What You Need To Know About Building A Successful Real Estate Team

When it comes to real estate, having a successful team is essential for long-term growth. A successful team can help you reach your goals faster, increase your efficiency, and scale your business over time. But building a successful real estate team isn’t always easy. It requires careful planning, thought, and strategy. In this article, we’ll explore how to create a winning real estate team that will help you reach new heights in the the real estate industry.

Define Your Goals

The first step in building a successful real estate team is to define what success looks like for you. Consider your current business goals and then think about where you want to be in five years or ten years down the line. Once you have an idea of what success looks like for you, set specific objectives that will help you get there. This way, when it comes time to build your team, you will have a clear direction of where you are headed and what type of people you need on board to get there. To define your goals start with the end in mind. Think about the amount of Gross Commission Income you would want to earn as a team. Then calculate the average team commission for your area that would be paid to the team. Divide the Gross by the average commission on a team deal and you will have the number of deals required to hit your number of deals. The 80/20 rule applies to teams as well, with 20 percent of the agents doing 80 % of the business. The other agents on the team may average 8 transactions a year like your average Real estate board. The best way to calculate how many agents you will need to hit your targets would be to use the average agent as a way to calculate how many are required, not the top players, (the unicorns). An example would be if you want to complete 250 deals. With the average agent doing 8 deals per year....you will need 31.25 agents to accomplish that. Another detail to remember is there is an attrition rate. This is the number of agents you will typically lose as you continue to build. And how do we work to avoid losing agents? 

Hire the Right People

When building your real estate team, it’s important to hire people who have the skillset necessary to help get the job done—but also those who share similar values and vision as yourself so that everyone is on the same page when it comes to achieving success together. Be sure to look for individuals who are self-motivated and driven with strong interpersonal skills that can help them foster relationships with clients and colleagues alike. The right cultural fit is incredibly important. You need agents that have a positive outlook on life and work to be generous, kind, and helpful flowing from an abundance mindset. Learn about each new agent you are looking to hire; what motivates them, what is their why? Another important detail is their DISC profile and how they process information. Are they a visual, auditory, or kinesthetic learners? The lowest score on their DISC result is an indicator of their potential weakness. And if they're visual and you're working to train them by lecturing... there will be a challenge with how much information they're retaining. We look for passionate, high-service people who look to "do the right thing". Very strong moral compass. 

Build Trust & Communication

Once your team is assembled, everyone must work together effectively so that each individual can contribute their unique skillsets towards achieving common goals. To do this effectively, trust within the group must be established so that everyone feels comfortable enough to collaborate without fear of judgment or criticism. Additionally, clear communication should be fostered as well so everyone has an understanding of their roles and expectations within the group for collaboration efforts to be effective and efficient moving forward. With growing our team we focus on keeping the energy high and having fun. We have an environment of there are no mistakes, just learn from what happened and then Fix, Prevent, and Prevent. We utilize the "love sandwich" when addressing a challenge we're seeing with a team member. A loving/supportive statement of what's being done well. Then "this is the behavior we're noticing, what's going on? Through talking it through we establish if the person is willing to re-commit to improving that behavior. If so, "great, what by when?." If not, it's a clear ending and we finish with a positive statement sending the individual on their way with love. This way, everyone is feeling respected and heard. 

Building a successful real estate team takes time but following these steps can help ensure that you put the right people together who possess both complementary skill sets as well as shared values about success for growth opportunities within your real estate business or venture to exist moving forward into the future. With proper planning and strategy along with carefully chosen personnel dedicated to achieving common goals together - success can become attainable!