$3.5 billion will be invested in real estate technology this year and there is definitive disruption in the industry. In an uber competitive market like real estate, it no longer makes sense to throw yourself to the wolves alone. With the development of different avenues of operation, like teams and inside sales, agents are finding it more and more difficult to work by themselves.
The reality of becoming a successful agent has changed significantly. There are a lot of advantages to working with a diverse team that are giving people the true leverage they need to succeed.
There is a certain type of interdependency and specialization that is inherently characteristic of a real estate team. Consumers always have access to an agent, and teams can share the bulk of labor. This essentially allows agents to be in several places at once, greatly increasing efficiency. Additionally, a group of agents can offer 2-3 separate “banks” of knowledge and expertise that an individual may not possess.
Consumers are demanding, and many anticipate the ability to leverage more than one real estate brain at the same time. Exploiting individual strengths through a well-defined structure and a collaborative approach is the type of knowledge that people have simply come to expect from their representation. Although it does not take a team to sell houses faster, they generally sell more with their combined knowledge.
Teams with more seasoned agents can help members who may have less experience, or bring some other talent to the table. Team Nuber from Keller Williams in Bergen County, New Jersey recently hired Michael Fidanza, an agent with only two years’ experience under his belt—but decades in tech. Teams can help guide newer agents while offering resources and opportunity to scale.
Despite the presence of disruptive technology, 91.5% of buyers still found their home with an agent. Therefore, it is prime opportunity for real estate teams to explore the different types of members it can incorporate into strategy. Surprisingly, not everyone needs to be perfectly versed in real estate.
Inside Sales Agents
Unlike regular agents, inside sales agents (ISAs) convert leads to appointments and generally stay in the office, on the phone. The responsibility of an ISA can differ by team, but they are usually accountable for some of the following tasks:
- Prospecting new leads.
- Servicing inbound leads from sign calls.
- Converting leads to appointments for sales agents.
The income produced from an ISA can sometimes equal 5 times the cost of employing the ISA which amounts to a 5 to 1 return on investment. There are 3 main types of ISAs: Inbound, Outbound, and both. Outbound ISAs generate new income by prospecting leads like:
- Just listed/sold
- Past clients
- Geographic farms
Inbound agents respond to any lead coming into the office from the internet or outside advertising. Outbound agents are generally pretty aggressive and have a background in cold calling. Inbound agents tend to be more nurturing and customer service-like.
According to a 2011 survey by the National Association of Realtors, 60% of home hunters used a buyer specialist to help them find their home and walk them through the process. A buyer specialist is simply any agent working with the purchaser’s interests. A seller specialist works much in the same way.
The idea behind a specialist is that they research specific properties and then make viewing appointments based on an interview with the buyer. Agents typically differentiate themselves as specialists after earning certifications and designations. The title of an accredited buyer’s representative, also known as ABR, can only be earned after a two-day course and a passing grade of 80%. The California Association of Realtors offers certification as a residential REO (real estate owned) buyer specialist as well. Buyer and seller specialists make an incredible addition to a real estate team because of their sound experience and commitment to the client.
Tech Savvy Agents
Consumers highly benefit from the diversity of a real estate team that has tech savvy agents. Not every agent is good at digital marketing, yet it’s a required feat that is expected in the modern industry of real estate. The meteoric rise of social media has had a significant impact on traditional real estate marketing and teams are now understanding the true value of having a tech expert by their side.
A Successful Team Member
Becoming part of a team isn’t always as easy as it looks. There needs to be time to mesh and fold into a group. Many teams will tell you the most successful number lies in three agents, but there is no perfect science. There are, however, a few things agents should be cognizant of before they jump into a crowd:
- Set mutual expectations and communicate your commitment clearly.
- Find a team with an exchange of value. Decide what you will give and ask what you will get.
- Work with a team that has a proven track record.
- Be a team player. Real estate can be hands-on, and no task should be too small for a team member.
- Do not let early success distract you. If it seems too easy, don’t try and go at it alone.
- Look for a team that allows you to adopt and grow.
- Share strengths and fortify weaknesses.
The skills needed to be successful in today’s market are hard to obtain by just one agent. Beyond intuition, agents need to have digital marketing skills, event execution, understanding of finance and commercial models, etc… The list goes on.
The idea of taking on everything as an individual agent can be daunting. If there is a chance to join a team, it is something that should be highly considered. Joining a team is like an investment in resources. It can give you instant experience and credibility that may take you years to accomplish by yourself. Whether it is grouping with an efficient ISA or partnering with a buyer specialist, the future of the real estate industry depends on people joining forces and working together.
CONTACT US today to learn how you can add Conversion Monster to your team to optimize your lead management and maximize your Conversion and Closing rates!