15: Solo Agent vs. Team – Which Path is Right for You?

In this episode, Rebecca Green and Kim Borcherding discuss the pros and cons of being a solo agent versus being part of a team in the real estate industry. They explore the motivations behind choosing either path, the importance of self-motivation and knowledge-seeking for solo agents, and the benefits of collaboration and support within a team. The conversation also delves into how to find the right team for agents looking to transition, emphasizing the need for alignment in goals and values. The episode concludes with practical advice for agents at different stages of their careers.

Takeaways

• Being a solo agent requires self-motivation and a thirst for knowledge.
• The flexibility of being a solo agent can be appealing but comes with challenges.
• Collaboration and support are key benefits of being on a team.
• Choosing the right team is crucial for success in real estate.
• Agents should seek out mentorship and community, even as solo agents.
• Understanding your own needs is essential when looking for a team.
• The learning curve is significantly shorter on a team due to shared experiences.
• Not all teams are created equal; vetting is important.
• Expectations and responsibilities should be clear when joining a team.
• Finding the right fit can greatly impact an agent's career trajectory.

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Chapters

• 0:00 Solo Agent vs. Team Dynamics
• 5:21 The Journey of Building a Team
• 12:51 Finding the Right Team
• 18:09 Advice for Solo Agents Seeking Teams
• 24:23 Conclusion and Key Takeaways

Transcript

Rebecca Green (00:01)
Hi there, welcome to How to Real Estate Today. We're gonna talk about being a solo agent versus being on a team and or building a team. I'm Rebecca Green and I'm here with my co-host Kim Borchardt. Okay, Kim, I'll let you take it away with a solo agent versus being on a team or building a team. The pros and the cons.

Kim Borcherding (00:22)
Yes,

I love this topic Rebecca and there's so much to say about it I think for me at least you know after you know 12 plus years in the real estate business I have seen all versions of how to do this business I have been in different versions of it and now I help

I'm always talking to agents and in my opinion, there's no right or wrong way. I think it depends on who you are as a person, how you want your life to look, how you want your business to look, and that might evolve over time. So anyway, in my opinion, I don't know, be curious. I think most people start as a solo agent from my experience, at least in the world I've been on.

I would say to be honest, I think if you're at Keller Williams, from my experience, it seems like a lot of people who started Keller Williams might start on a team, their big team brokerage. And I started as a solo agent. And I think for me that did go well, but if I were to do it again, I actually would have made a different decision. So I started as a solo agent. I had a great mentor and that really made the difference in my experience. And I think...

Rebecca Green (01:14)
Mm-hmm. Mm-hmm.

Kim Borcherding (01:37)
Here is who's great for a solo agent. A, you're really self motivated. You you don't need somebody to tell you what to be doing, that today's a work day. Again, you know, I laugh when they say, you know, flexibility or make your own schedule. Yeah, you do make your own schedule. And if you are somebody that doesn't have the motivation and the juice to make your own schedule and know that this is a work day and that actually means you go to work.

Rebecca Green (01:42)
Mm-hmm.

Kim Borcherding (02:06)
then which is fine. Again, no wrong or right. Like again, I have space for all of it, but you have to be very self-motivated. If you're not a self-motivated person, put down the idea of being a solo agent, in my opinion. I think the other thing about being a solo agent that is B, that's second really important is that you have to...

Rebecca Green (02:07)
That's a problem.

Mm-hmm.

Kim Borcherding (02:31)
have a thirst for knowledge and the desire to go out and seek that knowledge. Because nobody, like whatever you learn in real estate school, that is not useful really at all. So you're learning this job like on the fly. And every day you have all types of scenarios that are coming up that are complex and new and you have no idea how to figure it out. And are you somebody that just goes the extra mile to find out and research and figure it out?

Rebecca Green (02:35)
Totally, yeah.

Kim Borcherding (03:00)
And I think just like look at you in your life. Are you somebody that's always pushing to figure out, to go the extra step for, go the extra step. And if you're not, and if you like the answer, you know, handed to you, or you really like to be coached, again, then a different model. So I think those are the two, in my opinion, that you're gonna be a solo agent. You have to have a thirst for knowledge, and you really have to be self-motivated.

Rebecca Green (03:06)
Mm-hmm.

Yeah, me too.

Kim Borcherding (03:28)
And I don't know. So, and I'd say, those, and the benefit of being a solo agent, gosh, you get to build your business how you want, you know? You really get to think about what makes sense for you and for your life and how you want that to look. And that's really excited. And there's a lot of opportunity with that, you know? I think the other reason people go solo agent versus a team is, you know, the split. So you get to keep more of your commission.

Rebecca Green (03:35)
Yeah.

Kim Borcherding (03:57)
But again, I joke too when I tell people team or no team, was like, know, well getting, you know, 100 % of one deal in your first year, as lucrative as, you know, 30 % of 20 deals that you might touch in your first deal being on a team. So don't get, in my opinion, don't get caught up about the money piece. I really advise people to make the choice on what makes sense.

Rebecca Green (04:06)
My da- Might not be as lucrative.

Kim Borcherding (04:26)
for you right now. Forget about the money because this is the business you're just gonna have to put the time in to learn, to learn the business. And I tell agents all the time, to be honest, if you had an opportunity to go work under a killer agent, I would work for free, like, or at a discount, like minimum wage, whatever, to be in a room with an incredible agent who spent how many years developing their skills and their experience. And now you get to learn from them. That's like.

Rebecca Green (04:26)
for them. Yeah.

Yeah.

Okay.

Yeah.

Kim Borcherding (04:54)
doing a master class in real estate or getting your MBA. You are investing in your knowledge. so when people get caught up about the split, I'm like, dude, you don't know anything and you're not that useful. Totally. Yeah, so in my opinion, those are, I think, some important factors about being a solo agent. How about you? What are your thoughts of being a solo agent?

Rebecca Green (05:02)
then.

relative really. There's a relative component to it. Yeah, there's a relative component.

Okay.

Yeah, it's interesting because when we started talking about topics for our podcast today and you mentioned solo agent versus team, I thought back on my own career, you know, in 33 years, I was only ever a solo agent for the first two years. And then I started building teams like right away. And when I think back on that.

I tried to figure out like, what, what was it, what was it that I wanted out of a team? And for, for me, building the team was the reality that we can't all be good at everything. You know, that's just something I've lived by my whole life. We can't all be good at everything. And the collaborative component of a team was something that really excited me. and so I started by bringing on a buyer's agent and bringing on an ad, you know, admin support.

And so that was where my journey started. And I think, you know, talking to a lot of agents today, there is a space for the solo agent, but those solo agents, I believe the ones that really excel are the ones that seek out community and collaboration in other places, because the business can be so isolating, believe it or not, right? Even if you work for a big firm, there is an isolation component. And so I'm hearing a

lot of solo agents still seeking out collaboration and mentorship and coaching groups to keep them invigorated and excited. Not really accountable, but keep them learning, right? Like you have to have that thirst for knowledge. You talked about that.

Kim Borcherding (06:57)
And the

being just around the energy of people guys that is so important for for most let me pause let me ask you though Rebecca because Were you in an environment?

Rebecca Green (07:01)
Yes.

Yes.

Okay.

Kim Borcherding (07:11)
So after two years, that's pretty quick to go building a team unless you were in an where that was modeled because I was not in an environment where that was modeled. So I'm curious why you went that direction and how you got the information on how to build a team.

Rebecca Green (07:24)
Yeah, it wasn't modeled at all. was 33 years ago. Teams were not really a thing back then. Some agents had assistance, but team building was definitely not a thing. And I remember having many conversations with the manager of the office at the time about why it was important to me and getting pushback about it just not being the way things were done.

I guess I've always bucked the system and I didn't care that that wasn't the way things were being done. That was the way I wanted to do it. And I had a vision of a bigger business and I immediately recognized that while I was a grinder and I could work and I had the capacity to put in a ton of hours, I also immediately recognized that you get more done with more people.

Kim Borcherding (07:58)
of a bigger business and I immediately.

