Are you running a real estate team based on ego or on success?
These are crucial questions as we approach a potential real estate boom. With lower interest rates attracting sellers and buyers back into the market, prices are expected to rise and a wave of new agents will enter the scene with good intentions.
As these agents seek to join your team, you should consider whether more is really better.
The promise and pitfalls of mega teams
The concept of a “mega team” has been gaining traction, but its success depends on effective leadership. Despite the competitive nature of the real estate industry, many mega teams still struggle to match their size with their productivity in today’s transparent environment.
New agents: The advantages of joining the right team
For new agents, joining the right team can be a game-changer. Your expenses are covered, marketing is taken care of, and you have access to mentorship to help you succeed in your career.
Team leaders: Balancing quality and quantity
As a team leader, working with high-performing agents can be rewarding. Leading a mega team of top producers can provide more power and income. However, having too many low-performing agents can distract from the success of the team as a whole.
Strong leadership is the key to navigating market cycles
The success of a mega team relies on strong leadership focused on agents’ success and agents who sell real estate. Experienced leadership is crucial during market cycles to help agents weather the ups and downs of the market.
The bottom line
For team leaders, prioritize quality over quantity when building your team. And for team members, ensure that your environment supports your growth and success. Leaders must develop professional agents who can thrive in any market conditions.
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