This is a really deep subject that I could write a mini book about.
90% of people starting in real estate should be part of team. There is so much to learn, so much subtlety and nuance to real estate, that if you try to skip the steps it will hurt your client and likely you.
There is so much bumbling and stumbling much like a baby learning to walk. There is a reason that the average career of a real estate agent is 8 months. The ambition of new agents collides with the reality of this career and goes splat more often than not unfortunately regardless of their confidence.
I started as an assistant doing tons of comparative market analysis’s and keeping paperwork in order. It made it simple for me to go out on my own with that kind of foundation.
Regardless of going solo or team, you need six month of savings. I’ve seen too many people fall out because they just ran out of money. Sure some people get a deal put together their first two weeks in the business, but that’s rare and I’ve seen some good agents go six months without a deal and then hit a flow of deals. I heard of an agent that had her first 11 deals all fall apart. She stayed in the business and did great because she learned a ton.
When you are choosing solo agent or teammate, drop your ego at the door. Ego will kill you in this business. It might keep you in a few deals but it can most people lose their career if they live in it.
So, how do you pick a team? It’s a lot like picking a brokerage plus you need to understand the culture. Oh goodness, the stories I’ve heard about teams while interviewing tons of people about joining ours. Unfortunately a lot of teams a run by great salesman who can tell a good story but doesn’t have the follow through.
Splits (sharing your commission with the team) only matter in the terms of what the team does and how they will build your growth. You’ll miss out on the growth opportunity if you are only focused on splits. I understand, I went 14 years as a solo agent and thought a split was crazy. I see it now and so have many experienced agents.
The benefits of a good team are:
- You get to work inside of your strengths and let someone else take care of your weaknesses.
- Fast, hockey stick growth because you are around so many transactions.
- Support systems that are paid for monthly by the team whether you close a deal or not.
- Shadowing someone on the team.
- Having backup if you can’t work for some reason, get overbooked or go on vacation. I can’t express how helpful this can be.
- Leads and/or opportunities.
But then you might be the person that has that balanced personality that is good at all of the jobs it takes; that natural leader that easily adapts. It takes a very determined person to make it by themselves. You might be that self-starter that can find the resources to grow.
If you have the bankroll to pay consistently for any advertisements and systems, you are ahead of the game. If you are that well-rounded person that can isn’t slowed down by paperwork and minutia, then solo can work. Many people have done it, it’s just a hard way to start in my opinion. And just like picking a brokerage, you’re not stuck. If a team isn’t for you, you can head out on your own. That’s what I did in 2002. I made $40,000 in my first 6 months but I don’t believe that would have happened without my year being an assistant.
Don’t let your ego answer this question thought because it will always pick solo agent. If you are new, I will remind you over and over, you don’t know what you don’t know.
Once you have some experience and a bankroll, feel free to go solo. I left that team to go solo and then came back to the team concept in 2015. I was solo for 13 years. Lots of teams launch people into their solo careers. That’s the beauty of real estate, you can change up what you are doing and who you are working with at any time. This is an amazing business.
Call, text or email me and I’ll talk you through my experiences.
