The concept of a real estate team is not new and has been a topic of debate for years: Join a team or fly solo? It came up when I had business and my leads were falling into the trash. Instead of losing business, rainmakers can hire someone to handle those leads, thus generating more revenue for everyone.
Well, a new independent study published by Workman Success Systems puts an end to this debate. The team is an unfair advantage in real estate. Team Unexpected Impact in Real Estate Survey results:
- 72% of team real estate professionals believe their team is critical to their success. This is in direct contradiction to the myth that private realtors are preferred.
- 80% of real estate professionals say they tend to be more productive and successful when working in teams.
- 85% believe being part of a great team is a competitive advantage.
The study also revealed that poor communication and poorly defined roles and responsibilities are seen as the top threats to establishing a strong real estate team. This is because his 98% of agents are not efficient in their day-to-day operations and eventually burn out and decide to hire his members of a team with no plan or direction. When this happens, they magnify inefficiencies, leading to frustration, confusion, and turnover.
As a team leader, you need to articulate your “why” and build your team’s culture around your goals and principles. who is your team? who do they want to be? what do they believe? Answering these questions will help define your team’s core values.
No one can stay on your team in the long run if they don’t know where they are going or why they want to get there. Each team member should be aligned with your purpose When You feel like you have a vested interest in the vision of the entire team. A strong team has a clear, well-defined path to success.
- Team vision: What kind of impact do you want to have in the community?
- Establishing values: What do we stand for as a real estate team?
- Creating Team Beliefs: How Do We Treat Clients?
- Set team expectations: How will each person contribute to the team?
- Please take the culture test. Can each person on the team recite the mission, beliefs, and values of the team with conviction and confidence?
- Accountability: Hold each team member accountable for training and leadership. Remember accountability means you care!
By following these proven steps, you can be sure to create an environment that keeps your team members happy, thriving, and loyal. This is the team’s ultimate unfair advantage in real estate.