Being a real estate agent comes with great excitement. It is both an inspiring and profitable profession. But, part of real estate success is deciding whether to work alone or join a team. Now, we ask: Which is best? Join a company or go solo?
This article will guide agents to understand the best of each option. No doubt, they both have strengths and weaknesses.
Join a Company or Go Solo: The Pros and Cons
Money Matters
Money plays a vital role in real estate. Here's why:
Working in a team will cut and share some expenses. That is to say, expenses like marketing and advertising costs will be shared among all the other agents. Likewise, the tasks and duties of the real estate company are distributed within the group. But, it also means sharing of commissions.
Meanwhile, working solo will allow agents to have their full commission. As a result, the entire profit from selling a house is owned by the solo agent. But, the risk here is they also need to carry all the costs - no one will help them with fees.
Accountability - Shared or Not
The question of whether to join a company or go solo is a make-or-break thing. Sure, it may sound cliche, but it's the reality. When an agent decides to go solo, they must be ready for the ups and downs of this industry.
That is to say, all the successes and failures of a solo agent are all on their shoulders. Unlike in working with a team, some people can guide the agent when some actions and decisions could risk the company. However, a team may have weak-links whereas a solo agent doesn't need to deal with anyones shortcomings.
The Game of Generating Leads
The real estate industry is a world of tactics and networks. Therefore, agents should have at least contact with people who can lead them to prospective clients.
Solo agents need to work smart to gain new leads. Hence, they need to double the effort to widen their influence. Otherwise, they will not generate leads and be unable to build their name in the industry. However, working in a team will help agents generate more leads - this is especially true for new agents. When they work under a company, marketing and advertising will be less of a challenge.
Building Professional Identity
Deciding to work under a company means forgetting about making a name in the industry. People will only remember the brand or the team lead of the company - not the individuals. It's a hard truth, isn't it? In this case, working in a team is good if the agent wants to secure his profit and career.
But when agents choose to go solo, they can slowly - but surely - create their own brands and names in the industry. That is to say, they can focus on their interests and niche. Plus, they can enjoy the chance of learning new things on their own. Solo agents have autonomy over their careers.
Join a Company or Go Solo: How to Know Which is Best?
Working under a company is best if:
#1: The agent is new to the industry.
Beginner agents can gain more under brokerage: additional support and 1-on-1 training.
#2: No leads are coming in.
Companies are required to give X number of leads to each agent per month. So, finding a lead is not as tough as it may be for solo agents.
#3: Agents enjoy working with others.
Real estate agents will not just close sales. They can enjoy the perks of working and collaborating with other members.
Going solo is best if:
#1: The agent has made his name in the industry.
When an agent has already made their sphere of influence and built a fair group of networks. Not to forget the agent's reputation!
#2: Confidence comes naturally to the agent.
If the agent feels the 100% drive, guts, and determination to go solo, then it's the right choice.
The Bottom Line
Whether an agent works solo or under a team, the most important thing is to always do the job with hard work and candor. At the end of the day, it's the agent's performance that will earn them success.
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