A big decision you’ll have to make when getting your real estate license is if you should join a real estate team or be an independent agent. In this blog, I will lay out what this means and the pros/cons to both.
First, let's discuss what being an independent agent means. When you are an independent agent, you usually don’t have anyone to ask for help except your broker who won’t always be readily available if a major issue arises. However, if you join a great brokerage you might be able to find an agent to help walk you through the first few deals.
As an independent agent, you also have to source your own leads which can be really difficult for newer agents. Some brokerages might still provide you with a few leads but it won’t be many. The quality of them will probably be suspect too.
Your expenses will most likely be more as an independent agent. Aside from what your brokerage provides, you’ll have to pay for everything yourself. This includes yard signs, real estate technology like Symba, photos for homes, marketing, etc.
A great thing about being an independent agent is that you’ll make a lot more money once you figure out how to consistently source good leads and handle your expenses well. Brokerage spits are much more generous for independent agents.
Joining a Team
This is the route that a lot of new agents will take for a number of reasons. But first, what does it mean to join a “team”. A “team” is a group of agents under a brokerage and there is a “team leader”. The “team leader” is usually an agent who has a lot of experience and has a well-oiled system that’s enabled them to make real estate a great career for them. They will use their system and experience to help the agents on their team sell homes.
New agents will often join teams because they provide knowledge, support, technology, leads, etc. When you join a team there aren’t many fees you have to worry about besides continuing education or brokerage fees. A team leader will also be more readily available to answer any questions you might have as a new agent. There’s a lot to learn when you become a real estate agent and joining a team helps it not become overwhelming.
At the end of the day, it’s your choice. If you know any real estate agents it would be a great idea to ask them what they think. They might even be able to help you choose a great brokerage. You can also read our blog on choosing a brokerage here.