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How to Build a Profitable Real Estate Team

Building a successful and profitable team is truly an art as well as a science. 

The first two agent team building principles are hiring talented individuals for your key staff positions and implementing effective business and real estate systems.

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Team Building Principle #1: Hire Talented People to Key Positions

Your first key 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.

Here are some documents to get you started in the process of hiring an assistant:

Team Manager – A Critical Factor

The key to building a successful, productive and enduring team is having an effective Team Manager.  The Team Leader 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).

The duties and responsibilities of the Team Manager include:

  • Set up and implementation of all team building systems that generate additional leads and income for the team
  • Recruiting team associates
  • Training and retaining team associates
  • Holding the team associates accountable to goals and production standards

Don’t hire team associates (buyers agents) until you are ready! 

And ready means (1) you have an administrative assistant or transaction coordinator and ideally also a Team Manager and (2) you have your established systems in place.  You must have your house in order before hiring agents to join your team!

Team Building Principle #2:  Implement Effective Systems

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

  • Business Basics, Incorporating and Financial Essentials
  • Team Vision, Mission and Core Values
  • Team Unique Value Proposition (UVP)
  • Team Organizational Chart
  • Team Business Plan & Goal Setting
  • Team Building Basics
  • Team SOI/Referral System
  • Team Listing System
  • Team Farming System
  • Lead Generation & Follow-up Systems
  • Recruiting / Affiliation System
  • Exit Strategy

Systems + Staff = Success & Sanity!

Recommended Reading:

 

Join the WBNL Coaching Wanderers Club

The online, virtual coaching and training platform for Real Estate and Business Professionals.  The Art & Science of Agent Team Building will be one of the certification courses available.

Your basic,  FREE membership includes:

WBNL Coaching Real Estate Business Plan Online Course and Downloads

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