By Jesse McCarl
This infographic takes a look at how you can develop a profitable real estate team without losing the vision or effectiveness of your company along the way.
Lay a Foundation
Before you even start building a real estate team, you need to have the right protocol established.
First and foremost, you need to have funding. Don’t hire someone until you have the resources to pay that person accordingly. This sounds obvious, but a lot of people think that after they have more hands on deck, the money will come in naturally.
Next, you need to have systems in place for every aspect of your company procedures. Incorporate all of these into training for new hires. (And of course, have a training system in place, too!)
- Lead Follow-Up
- Buyer Pre-qualification
- Listings Marketing
- Company Mission
- Customer Relations
- Closing Procedures
Let’s start by talking about money again! Have a budget in place for every dollar that comes in. It should be designed to grow the business. Here’s a suggested breakdown of how to split the income:
- First 10% – Put towards company
- Next 10% – This is for you, the manager
- Remainder – Employee payout
As you continue to grow your team, have goals in mind for where the company should be. List growth goals and attach them to revenue and clientele goals. Know that you cannot hire more team members until you hit where you want your business to be. If too much time goes by without hitting your goals, it may be time to re-evaluate the staff you already have.
Now for the fun part. This is why you started a real estate team in the first place! Once your company is self sustaining machine, you get to step back and look for opportunities for further growth.
First, be mindful of how you delegate tasks. This will take finding some balance in your leadership. You don’t want to pawn off all the responsibilities you don’t want, but you shouldn’t micromanage employees either. You want to stick to your original mission statement, but you also need to remain open to new ideas. You want to trust your team to get the job done, but you also must occasionally follow-up and verify that everything is being done properly and according to your standard of excellence.
Remember, it’s YOUR name on the line!
With a more hands-off approach than you were able to take without a team, you have the ability to collect data from your employees and evaluate where existing methods and systems can be improved. Always look for expansion opportunities.