Informal real estate teams have existed around the country for decades. They have become increasingly more widespread in the last five years or so. A team is born when two or more licensed individuals bind their business together for the common good of both their clients and themselves. Higher level teams are similar to what you find when you closely examine the management structures of medical groups as well as accounting and legal firms. In many cases, a team, or group as it also called, is the result of direct efforts by one realtor who forms, designs and builds the business to run in a systematic way with specific roles for all team members. This individual often becomes “the brand” and primary lead generator for the group.
The team leader typically attends to the listing appointments with other duties handled by any number of buyer and seller agents, transaction coordinators, web designers and administrative support staff. “In today’s market,” according to Ellen Roche, vice president of research for the National Association of Realtors, “there is increased specialization in the real estate field. Each member of the team becomes a highly focused expert in a particular area of the whole transaction.” The team’s work is generally coordinated with regular staff meetings, contact management software, wireless handheld devices and established procedures and checklists.
Business can be conducted in this manner at a traditional real estate company under the license of the company’s broker owner. All team members have a written agreement with both the owner of the company and the team leader. Compensation for transaction flows through the company and is divided in a manner agreeable to all parties. Team members can also be paid on an hourly basis as employees.