How to Build a Top Real Estate Team in Four Easy Steps
What does it take to build a top real estate team? Many people in the industry would agree that having the right mix of agents is key, but what else goes into making a successful team?
As the saying goes, a team is only as strong as its weakest link. This is especially true in the world of real estate, where a small mistake can cost thousands of dollars for an agent or their client. As such, it’s essential to put together a team of top-notch professionals who can help you achieve your goals.
Here are the four steps you need to follow when you’re ready to start building a real estate team of your own.
It All Starts With You
Before you can build a successful real estate team, you have to know how to be a strong leader. That means setting the vision for the team and inspiring others to buy into it.
It also means being able to delegate tasks, give clear instructions, and set ambitious goals. But most importantly, it means being able to listen to your team members, take their feedback seriously, and be constructive in the feedback you provide.
Only by creating a strong foundation as a leader will you be able to build a top-performing real estate team.
Though the successful completion of any real estate transaction requires the efforts of a number of different professionals, it is ultimately the team leader who is responsible for ensuring that everything comes together.
A good real estate team leader is someone who is able to wear many hats, from project manager to salesperson to customer service representative. Any real estate agent who decides to move into a team lead role should be organized and detail-oriented, with a clear understanding of both the big picture and the small details that need to be taken care of. They must also be skilled at communication, negotiations, and conflict resolution.
In short, being a successful real estate team leader requires a well-rounded skill set and the ability to think on your feet. Though it can be a lot of work, it can also be immensely rewarding to see your team members’ transactions come together thanks to your efforts and watch your business structure grow.
Get Your Real Estate Systems in Order
Before you start a real estate team, you need to make sure you have all of your processes and systems together and be able to explain your standard operating procedures. Your business model should be able to support a team of agents without becoming bogged down by inefficiencies. They will thank you for providing the proper tools and systems that contribute to their success.
You’ll need to have established systems for lead generation, follow-up, appointment scheduling, transaction management, and more. Additionally, you should have a clear understanding of your target market and what type of agent will best serve your needs.
Once you have all of these pieces in place, you can start interviewing potential team members and begin building your dream team. With the right people in place, you’ll be on your way to achieving your business goals.
Determine the Right Real Estate Team Structure
When it comes to real estate teams, there is no one-size-fits-all solution. The best way to structure your team will depend on a number of factors, including the size of your business, the geographic location of your properties, and the type of real estate you are specialized in. Here are the most common structures to consider.
In this team model, the team lead recruits real estate agents and trains them to be successful. The team lead is responsible for generating leads, providing coaching and guidance, and wants to generate passive income through their downline.
Team Lead Model:
With this traditional real estate team model, agents are able to develop and build their personal brand. This is great for real estate agents who have been in the business a while or want their own company because it gives more control over their structure and processes.
Lead Team Model:
This model is all about generating inbound leads. The costs may be higher, but there are no limits on your growth since it relies heavily upon successful lead generation systems and marketing to work its magic for you!
Hiring the Right Team Members
Knowing which roles to fill for your team and the order in which you want to fill them is important, but it’s only half the battle. The next step is to identify which individuals will fit those roles the best.
Often times, the first role you’ll want to fill is that of an administrative assistant. An admin’s responsibilities include handling customer inquiries, scheduling appointments, preparing listing presentations, and managing paperwork.
An administrative assistant is the backbone of any successful real estate team. They need to be detail-oriented and organized, with the ability to juggle multiple tasks simultaneously. They should also be friendly and personable, with a can-do attitude.
A key way to increase sales capacity is to fill the role of a buyer’s agent. A buyer’s agent’s primary responsibility is to work with buyers to help them find their dream home. They need to be knowledgeable about the local real estate market and have a strong understanding of the home-buying process.
They’ll need reliable transportation to organize and attend showings with buyers and maintain a professional approach. An effective buyer’s agent is patient, friendly, and knowledgeable. They should also be able to build relationships quickly and have a strong work ethic.
A listing agent’s primary responsibility is to list and sell homes. They need to be knowledgeable about the local real estate market and have a strong understanding of the home-selling process.
An effective listing agent is motivated, driven, and outgoing. They should also be able to build relationships quickly and be comfortable working independently.
Inside Sales Agent
With more of your time free with help from your administrative assistant, buyers agent, and listing agent, you’re free to start generating more leads for your team members.
To help with setting appointments, you may consider bringing on an inside sales agent. The inside sales agent’s primary responsibility is to call and qualify leads, set appointments, and follow up with past clients.
An effective inside sales agent is friendly, personable, and persistent. Their tenacity and administrative skills are vital to the success of your lead conversion.
The final role to consider is that of a marketing specialist. A marketing specialist’s primary responsibility is to generate leads and market properties. They need to be knowledgeable about digital marketing and have a strong understanding of how to use social media and other online platforms to generate leads.
An effective marketing specialist is creative, tech-savvy, and able to think outside the box. They should also be able to work independently and be comfortable with innovation.
Creating a Real Estate Team Culture
Now that you know which roles to fill on your team, it’s time to start building your dream team!
The first step is to identify which individuals will fit those roles the best. When you’re hiring for your team, you’re not just looking for someone who is good at their job - you’re looking for someone who is a good fit for your team’s culture.
To attract the right team members, you need to start by creating a strong team culture. Your team culture should be reflective of your team’s values and goals. It’s important to take a holistic approach to deifning your values, what makes your team unique and how you want to be perceived by others.
Creating and maintaining a strong team culture will take time and effort, but it’s worth it! A strong team culture will lead to a more cohesive team that is more productive and successful.
Here are some tips for creating and maintaining a strong team culture:
- Communicate your team’s values and culture to every new team member.
- Set the tone for your team - be the example that you want your team members to follow.
- Encourage and reward team members who uphold your team’s values and culture.
- Proactively address team members who are not upholding your team’s values and culture.
- Celebrate your team’s successes!
By following these tips, you’ll be well on your way to creating a strong, cohesive team with a great culture.
Real Estate Team Building Made Easy
Building a successful real estate team takes time, effort, and planning. But if you start with the right mindset and put in place the systems and structures needed to support your team’s growth, you can create a winning team that will help take your business to new heights.
Working with the right brokerage can play a pivotal role in the development of your team and culture, from defining splits, scaling tools and resources and even recruiting. At Radius, our team of expansion experts will support the goals of your team by delivering the business development services, like an in-house ISA, and recruiters to locate your next team member.
Have you started building your dream real estate team yet? Don’t wait - let’s chat!