11 Key Insights for Teams from The Teams Report 2024: Building a Competitive Edge with Real Estate Teams
A synopsis from our top real estate coaches
In luxury real estate, adaptability and strategy separate thriving teams from those merely surviving. The Teams Report 2024 highlights trends that redefine how teams operate, recruit, and grow. Here’s how your team can capitalize on these insights for sustainable success in the year ahead.
In the high-stakes world of luxury real estate, success isn’t just about selling properties—it’s about crafting strategies that set you apart in a fiercely competitive market. The Teams Report 2024 reveals critical insights into what makes today’s top teams thrive, from spending boldly to secure market share to leveraging overlooked opportunities like Sphere of Influence (SOI) marketing. If you’re ready to move beyond the basics and play for long-term dominance, this article unpacks how to turn the report’s findings into actionable advantages for your team. Let’s dive in and uncover how to lead, innovate, and outpace the competition.
Teams Report 2024 Insight #1 – Spending for Growth: The Long Game
Larger teams are rewriting the playbook by prioritizing volume over margins. They invest heavily in lead generation, pay higher referral fees, and offer competitive compensation packages. It’s a bold strategy—trading short-term profits for market share dominance.
What It Means for You: Smaller teams can’t always match this level of spending, but they can compete through cost-effective strategies. Build partnerships to share resources or focus on creative financing solutions. Efficient lead management and nurturing existing relationships are also game changers.
Action Point: Look beyond paid leads. Invest in organic growth through Sphere of Influence (SOI) marketing and targeted collaborations with complementary businesses.
Teams Report 2024 Insight #2 – SOI: The Under-appreciated Goldmine
Sphere of Influence (SOI) leads generate the highest ROI for teams, yet most underinvest in this critical channel. Many rely on how agents feel about following up that day, basic tools or sporadic engagement, leaving potential deals on the table.
What It Means for You: Closing this gap is an immediate opportunity. Implement robust CRM systems to track and nurture SOI leads over the long term. Personalize outreach and ensure consistency in follow-ups.
Action Point: Prioritize SOI marketing as the cornerstone of your strategy. A few well-nurtured connections will outperform expensive paid lead sources.
Teams Report 2024 Insight #3 – Embracing Organizational Diversity
Teams take many forms—from informal partnerships to structured businesses. Hybrid models, combining unified goals with semi-autonomous sub-teams, are gaining traction as scalable and adaptable solutions.
What It Means for You: There’s no one-size-fits-all model. Your team’s structure should align with your core values, market conditions, goals, and growth trajectory. Smaller teams can remain nimble, while larger ones can experiment with hybrid frameworks.
Action Point: Periodically reassess your structure. Balance autonomy with collaboration to maximize both individual contributions and collective success.
Teams Report 2024 Insight #4 – Optimism Amid Market Uncertainty
Despite industry challenges, 74% of teams project double-digit growth. Their confidence stems from the team model’s ability to scale, innovate, and continue to take market share from solo agents.
What It Means for You: Optimism is contagious—and strategic. Use this outlook to recruit top talent and expand your presence. Highlight your team’s growth potential and stability in a fluctuating market.
Action Point: Position your team as a safe harbor for ambitious agents. Offer clear growth pathways, support systems, and real world opportunities.
Teams Report 2024 Insight #5 – Recruitment: Your Secret Weapon
Teams are attracting talent by offering better pay, resources, and support. As solo agents struggle with rising lead costs and administrative demands, joining a team becomes increasingly appealing.
What It Means for You: Recruitment isn’t just about filling seats. It’s a chance to craft a dream team of like-minded professionals. By offering tangible benefits and a supportive culture, you can position your team as a premier destination for great talent.
Action Point: Amplify your recruiting efforts by emphasizing mentorship, growth, and shared success. Make your team the obvious choice for agents seeking stability and scale.