Rebecca Green (08:14)
And if you had a shared goal and you had a shared sense of where you wanted the team to go, it would be a bigger, better business. So for me, that was really what that's where I started. And then I'll be honest, shortly thereafter, I got married and I had two babies under two. You know, I had two kids, I two girls 15 months apart and I was still selling super active. We were doing about 45 transactions a year and I needed this

team because I was home with the kids and I was you know pregnant for two years straight. So I really you know needed the support of the team and I was so grateful that I had set that team up prior to that and I just never turned back. I was never a solo agent again.

Kim Borcherding (09:03)
Yeah, well what a visionary as well for you I mean because that it wasn't modeled but you came up with this idea that this is what made sense for you which I do wish that I Again, that's another podcast episode what I would have done differently in my business because I would have done things a lot differently in many ways Yeah Yeah, that's that but also for you. Did you desire to be a leader?

Rebecca Green (09:17)
Yes, yeah.

I've got lots to say about that too. We'll do that next time.

Kim Borcherding (09:29)
Because that's something you desire to be a leader that I have struggled with

Rebecca Green (09:30)
Yes. Yes. Yes. I did desire to

do that and actually maybe it wasn't even the desire to be a leader. It was just the recognition that I was probably not employable.

Kim Borcherding (09:43)
OK.

Rebecca Green (09:44)
I was young, I had lots of opinions and

lots of desire and lots of drive and I just wanted to craft my own, I wanted to carve my own path. So maybe when I was that age, you know, remember I started selling real estate when I was 19. So when you're 19, you think you know everything, you kind of know nothing.

Kim Borcherding (09:52)
you

Rebecca Green (10:10)
You know, that's the reality, right? So, yeah, I knew I wanted to do it my way. And at the time, I didn't realize I was unemployable. When I hit 40 and looked back, my 40-year-old smarter self said, oh, yeah, wait, you went that route because you weren't employable.

Kim Borcherding (10:30)
Yep.

Rebecca Green (10:31)
Right? And

so, no, I just, liked the collaboration. I really did. And I also recognized way back then that even though in the office, you know, I mean, mind you, we literally didn't have the MLS. We had like ream paper and a book where the houses went in and a Saturday newspaper, right? So we did collaborate within the office, I think a lot more than what happens in some offices today because

Kim Borcherding (10:58)
in some offices today because

Rebecca Green (11:01)
Because the reality is that you're in direct competition with every other real estate agent in your community, right? So back then there was

Kim Borcherding (11:01)
the reality is that you're in direct competition with every other real estate agent in your community, right? So back then there was.

Rebecca Green (11:09)
collaboration, but there was still like an insular component to it. And I felt I was young. I wanted friends, I guess. I wanted people that I could work with and party with and have a good time with. And that's the team that I built.

Kim Borcherding (11:18)
Yeah

Rebecca Green (11:23)
You know, admin, thankfully, the admin that I hired, she was a bit older and way smarter and kept me in line. And God bless Marianne for that because I needed it. I also hired my very best friend, terrible idea, another episode, but I had a ton of fun and I was selling

a ton of real estate. And so for me, it was a lot about culture and environment and wanting to be a leader and wanting to do it my own way. And sure, I learned an awful lot. That's not the

Kim Borcherding (11:44)
And so for me it was a lot about culture and environment and wanting to be a leader and wanting to do it my own way. And sure, I learned a lot.

Rebecca Green (11:53)
path for everybody. know, a lot of people, it's not the path, right? It's not the path. And I think for people joining teams, that's another conversation. You know, the difference you mentioned a little bit, being a solo agent versus joining a team. One of the things, two things, if you're going to lead a team, it comes with responsibility and you need to understand that. I didn't fully understand that all the time, but I did learn that quickly. Second of all, if you are going to join a team, not all teams are

Kim Borcherding (11:59)
It's not, and I think for people joining teams, that's another conversation. know, the difference you can choose, that being the sole occasion for.

