Takeaways, Key Points and Action Items from this Episode:
- Two Critical Keys to Success
- Hire Talented People to Key Positions
- Implement Effective Real Estate Business Systems
- Check out The Real Estate Teams Playbook available from Real Trends for some insights, stats and trends in team building
- Read or listen to these two recommended books
- Download our Real Estate Business Assessment and take the self-assessment then prioritize which systems to work on.
- We recommend Top Producer Success Suite to “Run Your Business Like a Business.” Contact our partner at Top Producer to learn more:
Colin Burton | Partner Channel Manager
Book a call with Colin
- Need a Business Plan? Become a FREE basic member at WBNL Coaching to access our complete business planning and goal setting course including all the business plan templates.
- READY TO BUILD A TEAM? Get started now at www.RealEstateTeamBuilder.com
Building a successful and profitable team is truly an art as well as a science. The initial priority considerations are hiring talented individuals for your key staff positions and implementing effective business and real estate systems. It is important to remember that your role in the Team is to function as the CEO. You must think of and run your business as a true business. If you are comfortable with that you will be able to execute the steps needed to build your team.
1. Hire Talented People to Key Positions
This process will be different for each CEO and will depend greatly on the state of your current business and the goals in which you desire to obtain in the future. At WBNL Coaching we are clear that a solid foundation is the key to success. Don’t rush it and skip steps, what you do to put procedures and systems in place will pay off exponentially over time. We have created a Real Estate Business Assessment that will give you a clear picture of the current state of your business.
Your key initial player is a solid administrative assistant/transaction coordinator. Hiring an assistant is actually first priority if you don’t already have one. A general rule of thumb is that you are ready for an assistant when you are consistently closing 2-3 transactions each month. The primary responsibilities include:
- Managing your marketing
- Listing manager (List to Contract)
- Transaction coordination (Contract to Close)
- Administrative support
- Database (CRM) management
- Oversee all other team systems
- Team admin & operations tasks
- Support of Team Leader, Team Manager, Agents
Another key to building a successful, productive and enduring team is having an effective Team Manager. The CEO (YOU) who recognizes this basic concept will enjoy the benefits of more time, more income, less stress and the creation of a business asset that incorporates an exit strategy (the brokerage within the brokerage model).
Beyond training and coaching the agents, the Team Manager should have the skillset to support your goals of increasing business and profitability; to recruit, select, train and manage productive buyers agents in support of the Team; to assist in developing and maintaining various business systems to include past client and referral system, farming, working with buyers and sellers.
The duties and responsibilities of the Team Manager can include:
- Recruiting, training, coaching and accountability of team associates.
- Conducting a weekly team meeting with all team associates to include training and holding TA’s accountable to committed activities.
- Managing all team leads and distributing leads to qualified team associates.
- Utilizing an approved lead and escrow tracking system to manage the team’s activity and transactions.
- Submitting any Team reports on Team production as necessary and directed.
- Maintaining the required Team Building systems for the Team (SOI/past client follow-up System; Listing System; Farming System; Lead and Escrow Tracking System; Team Admin and Operations).
- Supporting the team operations with the Admin and Team Leader
2. Implement Effective Real Estate Business Systems
Our experience has proven that the following core business and real estate systems are essential to creating a productive, profitable and successful team:
- Business and Financial Essentials
- Team Vision, Mission and Core Values
- Team Unique Value Proposition (UVP)
- Team Business Plan & Goal Setting
- Team SOI/Referral System
- Team Listing System
- Team Buyer System
- Team Farming System
- Lead Generation & Follow-up Systems
- Recruiting/Affiliation System
Our turnkey, complete team building system includes all of the materials, supporting documents, checklists and manuals along with the step-by-step implementation training delivered via our on-demand video coaching platform.
Visit www.RealEstateTeamBuilder.com to learn more about our “Team Building in a Box” system to build your profitable real estate team.
We also provide a wide selection of other real estate and business coaching programs that are designed with the agent in mind to help you build a successful career with real life instruction on how to implement and execute.
You can learn about the other products and services provided by WBNL Coaching below: