The real estate industry is a large tent offering the opportunity for many different business models to thrive. Tight-knit independent offices, 100-percent commission firms, big-brand franchisors, virtual brokerages, tech-driven startups and luxury boutiques all have their place. They benefit from their unique strengths and also must face their biggest threats. Over the last several years real estate teams have emerged as another force in the industry that -- though divisive-- can no longer be brushed off as a fad. Teams have established a strong foothold in response to the increasing consumer demand for a wide range of specialities and ‘round the clock service throughout the real estate transaction. According to the National Association of Realtors (NAR), 19 percent of the nation’s Realtors are members of a real estate team, a setup in which team leaders primarily serve as the listing agent and lead generator while being supported by a variety of roles with segment...
- Well-run real estate teams offer agents work/life balance and are ultimately greater than the sum of their parts.
- The team model comes with inherent risks that can result in a bumpy transaction.
- Nearly 60 percent of real estate pros would consider joining a real estate team or starting one of their own.