Rebecca Green (12:23)
created equally. You have to vet it out. You have to figure out what's important to you. If I were a new agent, I would definitely want to join a team to learn. And you mentioned that. The learning curve, the trajectory of learning when you're in an environment where there are a lot of transactions going on and everyone's in business, the trajectory on the learning is just huge.

Kim Borcherding (12:37)
the trajectory of learning when you're in an environment where there are lot of transactions going on and everyone's in business, the trajectory on the learning is just huge.

You're right, you don't learn any of what you actually need to know in real estate school. You don't learn about business building, you don't learn about systems, you don't learn about marketing. And so being in the right environment can really shorten your

Rebecca Green (12:51)
You're right, you don't learn any of what you actually need to know in real estate school. You don't learn about business building. You don't learn about systems. You don't learn about marketing. And so being in the right environment can really shorten

your novice to mastery journey.

Kim Borcherding (13:09)
You're just front loading your your knowledge guys like again I now I mean I take 90 % of people if they call me and they want to go being going to real say I'm like join the team 90 % of people very few people I'm like you should be a solo agent You know for sure for the first few years like learn as much as you can front load that it that knowledge because otherwise You're just gonna like but likely most people just bump along for a few years

and because you just don't do that many transactions and so it's about out bats so as whatever you can do to get more out bats at bats as quickly as possible to expedite yeah

Rebecca Green (13:39)
Yeah.

Totally. Well, and then learning from somebody else's mistakes too.

mean, honestly, when I have people that join the team or even agents that have worked with me for some time and they say, well, why do we do it like this? 90 % of the time, my answer is because, something bad happened.

or like, you know, we had a transaction issue or we had a seller issue or we had an issue with a buyer. So like we changed the process in the procedure to address that. So most of what I have in place from a system standpoint or from a communication blueprint or from a process or SOP has come out of.

a shitty situation or an aha moment. And that's come with 1200 transactions. You have a different perspective when you've participated in 1200 transactions. You've learned a few more things than if you've just done five, right? So that goes down to if you're seeking out a team, finding the right team for what you need or for your personality is super important because they're all created differently.

Kim Borcherding (14:26)
a shitty situation.

Okay, well

I want to dive into that but tell me do you think is there any person that you think should be a solo agent?

Rebecca Green (14:57)
Yes, I have a lot of, I work with a lot of solo agents in my coaching business. I really do. I work with a lot of solo agents and they are self motivated, as you mentioned. They are always seeking collaboration and education. And that is so, so, so important. So there, would say it's like friends with benefits. You're a solo agent with benefits, right? You're looking for, you know, a source of,

of learning and a source of collaboration and a source of conversation. And so there are a lot of solo agents that I see thriving, right? You know, they are...

Kim Borcherding (15:29)
and a source of conversation. And so there are a lot of soul-events that I see in life. They are

invested in their family, invested in their personal life. have some that actually are entrepreneurs in different ways. They're buying properties and renovating them. But they're still learning. That's the thing. They are still learning, and they're not afraid to pick up the phone and say, I'm

Rebecca Green (15:37)
invested in their family, invested in their personal life. I have some that actually are entrepreneurs in different ways. They're buying properties and renovating them. But they're still learning. That's the thing. They are still learning and they're not afraid to pick up the phone and say, I have

this contract problem. I'm not sure what to do. Can you help?

Kim Borcherding (16:00)
Yep, totally.

Rebecca Green (16:01)
So the solo agent that wants, you that goes that

route, I think is very, very smart, very smart. And what about you? Do you actually see room for solo agents or do you see it changing? Yeah.

Kim Borcherding (16:07)
Yeah, I Do I think just different seasons of life, know

to be honest like in my opinion I think if you're a new agent you should probably start on a team, know And maybe you really love the structure of a team You're on a great team the come on and the camaraderie and the energy and the culture of a team And maybe you stay on that team for a long time

But also, maybe you're in a different season of life where it doesn't make sense and you need to pull back or you just want something, you want more flexibility. you know, I like say, now you're going to step out of the, you know, you want to have kids for the next five years and you want to take time, you know, being pregnant, being home, like working an easy schedule or something like that. And you just want to, yeah, you just want the freedom to do whatever you want.

