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August 2016

Real Estate Team Building Tip #2: Four Archetypes and How They Fit in Teams

 

 

We have asked this question thousands of times to brokers and agents… If you hire 10 people to your company – how many are going to make it in the real estate business?

The answer is NEVER more than 2!

Many managers and trainers believe they can ”fix” people.  They are confident that because their company has the best tools, training and support and that they care and are a great manger, they can get most of these new agents to be successful in the business. Here’s the reality – you can’t fix people.  They are who they are!  Each person comes with their own degree of self-confidence, personality traits, behaviors and success characteristics. Now, they all have the dream and wish to be successful in the real estate business.  Success for many first year real estate agents is typically to earn $100,000.  It is possible to earn this in the first year if the agent is ready, willing, and able to get out of their comfort zone and get in front of enough people who need their service – to buy or sell real estate.  It also requires great sales skill, inventory (market) knowledge, and technical expertise. 

This real estate business requires constant, ongoing education and training.  And, as always, experience is the best teacher. So, why do so many fail in this business?  Why are approximately 75% of agents out of the business within the first two years of being licensed? Our collective experience and observations suggest the following:

  • Approximately 10-15% of the active agent population enjoys great success and are the highest income earners – the “Top Producers”.
  • This top group of people exhibits common characteristics that lead to this ultimate business success.
  • Most licensees have an employee-mindset and never make the shift to entrepreneur and small business owner.
  • Most licensees are not willing to do what it takes to make it in commission-sales based industry.

  Four Real Estate Archetypes - WBNL Coaching

Three of the following four major types of individuals who, once identified, fit into a real estate team building model.  To better understand the three types let’s take a look at the following factors for each group:

  • Risk vs. Security
  • Specific behaviors and characteristics
  • Desired role and responsibilities

The Entrepreneur (Team Leader)

  • The calculated risk-taker
  • They are not afraid to work alone
  • Natural salesman, enjoy the art of the deal (the rainmakers)
  • They are driven, success-oriented, persistent
  • Type-A personality, the controllers/drivers with a solid work ethic
  • FIT: The Top Producers…Team Leader or Individual Lead Agent (approximately 5-10% of the population)

The Manager (Team/Office Manager)

  • This is the person who prefers to manage, supervise, and coach others
  • Their motivation is to give back, to inspire, to build confidence in others
  • They are comfortable being “second in command”
  • They generally have management/supervisory experience prior to real estate
  • They are more detail-oriented, good administrators and systemizers.
  • Risk factor is moderate to low.
  • FIT:  Team Manager/Office Manager (approximately 20% of the population)

The Individual Contributor (Admins/Team Associates)

  • Represents the largest portion of the population
  • They prefer to work in a group environment
  • Security influences this person – not big risk-takers
  • Prefer to be a contributing member of a team
  • Typically, this person needs and desires support systems, direction, mentoring, and leadership to thrive and succeed
  • They generally come from an employee background and are used to and really want structure and accountability
  • They are the belongers
  • FIT:  Team Associate, Buyers Agent, Licensed Admin Assistant, Hourly/Salaried Employee (approximately 30-40% of population)

The Hobbyist / Part-Timer

An estimated 40% of licensees are in this group. Many will ultimately exit the real estate industry because they simple do not fit or they will maintain a license as a “hobbyist” or part-timer.  You may find suitable admin assistants and occasionally a solid team associate from this group if their commitment and priorities have changed. 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.   https://youtu.be/bZgLRf8LL7Y 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:


WBNL Coaching on Facebook Live with Real Estate Team Building Trending Tips

We are excited to bring you 12 weeks of Trending Tips on Team Building hosted by Jan O'Brien, Real Estate and Life Coach via Facebook Live.

Please join us live every Mondays at 10:00am (PST).  Connect with Jan on Facebook here: https://www.facebook.com/jan.obrien

 

Scheduled Topics:


Monday, August 22
Two Critical Keys to Success

  1. Hire Talented People to Key Positions
  2. Implement Effective Real Estate Business Systems
Monday, August 29
The Four Archetypes and Where They Fit in Teams
  1. The Entrepreneur 
  2. The Manager
  3. The Individual Contributor
  4. The Hobbyist/Part-Timer

Monday, September 5 
Agent Team Models – Which One is Right for You?

  • Partnership
  • Informal Team
  • Rainmaker Team
  • Traditional Brokerage-Style Team
  • Expansion Team

Monday, September 12
Your Team Operations Manual is the Cornerstone of Your Foundation

Monday, September 19
Three Phases of Hiring and Retaining Talent

  1. Attract, Screen & Hire
  2. Onboarding & 90-Day Training Plan
  3. Accountability, Retention & Leadership

Monday, September 26
Create Your Real Estate Team Business Plan & Goals

Monday, October 3
Know Your Agent Attraction Value Proposition

Monday, October 10
Develop Your Affiliation Proposal

Monday, October 17
5 Creative Ways to Attract Team Agents

Monday, October 24
Implement a 90 Day Training Plan so Team Agents Simply Plugin to Your Systems

Monday, October 31
Your Culture is the Best Attraction Magnet

Monday, November 7
Build an Asset to Create Your Exit Strategy or How To Find Your Replacement and/or Sell Your Team!

 

Ready to start building your team?  Mark your calendar today!  Bring your questions, comments and experience with team building. And don't forget to go to Facebook and connect with Jan so that you can join the event and receive a notification when she is LIVE on Facebook!

See Previous Tips in the Series on our YOUTube Channel HERE or click the image below.

WBNL Coaching on YouTube


Real Estate Team Building Tip 1: Two Critical Keys to Building a Successful Real Estate Team

Now Trending: Real Estate Teams!


For many years, Teams have been a growing segment of the industry. Clearly the acceptance of this segment in the industry has changed, as proven by the recently distributed “The Real Estate Teams Playbook” developed by RealTrends, BoomTown!, dot loop, and ERA Real Estate.  It is an interesting read and is packed with great information for people who are interested in jumping into Team Building.

At WBNL Coaching, we  have always believed that the industry would trend in this direction so we developed Real Estate Team Builder, a turn-key program, that not only coaches Team Leaders through the basics of the process but gives them the structure and foundation to make their Team profitable for the long term.

  

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 & Escrow Tracking System; Team Building Basics).
    • Supporting the team operations with the Admin and Team Leader

2.  Implement Effective Systems

The following business and real estate systems are essential to creating a productive, profitable and successful team:

  1. Business and Financial Essentials
  2. Team Vision, Mission and Core Values
  3. Team Unique Value Proposition (UVP)
  4. Team Business Plan & Goal Setting
  5. Team SOI/Referral System
  6. Team Listing System
  7. Team Buyer System
  8. Team Farming System
  9. Lead Generation & Follow-up Systems
  10. Recruiting/Affiliation System

Real Estate Team Builder - Overview

Visit www.RealEstateTeamBuilder.com to learn more about our Team Building turn-key system.


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: