Welcome to our series on Building a Successful Real Estate Team! Follow along each week here on our Home Connect Blog where we will always include the audio from the Wandering But Not Lost Podcast along with the supporting content. You can also listen to the entire weekly podcast on your favorite podcast app or visit WBNLPodcast.com for the links and show notes.
How do you answer this question … What do you do for a living?
We have asked this question 1000’s of times over the years and if you are like most real estate agents your answer will be similar to one of these responses:
- I sell real estate
- I am a Realtor
- I help people find their dream homes
- I am a real estate salesperson
Make the Mindset Shift Now to….
I Own a Real Estate Business!
When you truly internalize this principle, you will experience a shift in the way you operate. It is more than a mindset shift. You will become that business owner who thinks and operates from a different level. Most real estate agents operate in a sales only mode where the business is generally running them.
Make this one of your daily affirmations: I Own A (Successful, Profitable) Real Estate Business or I am a real estate business owner
If you decided to purchase and successfully run any franchise business (like a Subway or Planet Fitness) you would have a budget, know your facilities and labor costs, product costs, and how to create and maintain a P&L statement.
Thinking & Acting Like a Business owner means:
- You have a business plan, budget, and forecast for revenue generation
- You track your actuals vs. projections/forecast
- You maintain a Profit and Loss statement, and other financial and business metrics
- Your business is organized as a corporation (LLC, PC, S corp for tax purposes – whatever is best for your unique scenario and as advised by an attorney or CPA)
- You have all of the essential business and real estate systems in place
Why Build a Real Estate Team?
- Increase revenue and overall profitability
- More time – ability to delegate tasks and specialize
- Convert more buyer leads into closed transactions
- Higher rankings and market share
- Enhance your professional credibility
- Exposure and reach of your brand
- Build a more valuable asset and eventual exit strategy
- Expansion of satellite offices in other markets
- Frustrations if you build a team before you are ready
- Are you a Manager? Trainer? Mentor?
- People drama & Turnover
- Finding the right fit
Are You Ready for a Team?
Is your own house in order?
- You have your core real estate systems in place
- Your brand & value proposition is clear
- For clients
- For agents (Think WIIFM: What’s In It For ME?)
- You have adequate financial resources to pay for employee(s) or to purchase or upgrade software, hardware or equipment if needed
- Structure and organization of your desired team is clear
Your Team Goals & Outcomes
- What are your desired outcomes for building a team?
- Production or Commission Income Goals
- What type of team?
- Rainmaker – are you going to sell/focus on listings?
- Leads Team with an Inside Sales Agent?
- Do you want to manage the team or hire a team manager?
- How many admins?
- Marketing manager
- Listing coordinator
- How many Team Associates?
- Buyer agents only or agents who work with buyers and sellers
- Do you have a Specialty / Niche Market?
- Are you interested in geographic coverage for your market area?
- What are your 1-year primary goals?
- Where do you see yourself in 3 years? 5 Years?
- What is your optimal target date for exiting the business?
Take the Self- Assessment – Where are you now?
- Complete the Real Estate Business System Assessment available to download at RealEstateTeamBuilder.com (just join our mailing list and you will get the free download)
- Identify areas that need refinement
- Create a list and prioritize
- Schedule time weekly to work on action items
- You must have your house in order first before you even consider building a team!
At Home Connect America: THE Home for Teams, we see YOU as a small business owner. Home Connect America was created to help professionals like you build a successful real estate team. Our purpose is to help you seamlessly connect your business, your life, and your community so that you realize your ultimate goals and dreams. Our ultimate goal is to provide you with freedom. Everyone has a different objective and we believe that you should have the freedom to achieve what you want. We’ll be there to help you reach whatever that looks like for you. We make it happen with specialized coaching, training, and business systems designed to show you how to operate a successful business focused on providing excellent service and results.
Contact Jan O’Brien for a confidential interview to learn more about our proprietary training and coaching programs, team systems and software. Call or text Jan at 702-858-9191.
Real Estate and Reality meet as co-hosts, Jan O’Brien and Matt Emerson bring you Tips, Tools, & Topics to supercharge your business. They’ll share their insights along with interviews with industry thought leaders. The ethos of WBNL Coaching is helping you to align and connect so that you can prosper. The Wandering Zen segment will offer you some inspiration so that you can disconnect and recharge.
Visit WBNL Podcast for all of our Episodes, Show Notes, Videos and Links to Resources