A question that’s often asked is whether a real estate professional should work solo or join a real estate team. There are a handful of differences between the two, however, they both can bring great success. In this article, we’ll explain the differences between each so you can decide whether solo or a team is right for you!
Pros of Joining a Real Estate Team
You’ll Have Help Generating Leads & Improving Your Skills
If you’re a new real estate agent, it’s likely that not many people know about you yet. This can make it hard to generate leads for yourself, and without generating leads, how do you improve your skills? By joining a real estate team you’ll have more access to leads generated by the team and therefore you’ll have opportunities to earn profit and improve your professional skills.
You’ll Have Access to Collaboration
Sometimes, challenges present themselves during the home buying and selling processes. You also might run into issues with your lead generation strategy. Whether you’re a new real estate agent or an experienced one, you might not know what to do in certain situations. Therefore, having a team to collaborate with and ask questions to can be great. You’ll learn from one another and have that support when you need it.
Networking is key in the real estate industry. While it is possible to network when working solo, it can be much harder and require more time and effort. When working with a team, you’ll easy have the access to network with each other as well as some of your teammate’s clients.
Cons of Joining a Real Estate Team
You Split Commission/Payments
When working with a team, you’ll have to split your commissions and payments with others. This could limit your earning potential.
You Can’t Create Your Own Real Estate Identity
When joining a team you won’t really be able to make a name for yourself. The clients will more so remember the brand and the company, not the individual realtors. This makes it difficult to make a name for yourself in the industry.
Pros of Working Solo
You Have Control Over Your Career
For some realtors, working solo is their favorite part of the job. Working solo allows you to have complete control over every part of your business as well as the freedom to work when you want. You can set your own schedule and go about things the way that you want without having to run them by a team. Also, one of the best parts of working solo is that you don’t have to split your commissions.
You Can Build Your Own Real Estate Identity
As mentioned above, it’s almost impossible to build your own real estate identity when working with a team. If you choose to work solo, you’ll be able to more easily make a name for yourself in the industry. It might take a lot of time and effort, but once you create your own real estate identity it will be totally worth it to have that much value around your name.
Cons of Working Solo
You Won’t Have Help With Fees
While you won’t have to split your commissions when working solo, you will be responsible for fees such as business expenses and licensing fees. So if you choose to work solo, make sure you have a decent amount of money saved up to cover the extra expenses that a company would normally pay for.
You Don’t Have a Direct Team to Turn to For Help
Once again, as mentioned above, when you work with a real estate team you’ll have the networking and resources to help you when you run into issues or have questions. When working alone, you won’t have those resources.
Take An Online Real Estate Course
One can be successful in both a team and a solo setting. With the insight above, you’ll be able to more easily decide which one is right for you. If you’re looking for real estate tips and guidance, consider signing up for an online real estate course. The Crush It In Real Estate course will give you insight into all things real estate. If you have any questions feel free to contact us! If you’re ready to dive right into our course, sign up today!