The buzz word of 2020 is building a real estate Mega Team. Those are the super large teams consisting of those who can bring more business to the leader of the "mega team".
When you first get your real estate license, the mailers that you receive all consider you someone who can bring extra business, at least three deals.
Theirs, another's and someone close to them.
Three - the worth of the new agent is at least three.
The real estate mega teams are hoping for at least that.
Plus they are hoping for a person who can develop some sort of real estate business above and beyond what they were expected.
Agents think that having a large mega team will bring them more business. That may be the case in a short time. But in the long tail realm, a mega team won't survive the test of time.
People want to be dealt with personally.
I had a mega team, but they were not me.
So hence them not going and working for themselves and developing their own brand.
A person can have all the buyer's agents and the other essential components of a mega team but has nothing.
At least in the end.
There is no way to make a mega teamwork, especially if the people are wanting to work with the agent forming the team.
If that is the case, where the real estate clients want to work with the formulator of the team, they cannot.
Most mega teams are formed for that the lead agent is working their business remotely.
Maybe they are operating their mega team in Santa Clarita CA from Santorini Greece!
Santa Clarita real estate mega teams
You may have guessed from this article that I am not a fan of real estate mega teams. Why can't we just work with the clients that select us personally? Why must we build a team in order to make more money than if we were helping people alone?
Ok - you get it. A mega team trumps a single agent.
In income and deals per year.
My contention is that I have seen many a real estate client come through my door that has worked with a real estate mega team which does not like it.
They want to work with a singular agent. They want a single point of contact. I get over 70 leads per month from my efforts on our Santa Clarita real estate blog.
All of those inquiries get special treatment by me.
There is no other agent. There is no mega team.
There is Connor with HONOR and his awesome wife, also in the business - Paris MacIvor (aka Paris911).
Some mega teams are counting other personnel
In each real estate transaction in the Santa Clarita Valley, one that is handled professionally, there are others involved.
There is a home lender, a mortgage professional, one who is going to coordinate lending the money for the home buyer to buy the home, condo or townhome.
Then you will have an escrow company including an escrow officer and their assistant. If you are a Santa Clarita home buyer, know that the escrow typically originates from the home seller.
It was back long ago in real estate (sounds like a story is starting), where it was decided that the home seller, because the home being sold originates with them, would select service providers. Such as the escrow company and officer and the pest inspection company who is going to be giving a Termite Clearance or doing the Termite work.
Over time, the seller's still select escrow, for the most part. However, this is a point of contention in some real estate dealings. Everything in real estate can be negotiated.
If the home buyer is buying a home in a total buyers market, they may be successful at choosing the escrow company that they want to work within the purchase of the seller's home.
Not a biggie - but some buyers like to be in control this way. If the market is a seller's market - there is no way that this could happen - but why not ask? It is possible that if you "ask", in the time it takes for the seller's agent to explain what you wanting to choose the escrow company and the escrow officer means another offer could come in where the home buyer is willing to go with the seller's selection or escrow company.
OMT - Termite. Currently, the termite inspection has switched to be a buyer cost and responsibility. There are many reasons why this could have happened. First and foremost is if the home seller is hiring the company to do a termite inspection and paying said company, maybe the sellers have it in with the termite company. When the inspection and work associated with that inspection are left to the buyer to have ordered, the dynamic seems more honest.
May be advertising you having a team does not help
I have been telling agents for years during our training sessions. Teams can mean to people "cost increasing" and "bloat".
Costs can increase and communication can become prohibitive.
The biggest complaint that I get from a home buyer/seller that has come to work with me because my team is me, comes from the communication channel.
Things did not get done because no one knew what the other parties were doing.
What is the listing coordinator and what are they doing to get my virtual tour built? Oh - they are blaming the virtual tour company?
Why is escrow sending me this paperwork again? Oh - they want me to duplicate my efforts?
What is the buyer's agent wanting me to let them know if the buyers showed up? Oh - I thought they monitor the lockbox data they get texted to them? Oh - the lead agent is getting that info - my mistake!!!
I left a message for the agent that I hired, why am I getting called back from their secretary, who has no idea what the listing agent promised me in my home when they were pitching me to choose them?
Teams are good at making agents more. More is fine ok as long as those who are hiring you are not suffering as a result of your greed. (A word to agents)
Who should you be hiring
As long as you know what is expected and what kind of results are obtainable when working with a real estate agent who is working real estate with their eyes closed, the choice is clear.
I'm Connor with HONOR and I'm your local Santa Clarita realtor who is prepared to show you more about how Paris and I are very different from the status quo.
When you are ready, call me directly and I will take great care of you. Thanks so much for taking the time to read about Santa Clarita mega real estate teams and why you may want to think twice before hiring one.
Connor MacIvor, over and out!