How to Create a Winning Real Estate Team
July 29, 2016
More real estate professionals than ever are seeking to build a dynamic sales team. In fact, a recent study showed that by 2019, there could be up to 100,000 real estate teams nationwide.
Before You Team Up
Real estate teams are an appealing option since they help sales productivity by letting individual team members stand out with their own strengths and skill sets. For example, 61 percent of team members surveyed said team structure added increased their annual sales production by 10 transactions. On the other hand, nearly 23 percent of team leaders said the structure lead to the lack of accountability for team members.
If you want to learn more about the positives and negatives of creating a real estate team, the newly-released Real Estate Teams Playbook shares insights and best practices. For this report, REAL Trends interviewed 25 team leaders and broker-owners and surveyed more than 2,450 real estate professionals across the country.
Some of the report's highlights include:
- The average monthly compensation for team members (not including team leaders) ranges from $2,000 to $12,700. This figure of course varies based on their team role.
- Of the surveyed teams, 38 percent had o2 to 3 members; 41 percent featured 4 to 9 members
- Most teams surveyed are relatively new. More than one-quarter (26 percent) had been around for less than a year and 37 percent were formed within the last one to three years.
Source: "Lean, Mean Team Machines," The Weekly Book Scan (July 28, 2016), “Teams Are Gaining Popularity,” REALTOR® Magazine (May, 2016)
Updated: October 15, 2019