Are you stretched to your maximum capacity as a real estate professional? You can’t handle one more lead. Appointments are booked out for weeks. Giving your clients 100-plus percent isn’t even possible anymore. It may be time to consider building a team for your business instead of going solo.
Real estate teams aren’t for everyone. Some people like going to the broker’s office, working with the clients they have, and earning the same basic amount year after year. There’s nothing wrong with this. But if your business is growing – and you love it! – but you want to actually feel like you’re building a career, not slogging through a daily grind, it may be time to build a team.
Why It’s Time for a Team
Everyone’s reason why might be a little different, but this is the place to start. Thinking about your specific reasons will help you determine how to build your team.
- You have more leads than you can handle.
- You’re stretched too thin between the clients and customers you currently have.
- You’re not able to give your clients as much attention as you’d like to give.
- You have no life outside the office. Every spare moment is business.
- Your business hasn’t grown in years. You’re at the same closing rate and same income for at least two or more years in a row.
None of these are bad problems to have except that last one. Most of these mean your real estate business is growing, your marketing works, and you’re gaining a reputation as a good, professional agent. Everyone deserves to have a life, but your clients deserve your absolute best. But if you’re not seeing growth in your business, it’s likely because you don’t have an extra set of eyes, ears, and hands to help you grow and generate new leads.
How To Put Together a Team
For long-lasting gains and a little less stress, the number one tip to putting together your team is to take your time. Make sure you’re hiring the right people that mesh with you and will work well with anyone new you hire on. If you think you’re ready to start, think about your goals and needs. This will determine who you hire first.
- Admin assistant or virtual assistant: This person takes the non-real estate work off your hands so you can interact with clients and customers more. This is usually the first person to hire.
- Buyer specialist: They’ll help with all those leads.
- Listing specialist: You’ll have someone who can meet with potential new sellers for you.
- Lead generation: Now that the other leads are handled, it’s time to bring in new leads.
As your business grows, you’ll want to add more staff. Some positions may become very specialized based on your goals and their skills. The team you build, however, needs to be a good place for everyone to work. Otherwise, you’ll have a lot of turnover and potential problems like disorganization and lack of communication.
However you choose to compensate your team – splits, base with bonus, or something else – make sure you get it in writing. There should be no confusion about what someone will be paid, when they’ll get paid, and if any other benefits are available.
Money isn’t the only driver for many people. Think about why you want a team or why you became a real estate professional. Some people seek a work/life balance or something that offers them more freedom. You may not be able to pay much now, but if you give someone other perks in their position like working from home or a flexible schedule, that may be enough for them to stick with you until business grows enough for higher compensation.
A real estate team can be a big springboard for your business. You shouldn’t go into it only thinking about the money you’ll rake in from it. Building a team requires leadership, patience, and an ability to work with other people on a near-daily basis. If you think you and your business are ready, it may be time to build a real estate team.