Management Systems
- Big Data Analytics
- Property Management Software
- Blockchain
- Drones
- Digital Twins
These are just some of the many tools available for real estate teams today. Having access to these resources will give you a competitive edge, maximize your productivity, and provide a seamless experience for your clients!
Reputation
The reputation of a team real estate professionals have today speaks volumes about its integrity. So, read reviews and check its track record. This will give you a good idea of its standing in the real estate community.
A positive reputation means the team is trusted and well-regarded for delivering successful outcomes for clients. By associating yourself with them, you can also enhance your credibility as an agent.
Frequently Asked Questions About Choosing a Real Estate Team
Joining a real estate team allows you to gain experience, have access to training and support from other industry professionals, keep yourself on track, and share business expenses.
The main requirement is having a real estate license. Of course, you should also possess the disposition for teamwork and client relations. Plus, you should demonstrate proficiency in communication and sales to enhance your candidacy.
Among the most successful real estate teams in the US today are eXp Realty, Keller Williams, HomeServices of America, Sotheby’s International, and Compass.
The real estate team leader acts as the heart of the group. Typically, they serve as a mentor to new and less-seasoned agents and handle all the listings. They also participate in managing clients, negotiating deals, and generating leads.
Find the Best Team with Icons of Real Estate!
Joining the right real estate team is your catalyst for success. And, Icons of Real Estate is here to help you find the perfect fit for your goals. Whether you're looking for mentorship, training, and support to gain a footing in the industry, we’re a community of professionals committed to guiding you toward your aspirations. Contact us today to take the next steps in your career journey!