“Talent wins games, but teamwork and intelligence win championships.” Ever heard that quote before? It’s often attributed to Michael Jordan, but it was actually said by his former head coach, Phil Jackson. And it couldn’t be more true when it comes to real estate. Sure, you can be a superstar agent and do just fine on your own. But if you really want to take your business to the next level, you need to start thinking about building a team. But how do real estate teams work like Cheryl Grant Real Estate Team? What’s the best way to structure a team? And what are the benefits of working with a team? In this article, we’ll answer all those questions and more.
What is a real estate team?
A real estate team is simply a group of agents who work together to buy and sell homes. The team may be composed of full-time agents, part-time agents, administrative staff, marketing professionals, and anyone else who plays a role in the business. The size of the team can vary widely, from just a few people to dozens or even hundreds of members.
How do real estate teams work?
The most important thing to understand about real estate teams is that they are not just a group of people who work together. A well-run team is a well-oiled machine, with each member playing a specific and important role. When everyone is doing their job and working together efficiently, the team can achieve amazing results. One of the most important things to consider when putting together a real estate team is what each member will be responsible for. The following are some of the most common duties and how they are typically divided up among team members:
- Leading generation
Lead generation refers to the process of attracting and converting prospects into leads. A lead is a person who has expressed interest in your product or service. The lead generation team is responsible for generating new leads through a variety of methods, such as online marketing, cold calling, and networking. Typically, the lead generation team will pass the leads off to the sales team to be converted into clients.
- Client conversion
The client conversion team is responsible for converting leads into clients. This involves a lot of communication with prospects, answering their questions, addressing their concerns, and ultimately getting them to sign a contract. In some cases, the lead generation team and the client conversion team may be one and the same.
- Listing coordination
The listing coordination team is responsible for coordinating all aspects of the listing process, from initial contact with sellers to open houses to negotiating offers. A good listing coordinator is organized, detail-oriented, and has excellent communication skills.
- Transaction coordination
The transaction coordination team is responsible for coordinating all aspects of the transaction, from offer acceptance to closing. A good transaction coordinator is organized, detail-oriented, and has excellent communication skills.
The marketing team is responsible for creating and executing a marketing plan to promote the team’s listings and attract new leads. Marketing tasks can include creating print and online advertising, writing blog posts, managing social media accounts, and more.
- Administrative support
The administrative support team handles all the behind-the-scenes work that keeps the team running smoothly. This can include tasks such as scheduling appointments, preparing documents, maintaining records, and handling customer service inquiries.
- IT support
The IT support team handles all the team’s technology needs, from setting up email accounts to troubleshooting computer problems to managing the team’s website.
How Do Real Estate Teams Split Commission?
The commission split between team members can vary widely, depending on the size of the team and the roles that each member plays. In some cases, all team members may receive an equal share of the commission. In other cases, certain members may receive a higher percentage based on their role or contribution to the team. For example, the lead generation team may receive a higher percentage of the commission because they are responsible for generating new business.
What is the recipe for success?
The most successful real estate teams are those that work together efficiently and effectively. Each member should know their role and be aware of the other team members’ roles so that there is minimal overlap and duplication of effort. Good communication is also essential to keep everyone on the same page and avoid misunderstandings. Lastly, it’s important to have systems and processes in place to streamline the team’s workflow.
All in all, a well-run team can be a great way to achieve success in the real estate business. If you’re thinking of putting together a real estate team or are considering joining one, take the time to do your research and make sure that it’s the right fit for you.