As we discussed in the last article, team building is an integral part of any successful real estate business. Having a supportive team that works together to achieve common goals is crucial for success.
In this article, we will discuss how different types of teams work in the real estate industry and some examples of each type of team. These include: leadership teams, marketing teams, finance teams, sales teams, and more!
Real estate professionals often times do not understand the inner workings of other departments and what their responsibilities are. It is important to know who does what within your organization so you can better help them perform their job efficiently and effectively.
This article will be very helpful for those looking to start a career in real estate or even for current brokers that want to learn more about internal operations.
They work together on listing presentations
When you list your house, you will probably have to do it twice- once as a listed property and then for open houses or showings. After doing this process several times, you will know how to organize yourself, but what about those who are not so experienced?
The people that handle these listings for you can make sure that everything is organized and put in order. One of the most important parts of this process is having enough materials to present during a showing.
These include things such as pictures, documents, receipts, and even the house itself. If someone else does all of this for you, then they must be very good at organizing themselves!
Team members also help each other by going to each other’s houses and looking around. This helps them get a feel for the neighborhood and whether or not the home fits into their lifestyle.
They work together on marketing campaigns
As agents we’re always looking to improve our business, which can sometimes feel like an uphill battle. One of the biggest things that drag down your business is lack of exposure!
Running into roadblocks in how to market your house or office group effectively is very common.
Most real estate teams have at least one person who handles online advertising, social media, video advertisements, flyers, etc. This person is usually referred to as an “online producer” or just a “producer.”
Their job is to find ways to get the word out about your property for more people to look at. This could be through Instagram ads, Facebook posts, YouTube videos, etc. It all depends on what works best for you and your team.
Agents are not allowed to do these jobs themselves – they must be done by a producer only. This way, each agent gets the same quality service without having to worry about someone poising lower standards or worse, taking extra time to do it properly but still leaving it wrong so you don’t get the results you want.
It also helps producers keep their focus on doing what they love because instead of chasing agents around to help them with their own properties, they’re sharing the money they make with others.
They work together on selling the property
As I mentioned, one of the key roles that sales professionals play in real estate is to get your house sold. This means doing all sorts of things like staging the home, finding potential buyers, conducting showings, negotiating on buying the home, etc.
There are many different types of teams that can be formed when it comes to getting a house sold. For example, team sellers will find people who they know that may be interested in buying a house soon. These individuals then work together to create a listing for the house that will appeal to those potential buyers.
Team listings have become very popular as there’s now an app for almost anything! Many companies make money off of the MLS (Multiple Listing Service) which allows you to list properties that you own with other agents.
This article will talk more about how real estate teams work and some examples of what goes into creating a successful team.
They work together on contract signing
After you find your dream home, your agent is already working to get you in or at least close on it! While many people associate agents with just being sellers’ representatives, that isn’t all they do.
Agents are also used as buyers’ representation because they know the market, negotiate great deals, and position their clients for success in the housing process.
Because of this, most teams have both an Agent-Seller Representative and An Agent-Buyer Representation. The seller representative will handle negotiations and logistics for you (finding a house, getting it inspected, etc.), while the other agent goes out and finds a home that fits you like a glove.
They work together on closing
As you know, not every real estate agent has their license for just representing themselves when it comes to selling a home. Some have dual licenses, which allow them to represent both sellers and buyers. However, even those who only do one thing usually team up with other agents at some point.
When they do, it’s typically because they’re mutually beneficial. Agents partner up in many different ways, from sharing clients to working together on marketing strategies or running a business side-by-side.
But none of that matters if they don’t coordinate before the sale!
Agents need to work together to find common ground, agree on terms, establish trust, and go into the transaction as a unified front. This is especially important during the crucial final days before a property goes under contract and negotiations occur.
Real estate teams are like any other group of people; there will always be differences of opinion, but having a solid foundation of friendship can help keep things civil.
They work together on post-closing processes
After a seller chooses to list their home with a broker, they will typically hire that broker as their agent. This is your best guess at how much time it will take for them to find a new house to buy or sell. Agents are paid per client, so it makes sense that those who have more clients get paid more.
Agents also earn commission off of the sale of their sellers’ homes, which means there is an incentive to bring in buyers. While some agents focus mostly on bringing in investors, others will try harder to meet individual homeowners’ needs by being detail oriented and putting in the effort to win over potential customers.
Real estate teams work closely during the listing and selling process, but what happens after the transaction closes can be even more important. These people may continue to work together outside of closing, depending on personal relationships and other commitments.
According to Pew Research Center, only one third of Americans say they know someone else who belongs to a church group, and half of us cannot name anyone else within our own family circle. One way to connect with each other beyond just buying and selling real estate is through social clubs like country clubs or golf courses.
Another option is joining a professional organization such as The National Association of Realtors (NAR) or the local board of REI, the nonprofit trade association that works to promote excellence in residential housing markets. Both offer benefits not only for members, but for the community as well.
They should have a good working relationship
As said before, there is no hard and fast rule about how real estate teams work. What’s important to remember is that they are not there to compete with each other but instead collaborate in helping one company succeed.
Just because two people aren’t able to agree on something doesn’t mean one of them isn’t doing their job properly. It could be due to different styles or personalities.
Real estate agents are very passionate about what they do, which can sometimes make it difficult for others to relate to them.
If you find yourself becoming frustrated by someone’s style then maybe he/she is not the right fit for your career. You will need to look outside of the department for help if you feel like you can’t progress within yours.
They should communicate well
As mentioned before, one of the most important things to have in your real estate career is communication skills. Team members need to work together effectively to achieve their goal as professionals-to find a home for you to represent!
As such, there are several types of conversations that can happen in the workplace. The type of conversation you have depends mostly on what kind of talk is needed at this moment.
Some examples of these include:
Information giving – When someone needs to tell you something confidential or about a project they’re working on. This is usually done so you can help them by passing knowledge onto next steps.
Question asking – when they want to know more about something or if there is anything they don’t understand.
Agreement – when they come to a conclusion based on fact.
Negotiation -when they debate whether or not to do something.
All of these require different levels of communication and it is your job to be able to give appropriate responses!
Real estate teams typically use a system called ‘The Wheel’ to facilitate good quality information exchange. This was created many years ago and has been adapted for use with any profession.
Here are the basics: start with talking about the topic, then move on to looking at possible solutions, finally concluding with deciding on action.