On its surface, real estate seems to be a relentlessly, perhaps ruthlessly, individual sport.
An agent’s success or failure rests squarely upon their own shoulders. Failure to secure a listing, close a sale or find a buyer is not a failing, for the most part, of a particular brokerage. It’s not a receptionist’s fault if his agent boss can’t secure business after a prospective client is forwarded along.
Even among colleagues, there is no honor among thieves. The best office chums can become as mean and nasty as divorcees when it comes to competing for a coveted listing or inking a contract with a well-heeled buyer. To date, the fact that separate agents may work under the same roof was often the only thing binding them together.
But that’s starting to change, and it’s a change we think may be for the better.
The apparent popularity, and success, of the real estate “team” model is evidenced both anecdotally and on the bottom line – a Prudential Real Estate team in Weston closed 30 deals last year, among the top-selling 3 percent of Prudential agents nationwide.
In the heat of an exceedingly difficult period for the real estate industry, it seems that many agents are looking to each other for more than just camaraderie. Truly, agents are embracing the motto of live together, die alone.
In fact, the team model seems perfect for the times we’re living through. When buyers are few and far between to being begin with, it seems logical to be willing to split your commission with a teammate in order to double your potential business. The best way to catch scarce fish is with more hooks, right?
The inherent advantages of the two-for-one system don’t stop at exposure either.
In a way, introducing a partner to the equation makes the whole process more personal. For clients, they have the added security of knowing they can reach two (or more) people during a crisis. For agents, they know their partner has their back and can step in should the need arise.
Partnering experienced agents can help both. Say one has had success selling condos in town and city centers. The other is a whiz at moving homes in suburban subdivisions. Putting their talents together increases their own marketability.
It also gives them resources they can tap in a jam by asking each other for advice or guidance. Knowing the advice is coming from someone with as big a stake in an enterprise as your own is comforting, especially when the alternative is asking for advice from someone who may turn around and use your confidence against you.
Clearly, the realty team concept is not for everyone. The very nature of American enterprise ensures that some will always find success by going it alone.
But the emerging trend of real estate partnerships is, for the right professionals, a sound strategy in tough times. Instead of dividing an increasingly smaller pie into ever-smaller one-man chunks, it makes sense to partition the pie into bigger chunks for more people.
Ultimately, while success in one-man sports depends very much on the strength of the man in the contest, very seldom is that man truly alone. Even the most solitary athletes have a successful support system, a team of training partners and coaches. Michael Jordan never won a single championship until he had a complementary team around him.
The same can be said of once-solitary real estate agents. The job demands an increasing amount of skill at multi-tasking. Finding help with the juggling is not only logical, for some to succeed, it may even be essential.
