How to Build the Ultimate Real Estate Team
Power in numbers. Strength in groups. Teamwork makes the dream work.
(And so on.)
Yup. Today, we’re talking real estate teams. *Dun dun dun*
If you’ve never been a part of a real estate team, maybe you’re starting to feel a little bit squeamish right now.
“Having to rely on someone else? Uhh, NO thanks.”
“I don’t want to have to be accountable to anyone but me.”
“But I’ve worked so hard on my own brand. My biz is my baby.”
OR, maybe you’re curious about whether being a part of a real estate team could help your business.
When done right*, we think real estate teams can have major benefits for all involved. Like:
• A bigger pool of prospects
• The ability to specialize
• More consistent revenue
• Camaraderie and support
* This is essential. If a real estate team is assembled with little to no strategy, you could end up with MORE work, LESS balance and FEWER prospects.
But let’s focus on the positive, shall we? Let’s look at the key ingredients to real estate team success. This is your guide to building the ultimate real estate dream team!
1. Build It Before They Come
Translation: make sure you have the money to afford your team before you build your team. Don’t build your team and wait for the money to follow.
If you’re a newbie agent, don’t think about starting your own team just yet; instead, look for a team to join.
Building a real estate team is for more established agents with proven revenue, who are looking to increase their profits and share the workload.
2. Identify Your Needs
Don’t just hire people with the exact same skill set as you.
You’ll get the most out of your real estate team if you hire members who can provide support in the areas that you’re feeling a little weak in, that you don’t have time to focus on, or that you want to make a priority. Such as…
• Representing buyers. Have you found yourself pretty much only representing sellers these days? Get yourself a buyer’s agent.
• Millennial expertise. They’re the generation to focus on. If you don’t feel like you have much to offer the millennial real estate buying market, find someone who does.
• Social media presence. If you keep up to date with our mRP blog, you already know how much we believe in the power of social media for real estate agents. But developing a strong following and presence takes time and energy that not everyone has. If you think your biz needs a social media boost, look for a local agent with a presence you’d love to harness or for a real estate marketing assistant.
• Luxury real estate/condos/investment properties. Want to offer niche expertise to clients, like luxury real estate services? Hire someone who can deliver.
• Admin. A real estate team doesn’t have to be completely comprised of agents. From taking care of paperwork to scheduling to responding to emails, an administrative or virtual assistant can be a HUGE asset. This may very well be the person you want to hire first.
3. Assess Expertise, Skills AND Personality
Make sure you and your hires jive.
It’s so obvious and so cliché — yet so many people treat it as an afterthought, regretting it once they find themselves working on a team that they find irritating, inefficient or unsupportive.
Yes, you should definitely evaluate your potential hires on their track record, interests and skills.
But also consider whether they would be someone you would enjoy working with. Or at least would pleasantly tolerate working with.
Because if their chattiness or silence or sarcasm or seriousness drives you up the wall each day, their successes and expertise won’t count for much.
4. Put Tools, Systems and Expectations in Place Before Day One
The minute you hire your first team member is the minute you become a manager.
Your team members will be looking to you for the processes that they need to follow.
To make sure things run how you want them to, you need to establish those processes before you begin working as a team.
Things to think about:
• Tools and software. This could include everything from project management software to a lead generation tool. If you’re already using these tools and want your team to as well, make sure you’re ready to go with tutorials and if necessary, product licenses. If you’re not using them but want to, do some research and get familiar with your chosen tools before your team comes aboard.
• Expectations. From vacations to hours of availability to email response time, you need to establish what your rules are.
• Systems. A team works best when everyone has a crystal-clear understanding of their unique role on the team and how that works in conjunction with everyone else’s role. Flesh out your procedures on your own so that you’re ready to train your team from the get-go.
5. Know Your Vision and Share It
The most effective teams in any industry are motivated by the same goals. Sharing the same vision keeps them on the same page, moving in the same direction.
If you haven’t thought out your business goals, your vision for the future and the steps you’ll take to get there, the time is NOW.
Having a plan in place not only helps keep you motivated, it can also help you hire team members with the right skills and experience to help you reach your goals. And when those team members start working with you, you can share your plan and your vision with them, keeping everyone moving in the same direction.
Have you built or worked on a real estate team before? What were the pros and cons?