Learn more about how you can build a Leading Real Estate Team
What is the process of starting to build a leading real estate team? Considering forming a real estate team? Take a look at this manual!
1. Ensure That You Possess The Business
What is the optimal moment to begin considering forming a real estate team? In summary, when you have the necessary business justification. You must allocate time to find new leads, conduct marketing campaigns, meet with clients, interact with mortgage brokers, show clients properties, and more. Everything is based on your individual situation.
2. Organize Your Systems As Soon As Possible
Prior to recruiting employees, it is essential to ensure that your real estate operations and procedures are functioning efficiently. This will provide new real estate agents with a stable framework to work within, enabling them to start producing results promptly after they are hired. Systems required include (but are not restricted to):
Branding manuals – What colors, fonts, slogans, and logos will be utilized by your real estate team? How do you plan to create your business cards, website, signs, and listing packages?
Tools and productivity software - What tools and software for productivity will be necessary? With countless ways to organize your work day, how can you ensure your team remains focused? Tools like ClickTime aid real estate agents in staying responsible and monitoring their tasks completed within the brokerage.
Maintenance and growth strategies for client database – How do you plan to expand and keep your client base? How do you follow up with clients? What program do you utilize for organizing your contacts? A necessary component for any real estate business is a dependable and flexible CRM.
Your client contact information management is dependent on your CRM, which should be structured for easy and intuitive follow-up and outreach. An instance would be utilizing your CRM to categorize potential customers as warm leads in a sales funnel and distributing prospecting tasks among various team members.
Real estate transaction systems - How do you plan to handle all of your property transactions? BrokerMint and Paperless Pipeline are examples of software that automate reminders, and tasks, and track financial records. Nevertheless, as your workplace expands, you will need to upgrade to a professional transaction coordinator.
Online visibility and strategy for content marketing – Do you own a website for real estate? What is your plan for promoting your properties on the Internet? What type of material will you create? Prior to diving into digital marketing, you must have a tailored digital marketing strategy for your real estate business and target market. Your real estate website will serve as the foundation of this strategy.
Referral programs – What is your proposed incentive for referrals, whether within your own team or with other brokerages?
Commission sharing – How will commissions be divided among your agents? Do you plan to provide leads to your agents? What will be the difference in the split if they provide their own leads? As you transition into a team leader, you also take on the responsibilities of a manager.
3. Utilize A Personality Assessment Tool To Identify Excellent Team Members
Hiring the wrong people will waste your time and drain your mental energy. An individual lacking the proper attitude could turn into an energy vampire, sapping the morale of your whole team. Disruptive people will create various unnecessary conflicts and participate in messy or subpar business practices. There may be occasions when these personality tests show that you have selected the correct individual.
However, for unknown reasons, that individual may not succeed. Before dismissing someone, consider if you have fulfilled your role as a strong leader by giving the required resources and assistance. If the answer is affirmative and that individual is still not contributing enough, do not delay. Act decisively and promptly replace any problematic team members early on.
4. Familiarize Yourself With Your Team Members
Once you have identified the appropriate team members, the next task is to determine how to cultivate a positive team environment. Examine which personality combinations are effective in working together and with different clients. For instance, an extroverted ESFJ professional may assist a reserved INTJ in discovering how to unwind in stressful client interactions.
A sociable ENTJ would excel at finding leads by engaging in community outreach and local events. On the flip side, an ISFJ feels exhausted after excessive social interaction and should concentrate on building a website that also serves as a lead-generation tool. In all of these character traits, there should be a shared objective of embodying the brand and delivering consistent positive interactions with clients.
Make sure to communicate clearly with each team member that being part of a team requires working together smoothly. Don't entertain agents seeking attention and instead establish a system that recognizes top performers for their successes.
5. Choose Your Team's Organization
Teams can vary in size and appearance but typically, most teams focus on these primary formations:
Teacher and student
Two partners who are agents
Hierarchy of team leadership (pyramid) - Organizational structure of the leading team
Having a clear understanding of the team structure you will adopt will facilitate the onboarding process in the future. You can create an onboarding plan and guide for new agents from this point. Make sure to have all essential documents, manuals, guidelines, systems guides (like CRM, social media, etc.), internet access, and directions on working with colleagues.
6. Define The Reason Behind Your Team's Actions And Establish Goals That Can Be Quantified
Prior to considering bringing on additional team members, clarify the number of transactions and corresponding income you aim to achieve annually. Next, consider the number of additional members required to achieve that objective. After obtaining the numbers, delve deeper and inquire:
What steps will our team take to reach these objectives? What characteristics motivate our business? Begin developing a comprehensive plan and seek advice from knowledgeable real estate experts you are acquainted with for a different perspective. Your team will play a significant role in executing this plan.
Promote both individual and team objectives in order to ensure everyone stays focused. Certain team leaders initiate their mornings with a communal conference call to inspire and align everyone's mindset. This is an excellent chance to offer words of support and admiration when necessary and to address any team issues.
