For someone starting out as a real estate agent, an important early decision is whether to work solo or join a real estate team. Successful solo agents who have been in the industry for a few years may consider building their own real estate team or staying on their own, while struggling solo agents may see more hope in joining a team.
There are pros and cons of both the solo and team approach to real estate sales. Personality often dictates whether an individual chooses to go solo or join a team, or makes the switch at some point in his or her career. Financial goals, budgets, costs and fees, as well as the targeted market and the opportunities it presents, are other important factors.
Going solo: In charge of all that is good and bad
Top solo performers often employ some support staff or administrative assistants, but they nevertheless are pretty much on call 24/7 and ultimately responsible when things go right or wrong. Many solo agents keep costs down by personally handling every aspect related to a home sale or use modern technology as a virtual assistant.
While some solo agents prosper, going solo is only for the most committed and confident. Trying to manipulate a schedule to cover every appointment day in and day out – with little or no help – will eventually wear most people down and lead to an unraveling.
It’s a frenzied, hectic lifestyle, yet one in which the solo agent can (mostly) control – and reap (most of) the profits. (Many solo agents are subject to broker fees, transaction fees and/or insurance fees and often pay for their own leads, cutting into profits.)
Some high-energy types may prefer to work solo 70 or more hours every week in order to be in control of their own real estate sales operation instead of losing some autonomy by joining an agency.
Also Read: How to sell your home?
Joining a team: sharing the burden and the profits
Agents who are part of top real estate teams often enjoy a better work/life balance than solo agents. Agents who work on teams also cite elite training and opportunities to mentor and be mentored, as well as a support staff to share the burdens as reasons why they prefer a team environment.
For agents, a team atmosphere often offers a more stable income month-to-month, although proceeds from closings are split among team members. Teams can also scale up in size to respond to a growing market more easily than solo agents.
Specialization and a clear division of responsibilities often translate into higher efficiencies and better year-end earnings for team agents than solo agents under similar circumstances. Agents with young families may prefer the structure of an agency instead of bearing the responsibility and accountability of going solo.
Agents who work on real estate teams are not immune to fees, so it’s important to conduct a careful accounting of the costs related to a team vs. solo approach.
Must Read: The Benefits of Buying Property in Manchester
Joining one of the top real estate teams or going solo is a personal choice
Real estate agents both new to the profession and their veteran colleagues often consider whether to go solo, stay solo, build a team, join a team, or leave a team and go solo. It’s a personal choice and one not to be taken like. It’s time for some research and introspection to make the best career choice.
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6 thoughts on “Building a Real Estate Team vs. Going Solo – Which is Right for You?”
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I think it’s important to have a team when starting out in the real estate industry. It can be a lot of work and it’s easier with help.
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