Building a real estate team takes a lot of work and finding the right person for the job can be a hit or miss process, but if you take your time it can be done effectively. In other words, don’t wait until you are so overwhelmed you are panicked. Building your team at a steady pace is a more effective way to start the process. As someone that has worked every function in a real estate office, aside from being the broker, I have seen the workflow many times, and am happy to share my expertise here in a short and sweet version.
The first question I run into with many agents, is where to start building a real estate team when they are ready to move beyond the solo agent. They may have tried starting with a buyers agent but were still overwhelmed. The best answer to that question is to start with your assistant first. ( I am assuming you have a coach prior to assistant or buyers agents.) I have been blessed to be the first assistant hired in many cases and have played a large part in building a real estate team many times over again. The assistant is going to take a lot of the administrative portion in your business off your hands. By letting go of the administrative portion you are free to work with more clients. It will also allow you to see if you are still overwhelmed with appointments and need at that time to add a showing assistant or buyer agent to your team as well.
Your assistant, or team of assistants if that applies, will start with the tasks you hand off, but many agents seem to be confused on what to hand off first. My answer is always that the tasks you should start with are the ones that take the most time and are easiest for you to let go of. These typically fall into the category of Listing Coordination or Transaction Coordination as listings and closings bring a lot of admin work and doing this yourself will stop your prospecting and interrupt your business profitability.
So what makes a profitable real estate team?
- Great systems
- Great communication
- Accountability to eachother
- Commitment to making it work
Without those 4 things your team will lose focus, lose profitability, and lose the drive to reach your goals. In order to reach your goals and have a great team you need to make sure you are maintaining communication, updating systems constantly, holding eachother accountable, and committing to the team’s success. You also need to make sure you are hiring the right people at the right time.
After you have your assistant, hire a showing assistant and then a buyers agent. Keep adding assistants as the workload increases, and then more buyers agents and listing agents if you have too many listings. You can break down assistants into listing assistants, closing assistants, lead management assistants, etc. You should also make sure you have one lead assistant to manage the team so that your time is not taken up by managing the team instead of building business. If your position is going to be the lead agent you will need to make sure you hire a strong lead assistant to help you in building a real estate team that has experience in doing so.
Remember, that as the lead agent, your highest priority should always be working with clients and growing your business with listings first and buyers second. Building a real estate team is easy, but building a profitable one takes focus and determination.
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