| Real estate agencies and real estate sales agents; | | | | or experience. |
| are you looking to increase your market share? A | | | | "Team Work/Partnering": Niche and Agent |
| step toward reaching that goal is to adopt the | | | | Experience |
| model of "Teamwork/Partnering". Real estate, by | | | | "Teamwork/Partnering" should also include niche |
| its structure and competitive nature, can inhibit | | | | specific expertise relationships. For example, |
| "Teamwork/Partnering" because real estate sales | | | | Shane has vast knowledge of marketing and |
| agents are usually independent contractors and | | | | selling multi-family properties. Hannah has just set |
| consequently that can lead to an all for me | | | | up an appointment while on office duty to list a |
| attitude. The agency is only as successful as the | | | | 3-unit multi-family home. However, Hannah has |
| sales agents and vice-versa. Real estate sales | | | | never handled such a property. |
| agents procure listings, which produce business | | | | Scenario #1: sales Hannah goes on the |
| and revenue for the agency and sales agents. | | | | appointment and loses the listing to an agent with |
| The agency, through marketing and advertising, | | | | more experience selling multi-family properties. |
| generates increased market exposure that | | | | Scenario #2: Shane and Hannah work together |
| attracts buyers for the current listings and sellers, | | | | utilizing Shane's experience and thereby increasing |
| drawn in by the agency's portfolio of listings. The | | | | the chances dramatically of securing the listing. |
| Boston Red Sox have players with specialized | | | | Shane is rewarded by sharing the listing; while |
| roles such as; 3rd base, pitcher, etc., so it is the | | | | Hannah picks up valuable experience in multi-family |
| same with real estate sales. Agents may have | | | | properties and the seller gets two agents for the |
| strengths in specialized roles like: high end single | | | | price of one. |
| family, condos, geographic markets, and varying | | | | "Team Work/Partnering": Geographic Market |
| sales experience. All of these factors must be | | | | Experience |
| considered when implementing "Teamwork | | | | Geographic market area is also a great way to |
| Partnering". | | | | build "Teamwork/Partnering". For example; |
| "Team Work/Partnering": Inexperienced Agents | | | | Meaghan is the only agent with any real success |
| The Boston Red Sox send their rookies to minor | | | | in Ocean-town, and now has a number of listings |
| leagues so that they may have the opportunity | | | | there. The agency does not have a strong |
| to develop their skills until they are ready to play | | | | market share in Ocean-town, but would certainly |
| in the big leagues. More often than not, new | | | | like to. Rachel received a call requesting an |
| agents with little experience ("rookies") are thrown | | | | appointment to list a home in Ocean-town. The |
| into the "starting line up" without adequate training | | | | seller mentioned she saw the agency signs in her |
| or time to develop. This is one of the biggest | | | | area. Rachel hasn't worked in Ocean-town, but |
| fauxs pas real estate agencies make. Nearly | | | | has more overall sales experience than Meaghan. |
| every other profession requires specialized | | | | The ordinary solution would be to have Rachel |
| apprenticeship programs for "rookies". Solve this | | | | refer the listing to Meaghan; but together they |
| problem by teaming up less experienced agents | | | | can offer the sellers a clear understanding of the |
| (apprentice agent) with the agency's more | | | | Ocean-town market coupled with vast sales |
| knowledgeable agents (mentor agent), who often | | | | experience. Meaghan and Rachel both get the |
| times are burdened with a heavy portfolio of | | | | listing. The agency succeeds in increasing the |
| listings. Compensation can be negotiated to keep | | | | market share and there are now two sales |
| both mentor and apprentice happy. The mentor | | | | agents that have experience in Ocean-town. |
| agent can free up time for marketing, contract | | | | In closing, "Teamwork/Partnering" is a successful |
| issues and pursuing new listings. The apprentice | | | | model that more and more real estate |
| agent can handle property viewings and become | | | | professionals are turning to. It takes time to |
| an active participant in the entire real estate | | | | implement and there may be some resistance at |
| process working hand in hand with real estate | | | | first, but if encouraged and supported by the |
| transactions under the watchful eye of their | | | | agency, even the most reluctant agents will soon |
| mentor. During this process the apprentice agents | | | | be on board. The role of the managing broker is |
| should be provided guidance to insure they have | | | | to encourage "Teamwork/Partnering" relationships; |
| the greatest opportunity for success. The | | | | even if it means handing down some business to |
| managing broker must monitor and evaluate the | | | | sales agents who are willing to work together to |
| apprentice agent's progress; as this will allow him | | | | get things started. Their success in a short time |
| her to safely recruit and develop new untested | | | | will be a model for others to follow, and soon |
| agents while insuring the agency is not vulnerable | | | | "Teamwork/Partnering" will be embraced by all. |
| to legal mishaps resulting from lack of knowledge | | | | |