Agents always come to us with this question: Should I partner with a team or work solo? The answer isn’t as complicated as you think it is. Here’s how we answer this question and how you can decide which is right for you.
The 5 Areas to Consider
There are five factors we tell agents to consider before they start thinking about going solo or joining a team. Depending on how you prioritize these factors and what they mean to you, you can decide which route to take. They include money, time, freedom, growth, and leverage.
Money
If your biggest priority is making money, then consider where your money goes with a team or as a solo realtor.
Teams require up to 50% investment of your income. In return, they provide you with structures to help increase your business. But, if you don’t want to invest 50%, then the solo route might be better suited to you because you keep 100% of your earnings and decide where to invest it.
Time
When you’re a solo agent, you’re in charge of everything from database nurturing to marketing. These roles will take up most of your time, almost 30% of it.
Teams, on the other hand, have the systems in place for you to utilize and save time. If this is important to you, confirm that the team you’re considering joining does in fact have the infrastructure in place before you join. Time is currency and very valuable.
Freedom
On a team, the experience is more akin to being an employee. They will have expectations and rules set for you to adhere to. If you want a day off, you will need permission. While you can set your own goals, there will also be team goals set for you. It is a much more structured environment.
If you have the self-discipline and hustle to build a successful business on your own, then the solo route is for you. You will get the freedom to decide how you spend your time. Ask yourself, how did you do working from home?
Growth
This is a factor that can be found in both paths. The top producing teams often put value in growing their team members. Some will have stipends for educational growth, others will include mentoring from higher team members. If this is important to you, make sure the team you join values growth. Ask what they do for growth!
Solo realtors can also experience growth, but it is usually through hiring a coach. Working with an effective real estate coach can keep your growth on pace with a member of a growth-focused team. And with an outstanding coach, you can often surpass others.
Leverage
Leverage refers to hiring other people with different skills who can help your business grow. When you are solo, there will come a time when you have to hire employees, train them, and invest in them. This can be overwhelming and scary for many people!
When you join a team, the other members are already there for you to leverage. There should already be administrative team members, marketing specialists, and maybe even ISAs. You will have 100% more leverage on a team.
Not Sure If You Want to Join a Team or Work Solo?
This decision doesn’t need to be hard if you know what you want. Learn more about making this decision on our Facebook Live, and reach out to us if you want more information.
