This article was published on: 09/01/2003
Top salespeople offer advice on finding the role that's right for you.
BY LESLIE CUMMINGS
It's among the great arguments for the ages: the chicken or the egg, tastes great–less filling, and solo practice or sales teams. As the übersuccesses on this year's lists of top sales teams and solo performers show, the dilemma is all a matter of perspective. Depending on your style, you may excel on your own or thrive as a leader or member of a winning team. Determining which is right for you requires some self-reflection.
Michael Vestuto, salesperson and owner of RE/MAX Home Store in Las Vegas, was a frustrated solo practitioner in 1984 when, after 15 years of working alone, he decided to build a team. "There are only so many hours in a day and days in a week," he says, "and I couldn't handle all the business."
He found a partner, but together the two were as swamped as ever. So they brought in another team member, and another, and another. Vestuto's now 20-member team closed 958 transactions for $156.9 million in sales in 2002.
"There are so many advantages to being part of a team," he says. "My income's tripled, I don't have to take all the clients out myself, and I have so much more free time."
That's especially valuable when you need time away unexpectedly, says Andrea Dougherty, of Prudential California Realty in Rancho Santa Fe. Dougherty was a solo practitioner for 13 years before creating a team. "Now I don't have to panic when I get sick. There's someone there who can take care of clients."
But before you maxed-out solo performers run out and hire teammates, be aware of the drawbacks. Finding teammates who work to your standard won't be easy. (For guidance on hiring and delegating, visit the Personal Assistant Q&A.) Getting along with all those potentially conflicting personalities can try your nerves. And—gasp—you have to relinquish control. That's right: Banish the idea that you're the only one who can do the job right.
That's something Joyce Coletti, of Ryan & Walis Realty Inc. in Long Beach, N.Y., says she could never do. "I like to keep control. I don't want to have to go to other people to get answers."
Coletti admits there are challenges to working alone, too. She sometimes runs herself ragged, and she doesn't have as much time as she'd like for follow-up. But for her the benefits outweigh those challenges. "I get to keep all my income, I come and go as I please, and I've created a name for myself."
Name recognition was also the deciding factor for solo practitioner Tom LeMieux. LeMieux, of Coldwell Banker Northern California in Menlo Park, had to work hard to establish himself after taking over a business in 1998 that had been owned by a well-known practitioner. He learned that in his high-end market, a team wouldn't work. "People want me, not another salesperson they don't know."
Staying solo, however, often means a tough struggle to balance personal life and work. "I've had to turn away business," LeMieux says. "There are only so many customers I can service well at a time." Of course, he can afford to pass up a few: He sold $103 million in real estate in 2002.
If you treasure free time but aren't ready to take on the responsibility of hiring a team, there's a third alternative to consider: Join a top-performing sales team. David Dilks, corporate broker for Vestuto's team, did just that—but only after interviewing with several team leaders and talking with salespeople who worked on teams.
When you're contemplating joining a team, Dilks suggests you find out how leads are generated, what the commission split is, what the team's goals and mission are, what type of ads the team places, and how team members talk about clients. Finding the answers to those questions will help you evaluate whether the team's culture suits you. "Some team leaders I interviewed spoke about clients as a commodity," he says, "not as real people who deserved a caring approach."
Whatever your style, if you're committed to the business, you'll find a place in real estate sales. Our quiz ("Are you a team player?") can help. It also pays to talk with successful team leaders, team members, and solo performers. "Ask those you'd like to emulate if you can shadow them for a day or a week," suggests business coach Steve Mitten, of Blaine, Wash. Use the time to learn how they spend their day and decide whether their system matches your work style. Whether you're part of a team or going it alone, Mitten says, "to be successful, you have to work in a business model that will honor your passions and your strengths."
Glen Calderon was ranked #9 for Sales Transactions and #11 for Sales Volume.