Real estate agents work as part of a brokerage to conduct real estate activity. In that brokerage, they can decide to work individually or as part of a real estate team. A real estate team can quickly progress with a real estate transaction and handle a higher volume of clients than an individual agent, making them appealing to clients who wish to quickly and efficiently close a deal.
What Does A Real Estate Team Do?
A real estate team is a group of licensed agents who work together to close a deal. The structure and distribution of roles may differ from team to team, and some teams may have one or two members while others have upwards of a dozen agents. Some teams may also have more senior members who facilitate the day-to-day and keep the group organized, taking on managerial and mentorship roles.
Despite how each housing broker team operates, each member supports each other throughout an entire real estate transaction. Depending on the team’s size and the transaction’s scope, every person on a team may touch one real estate sale, while other teams may divide the workload to handle as many possible transactions in a given time. Individual buyers and sellers may work with multiple members of a real estate team during a transaction.
How Do Real Estate Teams Work?
Depending on the size of the brokerage, real estate teams can function in different ways. Real estate teams help members focus on their expertise or receive direct mentorship and training. For example, one agent on a team may have a skillset relating to the sales process of the transaction where they host open houses and conduct home tours. Another member may diligently work on the paperwork, guiding clients through their responsibilities as buyers or sellers and helping move the logistics forward. A team may also consist of a real estate agent with decades of experience who can guide newer agents through the sales process in hopes of offloading their extensive client list as they near retirement.
Small Teams vs. Large Teams
The size of a real estate team can influence the buyer or seller’s experience. Smaller teams offer a more personal relationship, where clients may only deal with one or two agents rather than a large group. This makes the home-buying or selling process feel more personal and intimate for first-time homebuyers or those unfamiliar with the buying and selling process.
Larger teams may consist of agents with more specialized expertise, where an agent who works on one component of the transaction can quickly and efficiently answer the client’s questions and complete that portion of the deal. Buyers or sellers who feel comfortable with multiple agents on a team viewing their information can benefit from the advantages of a larger collection of agents who all specialize in their respective skillset. It also means that should the client need to contact the team, they’ll likely get a timely response from someone handling their transaction.
Real Estate Team vs. Individual Agent
Buyers and sellers may specifically decide to work with a real estate team over an individual agent. Some clients with real estate experience may even face the decision of working by themselves, debating if they should hire an agent at all.
Benefits of Drawbacks of Working with a Real Estate Team
Real estate teams consist of agents who can work together to achieve a common goal, where multiple people can divide the workload of a transaction to help the client close a deal on time. If one team member is unavailable, becomes sick, or cannot complete their portion of the work, there is likely another agent on the team well-versed in the transaction details who can pitch in to help the client. Multiple agents also provide the client with many experts who can take time to deeply dive into their respective specialties.
Those who decide to work with a real estate team may find the experience less personal than if they work with an individual agent. The team consists of many members who may not be as knowledgeable about a specific client’s real estate transaction and could easily confuse details about deals when handling a high volume of different buyers and sellers.
Benefits and Drawbacks of Working with an Individual Agent
Similar to how a smaller real estate team provides a more intimate experience for their client, an individual agent is responsible for handling a transaction and will likely develop a relationship with the buyer or seller. That client provides the particular agent with all of their personal information: they know their background, what they’re looking for in a property, their financial history and current situation, etc. When the client speaks with the agent, that agent can quickly provide specifically-catered guidance to help guide the transaction.
Buyers and sellers may have difficulties working with an individual agent if they fundamentally do not get along or have a personality match. It’s always crucial for someone hiring an agent to take time to ensure the agent is a strong fit for them. The real estate transaction can span several months, and that individual agent must gain the trust and confidence of their clients.
Individual agents also likely have a full list of potential clients. If a large number of an agent’s clients all decide to buy and sell in the same timeframe, that agent can easily become overworked and have difficulty managing their clients. The buyer or seller may receive less individualized attention and have difficulty getting in contact with their agent. Buyers and sellers should also ask their agents about any upcoming vacations or planned time away from the business when discussing a potential transaction. Finally, individual agents can also have their own emergencies, making them unable to proceed with a transaction. In this case, the brokerage that licenses the agent will likely help pair the client with a comparable agent to finalize the deal.
How to Tell if An Agent is an Individual or Working on a Real Estate Team
It is fairly straightforward to determine whether an agent works alone or on a team. A potential buyer can search for that agent on their brokerage’s website, which will typically disclose their team affiliation. If the agent’s page does not designate a team, that agent likely works individually. The client can also ask the agent if they work on a team.
When looking at online listings on RealtyHop, buyers and sellers will see an individual or group of agents listed on a housing listing. That agent’s name will also disclose their brokerage and potential team affiliation. Clients can also click on the agent’s name to go to their agent profile, which may disclose the team affiliation.
Real estate sales teams are agents at a brokerage who work together throughout the entire real estate process. Teams can have a few or many members who handle varying amounts of real estate transactions. The team can divide the workload of different cases to handle a higher volume of transactions and provide specialized expertise to clients.
Buyers and sellers can decide if they prefer to work with a housing broker team over an individual agent. Those who have a preexisting relationship with an individual agent may choose to have that person handle their transaction, while a client who is new to a market and buying or selling process may decide to hire a team that can provide specific guidance throughout the process.