Harry D'Elia posted a blog this morning titled "real estate teams cover more ground than individuals." After reading that post, I decided to expound upon it with my thoughts of the team concept. Not everyone should have a team. All teams are not successful for one major reason. Success starts at the top and unless the team leader is a productive real estate agent, the team will not survive.
For the same reason that real estate offices fail, real estate teams will also fail. The team leader needs to be a high volume producer just as the broker/owner or manager should lead the way with production within an office.
I am a firm believer that most teams fail because neither the make-up of the team nor the reason for forming it are right. The members are together for the wrong reason. The team leader is not truly a leader but a person who wants to be a leader. When production is not imminent, the team dies a slow death. I've witnessed this happening in other offices. I never promote teams to be formed unless there is a purpose.
If one individual has an overabundance of inventory and cannot service any additional; if an individual wants to scale back his or her work; if an individual wants to prepare for retirement but wants income to continue; creating a small team is probably the solution.
There has to be a reason and production must already exist. Do not create a team with the thoughts of increasing your sales volume based on the efforts and production of team members. It doesn't work that way. If those potential team members were that productive, why do they need to join YOUR team? They could form their own team. The key to a successful team is the pre-existence of production. In my opinion, the team member's job is to accept the referral and work the piece of business, close it and follow through to the end of the transaction. The team member needs to be a seasoned agent with the skills needed to close buyers and sellers. This individual may not have a following or may not be a high volume producer, but the needed skills are in place. Have a plan and goals in place before you begin the process of forming a team, and make sure your purpose is valid. The cost of failing is excessive.
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The word " team" has a multifaceted definition for me. My team and I have a team of people with whom we do business. We have a team of loan officers with a count of three or four. We have a team of home inspectors with a count of three or four. We have a team of attorneys with a count of three or four. We have a team of independent appraisers, if we need them, with a count of three or four. We have a team of people in the trades with a count of at least three or four.