How Do Real Estate Teams Work?
In recent times, working with a team is getting more prevalent with real estate agents. It provides a real benefit for the clients and agents too. A real estate team provides a client with about two or three experienced agents to work on their behalf. Team members analyze strategies for the clients and the client, in turn, gains collective wisdom and knowledge.
Basics Of A Real Estate Team
There are no set of rules or guidelines that FazWaz UAE teams must follow, but team members usually share the same spirit and are always ready to lend a hand to each other.
One agent could be in charge of hosting open houses or escorting buyers on home-showing tours, another might be in charge of handling buyer phone calls on listings, while the other one would be in charge of managing the lending process, drawing up purchase offers, and attending home inspections.
The Team Leader
Generally, the team leader is the agent that handles the listings. The team leader lists, then the members of the team work with the buyers. In some instances, team members are inspired to pursue listings under specific conditions, but most times, the team leader is the one who brings in the business; he is the rainmaker.
How Compensation Works
A team leader compensates his team members in several ways. Payment could range from part of the leader’s commission or a rate for a salaried associate to a specific percentage shared according to performance.
Real Estate Teams And Fiduciary Relationship
Sometimes, a team leader operates within a single agency, as they only represent the sellers. Since they only have a fiduciary relationship to the seller, they won’t have to worry about if they are looking out for the buyer.
This usually works appropriately because a lot of skill set and quality go into representing sellers. It makes little or no difference to a leader if a member of his team brings up a buyer or an agent from a different organization. A leader’s interest is simply in selling the home.