When working as a real estate agent, a common misconception is that all agents operate similarly and have the same duties. While most are independent contractors, agents have many choices for structuring their businesses. Check out how these kinds of real estate teams work and what they can offer new and seasoned agents.
This real estate agent works independently 100% of the time within this structure. They are responsible for each part of the real estate transaction, from start to finish.
Many agents enjoy working independently, but it can be overwhelming for others, especially brand-new agents. Each transaction, from the moment the agent meets the client until the keys are handed to the new owner, consists of about 144 steps.
That’s 144 steps for ONE person to handle. And… Any agents work with several clients at once, so juggling can be difficult. Individual agents must be detail-oriented, as they can’t afford to drop the ball during a transaction – this could cost their client thousands of dollars! If you decide to work independently, ensure you’re up for this role’s unique challenges.
Partnering With Another Agent*
In this scenario, an agent usually finds one or two other agents to “partner” with. However, they still work independently when it comes to most day-to-day responsibilities.
A partnership can be helpful because of the support it offers. If one agent is taking a vacation or has accidentally overscheduled their calendar, they can reach out to their “partner” and ask for backup or assistance.
Many agents like having another person (or two) to lean on when things get hectic. This is a good set-up for many agents. Still, others find that it doesn’t provide enough support for their growing real estate business or allow them the freedom and flexibility in their schedule they would ultimately like to have.
Small Team with Support Staff*
If a partnership doesn’t offer enough help, an agent may be interested in joining a team with support staff. In this example, the team may have an administrative assistant who does paperwork and answers phone calls or “share” a virtual assistant who can help with social media, data entry, and other remote non-licensed tasks.
It is important to note that agents must leverage their time with their administrative staff. Often, a small team only hires one support person, and that individual may be assisting several agents at once. Understanding your support staff’s limitations is very crucial in knowing the amount of assistance you’ll be able to receive.
Larger Real Estate Team*
This next type of real estate team typically provides even more assistance to their agents. When agents join a larger real estate team, they can typically expect more than one support person.
A larger real estate team may have marketing professionals, multiple administrative assistants, or a transaction coordinator. Because certain duties can be delegated to these individuals, agents usually find they have more time to work with buyers and sellers.
However, depending on the size and structure of the team, they may not offer enough support for certain agents. When searching for the right team to fit your needs, it is important to do your diligence.
If you need a certain amount of support, join a team that caters to that business model and is willing to foster your business growth. Some teams are not designed with this goal in mind.
Team of Real Estate Specialists*
This type of team is unique. With a specialized team such as Spectrum Real Estate Consultants Team, each professional within the team has distinct duties. Team members can operate at a higher level of productivity and focus on the part of real estate that is most fulfilling to them.
For instance, a specialist team might have a listing specialist who only handles listings. The team might also consist of an executive assistant, listing manager, transaction coordinator, inside sales specialist, showing manager, and several other real estate professionals with specific duties unique to their role.
Each team member works together harmoniously to get clients to the closing table. Because their roles are so specialized, they can often provide a more consistent experience for clients.
A specialized team is a great environment for experienced real estate agents who don’t enjoy certain parts of the transaction process. This type of team allows them to focus on the parts of real estate they truly love and pass on duties they do not enjoy to someone else who will get them done at a higher level.
Because new agents often find themselves confused and overwhelmed, working with a specialized team is great for new agents. They can learn each part of the business in greater detail, building a solid foundation of knowledge.
Many new agents choose to start as showing specialists or inside sales agents. Once they are more comfortable, they can move on to perhaps a buyer’s specialist role. Then, after several months, their options expand into transitioning to working with commercial clients, investors, and sellers.
Individuals who don’t enjoy sales can also thrive within a team of specialists. Their progression path could look like this: Executive Assistant, Showing Specialist, Listing Manager, and then on to Director of Operations.
The sky is the limit when you work with this type of real estate team!
*Please note that every real estate agent must work within a licensed brokerage.
There are many different paths that real estate agents can take to fulfill their career dreams. One great option is working with a team of specialists. Spectrum Real Estate Consultants Team always seeks talented individuals to join our expert team. We love providing unique roles that foster individual and team growth. Contact us today to find the real estate role you will be happiest in!