The Real Estate Team Concept: Is It for You?
Some events in life require team participation and others thrive with individual effort. Throughout our schooling the concepts of team cooperation and team spirit were drummed into us even down to the level of the chess team. I will admit that the chess team was a place where one could learn to play that game well, and the better the team dynamics, generally the better a school would fare in a chess meet. But when a game was on the line, the ability and the effort of the individual determined the end result.
Due to the recent promotion of the team concept in real estate in the past few years, I’ve had to ask myself, “Does leading a team or being on a team add anything to my current position of real estate broker*?” And the second and more important question is, “Does working with a team bring any advantage to a seller or a buyer in the real estate market place over working with an individual broker?
Real Estate teams are composed in many ways, but the basic components include the team leader, brokers who work with sellers, brokers who work with buyers, and brokers or non-licensed personnel who work in the office with specific details such has IT, social presence, transaction coordination and other functions necessary to assist those working with clients.
As a broker, how does being on a team help me? The new broker will have an educational system in place and have the opportunity to work in a mentor-like environment. As problems are encountered, the broker will be exposed to solutions and increase their overall abilities. Generally, a team will be able to provide leads to each team member in greater volume than a the lone broker can usually generate. The team presence is often viewed as having more business than other brokers, and therefore they may be considered the brokerage of choice by more people.
A broker with years of experience, perhaps would want to start a team. The more successful the team, the more successful each broker will be. And actually, this is the model that real estate has thrived under for years. A designated broker (now known in Washington as the designated broker for a Firm) presides, and if his skills extend beyond being a representative for his clients, into the ability to manage other brokers, success will be his. If it turns out that this individual is not “manager material”, he eventually will leave the business or end up working as an individual again.
A real estate team
As a broker, how is working alone an advantage? Brokers who work as individuals know that they are totally responsible for satisfying their clients. This may result in being able to work with fewer clients but the broker remains in control of the transaction from initial contact, previewing, showing, writing the offer, presenting the offer and following up right through to closing. There is often personnel in the office that do some paperwork control for the Firm which centrally handle things that the individual broker can rely on. Often times forms are provided this way. Conference rooms are made available and so forth.
One agent representation
When looking for a real estate broker to help you with a purchase, a sale, or both, be sure to ask if the broker works on a team or if that broker works alone, and make sure that you are comfortable with the process you will be involved in. Closings at minimum take about a month and often take as long as six months. You want to be comfortable with the person or people you will often be in contact with.
*All real estate licensees in Washington State are now referred to as brokers. A broker is only an agent if he is in a contract (real or implied) with a buyer or seller to represent them in a transaction.
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Glenn: I think the team concept is critical these days. It adds value. Our client appreciates that as they often live in a hectic and fragmented world these days. Witness what we have created here. A team of professionals designed to help our client with their real estate needs. Thanks!
Hi Paul,
Helping clients traverse the span of professional disciplines necessary to complete a real estate transaction requires professionals who work well together. We are doing that here. In each profession, there are times when teams work better, and other occasions when individuals carry the load with a sense of continuity. Does responsibility diminish when there is too much varied input?
For example, my insurance company is small and local, but a part of a nationwide enterprise. There are about eight people in the office and they always insist that anyone can help me, but I like dealing with the same person each time I stop in.