In September, Inman digs deep on real estate teams — what it takes to join or build one, how to optimize a team and even when to consider leaving one. Adding nuance on top of Inman’s weekly Teams Beat email newsletter, this theme month will serve up top insights from the best team leaders across the country.
No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at the immersive Virtual Inman Connect online Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Bet big on the roaring future, and join us at Connect.
This post was updated Sept. 14, 2023.
When you’re a new agent just starting, there’s much to consider and many decisions to make. Big choices like which brokerage to join, what systems and technology to implement, what brand and marketing to create and whether to join a team can have a lasting impact on your career and should be carefully considered.
Joining a team actually solves many of these challenges! Below are four key reasons why new agents should join a team.
1. Master becoming a real estate professional
One of the best reasons for a new agent to join a team is the immediate leverage that they get. Instead of worrying about marketing, systems, checklists, transaction coordination, listing management, financials, training modules, etc., new agents who join a team get to focus on mastering the art of being an exceptional real estate professional and let go of everything else.
Being an agent is a unique skill set, and exceptional agents are not often exceptionally skilled at administration and operations. Just like amazing administrative and operational staff members are rarely incredible salespeople. They are different jobs requiring different skill sets. Why not start your career off on the right foot by mastering what you really want to be focused on — sales.
2. Connection, camaraderie and culture
You can’t succeed alone. And when new agents embark on their new career path, it’s much more fun to do it with other people.
Whether that’s commiserating after a long day, engaging in friendly competition, learning from more experienced agents, or just grabbing a coffee with a teammate before the day begins — the connection and camaraderie new agents get from joining a team is a big benefit to their long-term success. Teams and groups simply perform better together.
3. Education, training and masterminding
A well-run team will provide regular script-practice opportunities, training on specific skills such as contract negotiation, listing presentations, open houses, leadership and more.
New agents can definitely benefit from joining a team where education, training and masterminding are a regular part of the week. Not only will it help hone their new skills, but it’s also a great habit to get into from Day 1. The real estate industry is shifting rapidly, and continuing education is a must to compete in today’s world.
4. Help with leads
Although each team offers slightly different lead generation platforms, plans, strategies, tools and maybe even an inside sales agent (ISA) model, one thing remains the same — teams help agents with leads.
One of the hardest parts of being a new agent is building a database to nurture and convert. Established teams offer brand recognition, lead generation platforms to plug into, and other lead-generating strategies such as just-sold postcards, sign riders, Facebook ads, client and community events and much more.
New agents can tap into these resources and get their pipeline built faster. They still have to do the work of follow-up and conversion, but at least they will have a combination of new leads coming in and a framework from which to build upon.
If you think joining a team is the right move for you, remember that the team is supposed to make your life easier and fast-track your success. A team should have a system and model that provides you with an obvious framework for you to tap into so that you can plug in and get to work. When you are vetting which team to join, use this list to determine if the team is the right fit for you and your career.
8 things a great team should offer newbies
1. A robust administrative and operations division
This division handles the day-to-day agent and client care, listing management, transaction coordination, marketing, system implementation and more.
2. Operational models
The team should have a strong foundational framework and larger models that the company can scale from, leading to more opportunities and future leadership roles.
3. Training
The team should offer tactical and business training, including training on personal growth, leadership, sales, financials, entrepreneurship, hiring, etc.
4. Clear vision
The team must have a clear vision so that new and experienced agents and team members understand that they contribute to something larger than themselves and that they are a part of creating something bigger.
5. Culture
Whatever the culture is, it has to be clear to all team members, as well as the public. For example, our culture is a combination of model following, execution and personal growth through business. It’s a part of almost every conversation, and it drives the entire organization forward (along with attracting new agents who want to be a part of that culture too).
6. Leads
Teams should have an influx of leads and a model and system around systematically growing and nurturing the database. The clients also need to benefit by having given you their data — you need to be able to make their lives better and create an unbeatable experience in exchange.
7. Growth and opportunity
A team allows you to grow in whatever direction you decide you want to take your career. Our team offers three paths:
- The individual contributor path (someone who loves sales and building relationships with clients)
- The leadership path (the future directors of sales and CEOs of our organization)
- The administrative/operations path (for those who enjoy building real estate businesses from behind the scenes). There has to be a vision and a framework for new agents to grow and succeed within the team
8. Financial modeling
Most teams are not run like a business. Rather, the owner runs it like a personal bank account. (I’ve seen this firsthand with hundreds of teams — large and small.) A team should have a framework and model for how it runs its books. This then spills over to training and educating agents on how agents can run their own personal and business financials. For example, we provide bi-monthly updates to all of our agents and a daily report on their key performance indicators (KPIs) to better predict their future cash flow.
When new agents join a team, they can fast-track their success through models, systems, coaching, training, leads, culture and the opportunity for growth. Joining a team is a great way for new agents to jump-start their careers and set themselves up for long-term success. And who doesn’t want that?
Adam Hergenrother is the founder and CEO of Adam Hergenrother Companies
