There’s no doubt about it: Teams are growing at an exponential pace. At ICLV, during a panel event titled “Making Way For Teams,” Russ Cofano, broker at the Cofano Group, noted that in a 2018 NAR survey, 26 percent of respondents said they’re part of a team.
But many parts of the industry are playing catch up to meet the needs of teams. How can MLSs and associations track who the top-producing teams are and what their production looks like?
“Teams are not really recognized as real businesses,” said Tim Heyl, founder and CEO of Homeward. “It creates a lot of challenges.”
Stephanie Hill, MLS vice president and commercial director of the Greater Las Vegas Association of Realtors, highlighted a small example of one such challenge that they’re trying to solve: Producing productivity reports that give credit to the agents for the listings they bring in.
Heyl said that small feature would have a huge impact for teams. “Either, all of my agents have to list all of their stuff under my name, so that they get no credit and can’t apply for awards in their marketplace or build any kind of credibility for themselves there, or they put it under their own name, and we can’t accumulate that as a company or see what’s going on.”
To hear more about how the industry can evolve to accommodate team business models, watch the full video above.
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