NAR survey reveals increase in real estate teams
A larger share of Realtors are opting to work with others in real estate teams according to a new report.
The National Association of Realtors says that in its 2018 Teams Survey, 26% of respondents said they consider themselves part of a team, while 73% do not.
The transformation of the real estate landscape continues to change the way Realtors do business. Over the last few years, Realtors have continued to embrace changing technology and business tactics that are modernizing the industry. Real estate teams are an increasingly popular business model in response to consumer demand for a wide range of specialties from their Realtor as they expect constant support throughout the real estate transaction," said NAR CEO Bob Goldberg.
Respondents typically joined their real estate team in 2016 while the median year that teams were formed was 2014. Almost a third of the teams comprise two people.
Most respondents who are not part of a team have never been so (84%) while 16% said they had previously. But 9% have strongly considered it and 30% have briefly considered joining or starting a team.
"This growing trend not only helps our members share workloads and responsibilities, but also allow Realtors to benefit from the experience of fellow professionals. The synergies of a well-functioning team are often an incentive to relinquish some of the independence of a solo practitioner and offer many attractive features for both licensees and their customers," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor from Columbia, Missouri and CEO of RE/MAX Boone Realty.
