Real Estate Teams: Are Two Heads Better Than One?
Real estate teams are growing in popularity, thanks to the ability to transact more business than a single agent can do on his or her own. The team model can be two or 20 (or more) real estate professionals operating inside a brokerage, and there are some distinct advantages over a single agent: transaction specialization, more robust client service and, perhaps, a better experience.
How do teams work?
Real estate teams are designed to play up the strengths of each member. Real estate professionals develop an expertise – and a preference – in certain aspects of the transaction process. Some are “rainmakers” who thrive on generating leads and securing listings, while others prefer the day-today contact with clients, and still others prefer to handle transactional duties, such as managing the lending process or drawing up contracts. Ask your agent or broker what their role is and who will be your point of contact, as well as who will be available if that person is temporarily unavailable.
What are the benefits?
With a team model, you will get specialists who can provide valuable support in the real estate process, regardless of whether you are buying or selling. For example, a team member who excels in market research and data may provide a much richer picture of the property or market you are interested in and their analysis can be important in the decision process. Team members often bring more experience, as well, because the team is doing more transactions than a single agent or broker can take on. There is also a higher level of service simply by virtue of the number of agents on the team and the specialization each provides. A client can always reach a member of their team, and team members are more likely to be proactive in client outreach about the status of their transaction or to provide useful information.
Trouble-shooting.
If you run into a problem with your real estate team or the team lead, you do have options. If your issue is with a particular member, simply raise your concerns to the team lead or the initial person you hired. If your issue is with the lead, you can go to the managing broker of the office you are working with. It’s important to note that not all team members may be licensed real estate professionals. They may be sales people with no background or experience in the industry, but are good at generating leads and closing deals. If you work choose to work with a team, make sure you understand their team makeup and how they will be working with you.