The industry of real estate uses a lot of networking power, and is comprises of many companies and groups of team agents, with very few independent investors. Why are real estate teams so prominent in the industry, and how does it benefit you as a real estate agent? While group collaboration doesn’t work in some industries, in others it creates massive success, and in real estate specifically, it can mean the difference between a deflated housing market and a thriving one.
The burst of the housing market bubble in 2008 caused a lot of trouble in the industry, stirring up multiple different negative factors that lead thousands of people losing their jobs, and thousands more losing their homes. There needed to be a solution, and in an area of the professional world that is so crucial to a society, it needed to be done quickly. Under the circumstances, there wasn’t many options for those who were left in the real estate industry. Their only option was to band together into units that capitalized on a single housing market, tethering their networks together to survive.
Now that the method has been proven to make it through a recession, it is a very prominent method of business in almost every market in the US. Consolidation was proven to be powerful, and having that team power made for an easier flowing market. Alex Anninos, a team member of Massachusetts’ Mavroules Real Estate Team, admires that his career has flourished so well because of the teams that he has been a part of. Getting started in real estate during the burst of 2008, he learned quickly how the unity of teams in one market made it easier to grow a market and a career.