Rebecca Green (16:44)
I agree with you.

Kim Borcherding (17:02)
So being a solo agent where you don't have the responsibility because it is a lot of responsibility be on a team and or a team leader So so that makes sense. So let me ask you Rebecca if you were Somebody calls you today. They're a solo agent. It's not working out for them For just say, you know They they're just they don't have the motivation for whatever. It's just not working out. They're recognizing

They're just not, the business is going as they should. They want to be on a team. What advice would you specifically give them to find the right team? Like that is an overwhelming thing, Rebecca, is to find the right team. And there's plenty of mistakes to be made there. So what good guidance would you tell them?

Rebecca Green (17:35)
Yeah.

Mm-hmm.

Mm-hmm.

Okay. Yeah. Well,

I'm going to use, I'm going to use two real life situations, right? I have an agent now that I'm chatting with that. Hopefully we'll be joining the team. And when I first started in conversation with her, I was asking what it is that she felt she was missing in the business and structure was one of them.

You know, she has a great database. She has, knows a ton of people, but she's had a hard time filtering that into business. And that's a pretty common.

problem that I see, like lots of people with huge spears, but they don't know how to actually whittle that down into doing business with those people. So asking a lot of questions as an agent and understanding where your gaps are first before seeking out a team is super important. Not necessarily the smartest choice just to go to work with somebody that you happen to like.

or somebody that's your friend, that might not be the best space for you. So understanding what you need. So this agent needed structure and she needed systems. She had never really worked in an environment where there were a lot of systems. So she was seeking that. She was also seeking marketing. Doing marketing on your own can be costly for sure. It cannot hit the mark. So those were things that she was looking for. I have another agent that I've been in conversation with.

who is a solo agent with an assistant. She has an assistant that she's had with her for many, many years, but she's trying to figure out what the next phase of her business looks like. And so she's in that team building mode because I think the next phase of her business is probably moving towards retirement. So she's seeking a certain kind of agent that could maybe take her business over over the next five to 10 years. So that's another part.

Kim Borcherding (19:36)
So, you know, she's seeking a certain kind of agent that could maybe take her business over over next five to ten years. So that's another part if you're

a solo agent seeking out a team, asking the team leader is what their overall goal is.

Rebecca Green (19:46)
solo agents seeking out a team, asking the team leaders what their overall goals are.

What are your five-year plans? Right? Because if a team lead says, in five years, I'm out of here, that might not be the right fit for you. That might not be something you understand as a solo agent. What is offered on the team? You know, what tools, what tech, what kind of training, you know, what kind of marketing, what are the financial, you know, what are the splits, what are the financial responsibilities?

of the agent. Every team is structured differently. What do the commission splits look like? Don't ever go into anything in my opinion. You should not be a fee based broker. You should be a value based broker. I believe that so firmly. you have to, you get what you pay for, right? In life and in business, you get what you pay for. And so, you know, asking a lot of questions of the team lead would be my best advice, but before going into it, understanding what you're

looking for plays into that to find a successful fit.

Kim Borcherding (20:49)
Yep, that's great. Great input. Yeah, and I think one other thing to mention is also, I think

For me, I'm a big energy person, people person who I'm working alongside with and not only meeting with the team leader, but I would be interested in meeting with the other people on the team as well if you're working closely in collaboration with these people just to make sure you feel like there's alignment energetically.

Rebecca Green (21:08)
So important.

Yeah.

Super important, super important.

And one other thing I would add, every team, so I have a coaching course where we coach agents to build teams, right? And the very first place we start is what kind of leader do you wanna be? Right, so when you're seeking a team, trying to figure out what kind of leader the team lead is, is so valuable. And what do I mean by that?

My philosophy is I want to teach agents how to build businesses, not do the job. Other team leaders are looking for people just to do a job that they're giving them. To me, those are two really different things. Right? Right? So even agents on my team, I want to help them learn how to build businesses, not just do the job. Some team leads are...

Kim Borcherding (21:49)
Mm-hmm.

Yep,

Mm-hmm.

