When it comes to building a business, one of the many elements to consider is the size of your team. Both small and large teams bring various pros and cons, and of course, dynamics to your business.
Although a larger team might have greater output, the intimacy of a small team is desirable by many, and a structure we enjoy. No matter the size, however, it’s important that you remain connected to your team members and involved as much as possible to ensure your business is a success.
Small teams: The good and the bad
A smaller team allows for more input and quality control by its members. Each team member is also able to give more personalized attention to each client and often, there’s an easier flow of communication.
We enjoy having a smaller team and have found that there are less mistakes and confusion among our team members. Each of our staff members are able to focus on a particular area of the business, and this has allowed us the opportunity to dominate various markets as each of our team members are primarily focused on one core area.
Without as many agents on the team, our production isn’t as high as those with larger teams. Also, a smaller team structure does not allow for team members to branch out into other areas of the business as their core area is so dependent on them. Though there are some setbacks, we still believe a smaller, more intimate team works best for us.
Large teams: The good and the bad
Larger teams offer a lot of opportunity to expand your business at a rapid rate. In the world of luxury real estate, a bigger team with more agents means you have wider coverage of the market, with many agents specializing in different areas.
This showcases varied experience to potential clients and can ultimately bring in new business. Overall, a larger team means higher production from the collective group, which can be beneficial for multiple parties.
However, there are cons to having a large team as well. We have found there are greater opportunities for mistakes and communication might suffer if the team is not collaborating effectively and efficiently with one another.
In our experience, a bigger team also leaves room for more liability. If all the agents on your team are not skilled at handling transactions with the same level of diligence as a smaller team, client relations and deals suffer.
There’s also a risk of spreading oneself too thin and working within markets they’re not as knowledgeable in to continue to produce as much as possible.
Additionally, not being able to interact with clients personally can be a detriment. One of the aspects we love most about our small team is how connected we are to our clients and their needs.
All in all, whether you have a small team or a large one, providing opportunity to your staff and meaningful service to your clients is paramount. We have been lucky to work with some of the most incredible individuals in the business and credit much of our success to the power of our small but mighty team.
But don’t just take our word for it. Watch two team leaders, big and small, discuss scaling onstage at Inman Connect New York 2020.