Building A Successful Real Estate Team
Data shows that there are actual health benefits of working in a team environment. Teams can be two people or twelve people. There are a few principles that apply regardless of the team size. I personally can’t think of any other way to work in real estate but it’s not for everyone! Partnerships are like marriages. They take work, great communication, and clarity. Growing my team didn’t happen overnight and didn’t always go as smoothly as I wanted. Over the years, it also changed…with the market, life, and personal or business growth. Life happens folks. Get used to that!!!!!! It is one of the few constants. It’s all part of the process. I’ve learned that timing and clarity are two things you need to be aware of to build a successful real estate team and scalable business. Before jumping into the hiring process or team building, there are a few come-to-Jesus conversations to have with yourself. Here’s my short take on it all-
Questions To Ask Yourself Before Jumping Into Building A Real Estate Team
What can you afford, and how do you plan on paying?
Do you want a team or a partnership?
What are your expectations for the position that you want to add?
Are you prepared to train?
Do you have a plan for how the team will work?
How will you communicate the team to your clients?
How will you divide labor and tasks?
What positions should be part-time or full-time?
Are there some tasks you can outsource to another company rather than hiring?
Do you have a list of tasks you feel you need help with and are not good at? If not, do this first!
When you get to a place where you think you are ready to expand, you need to remember that you’re responsible for creating job descriptions, setting expectations, and, most importantly, training. I see so many real estate brokers fail when they add positions because they lean into this step, feeling like “an extra set of hands is going to help get more work done” or “another agent is going to create needed time off.” Guess what? This might be true and happen, but you need a plan to make it all work. You need a playbook. You have to be clear about your needs. You need to communicate your goals or your offer. A lack of discipline and systems to train and manage the people you add can quickly create more work, not less. The lack of structure often leads to unmet expectations because goals were never really set or articulated, so how can they ever be met? Does that make sense?
Another common mistake is a lack of clarity on the position being created or filled. Lanes are so important. Real estate is an interesting business model. Successful agents are their own CEO, COO, CMO, Administrative Assistant, Chief Floor Sweeper, and Sales Manager. Here’s the thing- not everyone can work like that, so keep this in mind when you are adding positions, even if the position is another agent. Don’t assume everyone can or will work the same way you can.
Positions to Consider When Building Your Real Estate Team:
Administrative Assistant
An administrative assistant can assist in the details of your operation and help organize and manage your schedule. An administrative assistant can also help with marketing efforts, but not all people are great at marketing, so don’t make any assumptions about this. The administrative assistant can assist with planning events or even do some listing and transaction coordination…. but be clear on expectations here and don’t assume that a great admin assistant will be a great transaction or listing coordinator. This can be a great first position to add.
Listing + Transaction Coordinator
A listing and transaction coordinator is different than an administrative assistant. This team member may be one person, or you could grow this into two positions as your business expands. Building these jobs around managing the listing and transaction process is best. A good administrative assistant may be able to fill these roles. It depends on volume and needs. The Listing and Transaction Coordinator positions are both client-facing roles where the team member will interact with the client to assist with dates, timelines, and events for their listing and sale. Make sure the person can be client-facing…..not all people can! You want those filling these roles to be highly organized and detail-oriented.
Experienced Agent Partner
Bringing on agents as agent partners is a huge conversation. I love the collaboration and mentoring part of this, but boy, do you need structure if this is your route. Don’t be disillusioned by this concept, as it is NOT a no-brainer. This type of growth has many benefits but it’s a different beast, so be thoughtful. Providing tools to the agents that you bring on is a responsibility. You have to bring value to them, have functional systems, and a good foundation. Are you prepared to teach them the ropes? Do you expect them to bring in their own deals, or are you providing them with leads? Again…big conversation here and lots of different ways to make it work, but you really need to be clear with what you need and what you are offering.
Showing Assistant
It can become challenging to juggle multiple showings – that’s where a showing assistant will come in. The showing assistant can help manage your agents’ showings and be available to answer buyer’s questions. This is my least favorite team position but there are lots of teams rocking this. I don’t like it because I see it as a very short-lived positon with a ton of turnover.
Working and growing together as a team takes time. Partnerships take work. Refer back to your Playbook often, and if you don’t have a Playbook, you should start there. Also, remember to review your goals with the team to ensure you are all aligned on a shared vision. Do this regularly because change is inevitable.
