April is Team Month Here in Inman.Add nuance on a weekly basis team beat Through our email newsletter, we’ll provide top insights from the best team leaders in the country as we take a deeper look at how to build a team, scale a team, and even leave a team.
As real estate has evolved, the image of the lone agent has given way to the rise of collaborative teams. Over the past decade, the team has become a key player in our industry, reinventing traditional business models and challenging conventional wisdom.
I remember the initial skepticism about the team composition ten years ago.The median year is Team formation, 2014marks a pivotal moment as agents grapple with why anyone would want to form a team or join one.
This shift is more than just a shift in marketing dynamics; it requires a realignment of industry practices and public perception. I remember when our local MLS finally introduced the team feature, the prestigious Top Producer awards were expanded to the team category as well.
Today, teams have become the cornerstone of success for many agencies. By dividing tasks and responsibilities, teams can reduce their burden and improve efficiency.
I have always advocated professionalization in real estate; specialized knowledge enhances customer service and prevents burnout. The team takes this principle a step further by calling in individuals to handle specific aspects of the transaction, including listing managers, marketing managers, transaction coordinators, buyer’s agents, listing agents, leasing agents, showing agents and site inspectors to install lockboxes or post signs , and the list goes on.
However, the decision to form a team needs to be carefully considered. Moments of truth include understanding timing and executing processes effectively.
Recognize needs
Motivation to build a team often occurs when agents find themselves overwhelmed. However, discerning the right overwhelm is key in a real estate agent’s life.
Many of us have been running since the beginning, and “overwhelmed” can be just as silly as “vacation.” Telling the difference between being super busy and being ready to scale your business model may require some serious soul-searching.
Before expanding, agencies must face hard truths about their business and assess whether they’re ready to delegate the tasks they’ve been handling.
Operation systemization
The core of team building is to establish sound systems and processes. Agents must treat their work as a business, carefully documenting operating procedures to guide team members. From listing appointment to closing process, clarity and consistency are critical.
You’re writing a step-by-step guide on how to you Run your business.
- How do you make a listing appointment?
- What are the steps of your marketing campaign?
- Do you have a transaction flow chart? How exactly do you get involved?
- What is your closing procedure?
- Who gave the gift and what was it?
- Who ordered the lockbox to be closed and the sign to be put down?
These guides will detail everything your team needs to know.
Utilize shared platforms like Google Drive or Microsoft OneDrive to facilitate collaboration and team access. Also, remember to analyze the possible costs of additional storage space or team email addresses.
Create folders for each “department” within your team, and then create “how-to” playbooks on how to perform each job. Consider going beyond your explanations and include instructional videos with screen sharing.
The way I list properties in the MLS is very different from the way other agents list properties. A lot of this has to do with increased due diligence on facts and figures, so there may be more steps involved in your handbook than others.
Also remember to add any notes about your preferred style and personality. We generally prefer our teams to reflect our own style.
For example, some agents prefer to provide very subdued details and details in their emails. Other agents prefer to get to the point. Are these behaviors you want your team to emulate? Would you feel uncomfortable if you spoke in great detail and your team member only gave a two-sentence explanation? Including this in training materials will be helpful to both them and the person you are seeking to fill the position.
Cultivate culture
In addition to operational efficiency, successful teams develop a unique culture that is consistent with their brand values. It may sound cheesy, but articulating core values and expectations can build cohesion and ensure alignment with the services being delivered. This also extends to recruitment practices, where a candidate’s receptiveness to cultural nuances is a litmus test for compatibility.
Consider creating a list of core values. Make a list of five, seven, or even ten standards by which you live and do business. If you’re lacking inspiration, it’s easy to find examples on Google. Google’s core values It used to be “Don’t do evil.” Granted, this can be a bit stressful for real estate teams.
Consider anything else you might think is important to communicate to your team. Do you have a preferred charity that you would like your team to be involved with? Are there any rules you want your team to follow? These might even include clothing requirements or how people answer the phone.
It may feel micromanaged initially, but what you’re building is an extension of yourself. If you don’t wear shorts and flip-flops every day in the office, it might be worth making sure this isn’t a team characteristic.
recruitment strategy
Building an effective team depends on individuals identifying whose strengths meet the needs of the team. I’m surprised at how many team builders I see, but not everyone enjoys being a listing agent or buyer’s representative.
One of the first questions top producers ask me is: “Who do I go to to do this?” When you love this business as much as some of us do, it’s hard to imagine someone who just wants to input listing criteria or Coordinating transaction paperwork, yet they were there in droves.
It’s a lifelong rule to do what you’re good at and find other talented people to take over where you fall short. Put out feelers within your agency to see if anyone is interested in transitioning into a team role – place an ad on Indeed.com and ZipRecruiter.
Conducting thorough interviews and outlining role expectations is critical to securing the right talent.
navigation compensation
The transition to a team model requires careful consideration of compensation structures. Team leaders must assess their financial capabilities and establish consistent roles. This is another way to determine your readiness for the team.
If you haven’t paid an administrator or assistant to help you run your business, now may not be the time to build a more fully functional team. Before you get used to paying an assistant, you may not be ready to pay someone else to do administrative work for you, which is a big step for some of us.
It’s okay to start small. Evaluate which roles will best help grow the business initially. Make sure you create a business plan specifically for you and your team (not just your business plan). Focus first on potential commission-based roles such as listing and trading coordinators.
Finally, and probably your least favorite part, is considering the business purpose of paying the people who now work for you. You may make payments to non-independent contractors. This brings you into the realm of workers’ compensation, taxes, and insurance.
Consult with a financial advisor, tax professional, and attorney to make sure you are prepared for this type of business. Your team members should sign the contract and provide you with more information than you may realize.
Meet the challenges
While the appeal of team synergy is undeniable, challenges inevitably arise. Poor planning and interpersonal relationships can undermine team cohesion and productivity. Mitigating such risks requires a commitment to ongoing communication, conflict resolution, and a shared commitment to the team’s success.
Another big problem is our egos. Business owners are often the dominant figures who hold themselves accountable for the long term. We run our business to our standards and we know that when we fail, everything else fails.
Involving people in this equation is a difficult task. If you’ve never managed employees, be prepared for life lessons and many surprises. This is why selling your culture to someone is so important.
People who love their work will respect their workplace more.they are likely think Protect you and grow your business. Remember, you are building a team and what that word means. If you hire someone who “just” wants the job or doesn’t see themselves as a key part of the team, you’re going to have some difficulties.
I regret to tell you that becoming a team leader means you are no longer a solo real estate agent. You’re a real estate agent who integrates all parts of the office manager, HR, and payroll.
I did damage control on some teams that looked like a story days of our lives. People without plans and management will not get along well with each other and will completely distract from the development of the enterprise.If not done well It turned into a nightmare.
When in doubt, read Patrick Lencioni’s Five Dysfunctions of a Team And consider starting over. Don’t lose hope. We learn from our mistakes and still build something better that works.
Like almost everything in business, the biggest sacrifice when building a great team is the time it takes to create structure. But if you do, it’ll be worth it for your brand, your customers, and your bank account.
Zak Shellhammer is an agent, coach and consultant.contact him LinkedIn and Instagram.
