A “real estate team” is usually about dividing up a transaction to team members so each member is best at doing their portion of the transaction.
Who wouldn’t prefer a team of professionals serving our needs? Every successful broker/agent has experience working with other professionals involved in servicing their clients. Over time the broker/ agent is in a good position to find those professionals that are effective, competent and reliable; this could be considered a team – the agent with his network of professionals to service his clients.
However, a “real estate team” is more about taking a transaction and dividing it up into parts and then assigning these parts to individuals who excel at each part within a brokerage firm that agree to work together, which can include contract workers that help with office tasks for the team but who are not associated with the brokerage company. For buyers one person may take care of showing properties, one person may take care of negotiations and contracting (the broker/agent), and one person may take care of daily clerical and scheduling tasks (the office assistant or transaction coordinator).
For sellers, the initial contact is often from someone that called them or made personal contact with them – that may also be a telemarketer “rainmaker” working at the company or a broker/agent. The broker then meets the owner at home for a selling consultation. Another person may be assigned the marketing tasks which then contract the photographer and people to place the signs – this is often the office assistant or transaction coordinator, who may also take care of scheduling contractors out for inspections. The client’s agent/broker is legally required to be involved with contract negotiations and contracting.
The formation of real estate teams is primarily a means to allow a group of agents to work at what they are good at and not let their shortcomings get in the way since those tasks are given to others in the team. By working together, they can increase their success, competitiveness, and income. It may or may not happen that way. It may or may not result in better service to their clients.
It is difficult to create and maintain effective teams. It’s hard to find the right people to form a team, and even if one does there is often a problem with turnover. So even if one finds someone great to work with, chances are it won’t last; people move, they change careers, etc. The more people involved in a team, the more difficult it is to maintain.
The so-called “movers and shakers” or “rain-makers” in the business tend to be highly sales oriented individuals because they get leads through activities that most agents won’t do, such as, cold calling and knocking on doors. It is these people that create the stereotype for real estate brokers/agents, and it makes for interesting television shows. However, there are successful broker/agents that aren’t high-pressure sales-people who get their business through their expertise in real estate, personal connections, providing great service and consulting, earning referrals, and through writing publications – this is the long-term way to build a real estate business, but not a compelling reality TV show.
The movers and shakers tend to be very good at getting leads quickly, and often not so good at other activities; such as working with buyers, taking care of documents, handling details, or even contract negotiations. So, this is where a team working around the “rainmaker” works best.
Real estate teams can work well; however, it is not my experience that teams necessarily provide superior service to their clients since many kinds of teams can exist and people are all unique in their talents, experience, and communication style.
The main potential problem I see with real estate teams is a lack of continuity that exists in communications between the client and those involved with a transaction, and it removes the broker/agent to some degree from the details of the transaction, which can cause problems and be an obstacle to providing the best service possible.
I don’t believe there is any substitute for knowledgeable and dedicated personalized service from a single individual broker/agent. Whether in a team or not, the best arrangement should always have the broker/agent at the center of all communications, like a hub in a wheel, where the client is communicating directly to that broker/agent throughout the process.
In my working with clients as a Realtor/agent in Lakewood and the surround Denver Suburbs, I remain my client’s point of contact through the entire process of buying (searching, vetting, contracting, negotiations, coordination among parties, etc.) and selling their home (free consultation, valuation, marketing, working up marketing copy, open houses, providing feedback, etc.).
My team consists of professionals outside Real Broker, LLC, that can assist my clients where needed; such as, lenders, inspectors, and contractors. I also have a team of professionals that are always available to me within Real Broker; the employing broker, support staff, over 1100 other broker/agents around the country in the firm, a marketing department, and legal resources. All these resources are at my disposal where needed. Because I don’t limit my involvement with my clients through the entire process, I’m not in a “Real Estate Team” but that doesn’t mean I am not part of a team of professionals in real estate to provide the best service possible for my clients.