Rebecca Green (22:08)
You know, run their teams where the agents that come on the teams are fed leads, but the team lead is always the lead. The team agents don't have any communication with clients. You know, the, the team lead is maintaining all client communication. There are all sorts of questions that you should be asking, right? You know, that's not my philosophy in team building. If I don't have somebody on the team that can talk to a client, they are not the right person for the team. Right.

Kim Borcherding (22:09)
You know, run their teams where the agents that come on the team are at least, but the team lead is always from these teams. The has communication with clients. know, the team lead is maintaining all clients' communication. They're all- Totally.

Yeah.

Rebecca Green (22:38)
And

then expectations, asking what expectations are at. Like my expectations are that everyone on the team do a minimum of 12 deals a year. I'm going to help you find those 12 deals a year, but what are the expectations? know, understanding what you're signing up for is just so important and understanding who you're signing up with.

Kim Borcherding (22:47)
Mm-hmm.

Totally Yeah,

and in my opinion if you the best Probably the best way to find the right team is get a referral actually I refer a lot of people agents to different team members that I think are a good fit for them and again Like you know how you run your business. I think you're great for some people and somebody else they might be

Rebecca Green (23:05)
Yes, great, I guess. You do.

Motley.

Kim Borcherding (23:20)
I think a better fit for somebody else. finding somebody who's connected in the real estate world, in the market that you're in, and then asking them, like, hey, okay, here's what I'm looking for, here's what's important to me. Who do you think I should interview with, guys? Do not just like go Googling random or something, or whoever's just in your office maybe because they're in the same office. Like in my opinion,

Rebecca Green (23:35)
Yeah.

Yeah.

Kim Borcherding (23:47)
If it means switching brokerages, so be it. Like finding the right fit for you is really important. Getting your referral and meeting with a few different teams. You don't know what you don't know. And sometimes, I mean, I think a common thing pattern I see is you go join a team with somebody who's in your office because that's what, that's kind of what you know, or that's who's around totally. So just really.

Rebecca Green (23:59)
Totally.

You know. Yeah.

Kim Borcherding (24:12)
taking a few extra steps, being really intentional and knowing that this is a really big decision and can make a tremendous impact on that next phase.

Rebecca Green (24:23)
Yes, without a doubt. Great advice, great advice.

And going back to what you were saying, I tell my seller, I tell sellers all the time to interview multiple agents, right? Because you don't know what you don't know. It's the same thing when you're seeking a team, you know, to interview with several people, right? Do your homework, right? Do the homework. And also be honest with yourself. Some people come to me and I know they're just looking for leads. That's not the kind of agent I want, right?

Kim Borcherding (24:32)
Yeah.

Rebecca Green (24:53)
to be honest with yourself about why you're seeking on a team, think that's super important as well. Right? Uh-huh.

Kim Borcherding (24:58)
Yeah, and I think the last thing on team here's who

I also think should be on a team a You just you want to feel connected you want to feel connected to a group a bigger thing you want some collaboration

Rebecca Green (25:06)
Yes.

Kim Borcherding (25:10)
You're not finding it for whatever reason. So you want to have some collaboration. You want the energy of the team. You also want some structure. You are somebody who really thrives in a structured environment and you want there to be a container for you to plug into. And then also, in my opinion, in some ways, for some teams that I know that they've been able to provide more balance for their agents.

Rebecca Green (25:10)
Mm-hmm.

Mm-hmm.

Yeah.

Kim Borcherding (25:38)
because you go on vacation, well there's somebody else who can cover for you. But let me tell you, it's a lot harder when you're a solo agent. You wanna have flexibility, you wanna travel, whatever. You wanna be on vacation in Hawaii and you don't want no one to bother you. On a team, there is more opportunity for coverage and people helping you out on your everyday. So again, so.

Rebecca Green (25:43)
Great point.

Mm-hmm.

Great point, yeah, that's

a great point. Okay, people, good luck on your journey, whether you're a solo agent or a team lead or you're seeking out a team. Hopefully that was helpful. We will catch you next week.

Kim Borcherding (26:03)
Good luck on your journey, whether you're a solo agent or a team lead.