If you've recently earned a real estate license under your state's licensing laws, you may be anxious to get started with your first home sale. However, before you can begin soliciting buyers and sellers, you'll need to establish yourself as a bona fide real estate agent, either by forming your own company of one or joining a local real estate team. Which option can best help you jump-start your career? Read on to learn more about the specific benefits of striking out on your own, as well as those that can come from joining an already-established real estate team, to help make your decision easier.
Benefits of Going Solo
When you go into business for yourself, you're taking on responsibility for just about every aspect of running a business, from marketing to paying estimated income taxes. For those who have always worked for someone else (or who are fairly new to the working world), this can be quite a shift in job duties.
However, as the sole employee, you also receive the sole benefit of your efforts, without having to worry about splitting your commission among other real estate agents or staff members. You'll be able to directly derive the benefit of your hard work, and as your business grows, you'll be able to bring others on board to take away some of the administrative, logistical, and financial burdens that can come from staffing a business.
Going solo can also increase your recognition locally, especially if you have a well-known last name; by always having your own name on your business, you'll be able to create and nurture a public persona more easily than working as part of a team.
Benefits of Joining a Real Estate Team
Although being an independent real estate agent can bring some advantages, for those who are new to the industry, joining a team is often the smoothest and most beneficial transition. Working as part of a team can help you get a better feel for agent culture, ensuring you don't inadvertently make enemies during your first foray into negotiating on behalf of a buyer or seller. You'll also have help when it comes to marketing properties, collecting and reporting fees, and even arranging closing appointments with title companies.
Many real estate agent teams operate on behalf of national real estate companies, creating a "franchise"-like feel; like other franchises, this automatic name and logo recognition can work in your favor when buyers or sellers are unsure how to go about selecting an agent.