Solo Agent vs Real Estate Team : Where Should I Go?
Decades ago, Real Estate "agents" were created to help brokers sell homes on their behalf.
The idea of having a personal representative to help you buy or sell your home was revolutionary at the time!
However, over the years, efficiency and speed outweighs personal relationships and commitments when talking about real estate, thus more and more “teams” have been popping up with "specialized" roles to help with the entire home buying/selling process.
With the diversity that still exists in today's market, you might be thinking - "What would be the best fit for me in today's market?"
In our week's mini series (in which we talk about our client's FAQ's) we will discuss 3 major differences between a Solo agent vs a Team agent in today's market!
1) Capital and Investment in Marketing
According to a recent research in overall marketing investment amongst realtors, the typical agent spent around $400/month (less than $5,000 a year) on marketing. On the other hand, the top 3% of realtors—who are usually members of a team or are leading a team—invest around $40-80k annually on marketing (our team included!).
You would want to strongly consider a team(or an individual) that can finance and market your property well, as it significantly impact the sellers' ability to sell their homes quickly and for top dollar, and for buyers to get the best house possible (Without wasting a lot of time looking!)
2.) Relationships vs Efficiency
Solo agents were made with the very purpose of building meaningful relationships to their clients.
It's because you can have the same realtor that can help you out on some very emotional and stressful moments in your home buying/selling journey. You can easily build this if you are having a relationship with one person only.
However, these agents typically also have other clients and cannot be possibly in two places at once. This is one of the most potential drawbacks of getting a solo agent.
This could potentially cost you the opportunity of getting your dream home or missing out on huge profits as it comes along.
Real Estate Teams today(such as ourselves) have matured significantly to maintain trusting relationships while still being very skilled at work delegation. This is especially true of our team, in which we use consistent, reliable, and precise methods to deliver an overall positive customer experience.
In this year's ever-changing real estate market —or any market, for that matter—A single agent might not be able to address all the challenges that arise during the buying or selling process. Because of this, having a team is a fantastic idea when you decide to enter the market, especially if you are new into the business.
3.) Who Can Support You Better?
Real Estate Teams have professionals like listing managers, closing specialists, and many others because salespeople aren't always the greatest at things like marketing or paperwork.
In terms of choosing who to go with, you have to make sure the agent (or the team) that you select has access to a knowledgeable team of professionals to assist them.
Additionally, you need to confirm that the agent working with you has experience in both buying and selling a property. The majority of solo agents may excel at one thing but fall short in the other.
Teams usually include agents with a variety of skills who can assist their fellow teammates right away in order to overcome this challenge. You can get all of this help without spending any extra money than what you yould pay a solo agent!
For the same price, you might have access to a closing coordinator, marketing expert, listing specialist, buyer specialist, and other specialists depending on the make-up of a real estate team.
Whether you're a buyer or a seller in a real estate transaction, it's critical to understand who you choose to represent your interests, as this will definitely make a positive or negative influence in the whole experience. Unexpected surprises may occur once a real estate transaction is under way if the possible benefits and disadvantages of a solo realtor and a real estate team are not thoroughly thought of!