Teams Report 2024 Insight #6 – Technology and Nurture Systems: A Missed Opportunity
Despite spending $1,000–$2,499 monthly on technology, many teams express dissatisfaction with their nurture systems. Too often, tools are underutilized, leading to inefficiencies in lead conversion and retention.
What It Means for You: Technology is only as effective as its implementation. Optimize your CRM and automate workflows to ensure no lead slips through the cracks.
Action Point: Train your team to fully leverage technology. From personalized outreach to automated follow-ups, ensure your systems work harder—and smarter.
Teams Report 2024 Insight #7 – The Cost of Leads: Innovating to Stay Competitive
Larger teams dominate high-cost lead channels, creating upward pricing pressure. For smaller teams, relying on paid leads can become unsustainable.
What It Means for You: Compete where larger teams can’t. Focus on organic lead generation through SOI, content marketing, and referral partnerships. These channels cost less and deliver better long-term value.
Action Point: Develop content-driven campaigns that position your team as thought leaders. Share market insights, property trends, and community highlights to attract organic traffic.
Teams Report 2024 Insight #8 – The Resilience of Informal Teams
Around 15% of teams operate informally, relying on ad hoc structures. While this may work in the short term, lack of formalization can lead to issues and social and legal headaches as teams grow.
What It Means for You: Growth requires clarity. Formalizing your team’s structure not only minimizes risk but also improves efficiency and scalability.
Action Point: If you’re operating informally, prioritize creating a governance framework. Clear roles, responsibilities, and accountability systems pave the way for growth.
Teams Report 2024 Insight #9 – Adapting to Regulatory Changes
Teams are better positioned than solo agents to navigate industry changes, such as the NAR settlement. Their capacity for quick adaptation gives them an edge. By quickly adopting and implanting value oriented presentations, the teams we are working with are reporting a 20% increase in commission rates per transaction in the last 9 months.
What It Means for You: Compliance can be a competitive advantage. Train your team to stay ahead of regulations and use this expertise as a selling point with clients.
Action Point: Establish regular training sessions on regulatory updates. Proactively address changes to maintain client confidence and team alignment.
Teams Report 2024 Insight #10 – Lead Management: Unlocking Hidden Potential
Teams often manage sizable databases (5,000–10,000 contacts) but struggle with lead assignment and prioritization. Effective management could significantly boost conversions.
What It Means for You: Efficient lead distribution isn’t just about fairness; it’s about results. Align leads with agents most likely to convert them into sales.
Action Point: Implement a scoring system for leads based on factors like activity and interest. Assign high-value leads to your top closers and use automation to distribute others evenly.
Teams Report 2024 Insight #11 – Scaling with Hybrid Models
Larger teams are exploring hybrid structures that blend centralized operations with flexible, semi-autonomous sub-teams that focus on different geographies or niches. This approach balances collaboration with local adaptability.
What It Means for You: Hybrid models might be the key to scaling while retaining a personal touch. Sub-teams can specialize in niches or geographic areas, enhancing efficiency and expertise.
Action Point: Experiment with hybrid structures. Pilot semi-autonomous sub-teams in targeted markets or client segments to test scalability.
Teams Report 2024 Insights – Final Thoughts
The Teams Report 2024 offers a roadmap for navigating the challenges and opportunities of today’s real estate market for teams. From prioritizing SOI to embracing organizational diversity, the key is to remain adaptable and client-focused. Whether you’re a small team competing for leads or a large team scaling operations, the insights are clear: success lies in strategy, execution, and an unwavering commitment to excellence.
Ready to elevate your business and redefine success in luxury real estate? At RE Luxe Leaders, we don’t just offer tools or advice—we deliver bespoke strategies tailored to your team’s unique goals. Whether it’s mastering Sphere of Influence marketing, optimizing your structure for scalability, or recruiting top-tier talent, we’re here to help you lead with confidence and achieve unparalleled growth.
Join the community shaping the future of luxury real estate. Let’s transform your challenges into opportunities and your ambitions into a lasting legacy. Contact RE Luxe Leaders today and start building the business—and life—you’ve always envisioned.
