Leading a successful real estate team
The real estate industry involves a lot of aspects. Being said, you have a lot of competitors too. One factor that helped real estate experts be successful is by building a team, a successful team of experts.
Majority of agents envision the day when they can make their first hire. But those who have done it knows that this is where the fun really starts.
Before you launch a real estate team, make sure it’s the proper business decision for you as there are some aspects you should look into.
Do you have sufficient volume to make it function?
The most essential factor is whether or not you have enough volume to consider assembling a team.
Do you now have so many listings and transactions that you’re losing out on new leads?
Are you so busy that you don’t have time to focus on bringing in new business?
In general, 40 transactions each year serve as a good benchmark. The maximum number of transactions that one agent can manage alone is often between 50 and 60. Therefore, if you’re only doing one transaction on average each week, you’ll undoubtedly require assistance to manage any new leads that come your way.
Will you be able to bring in enough new business to earn a good return on your new hire? Making the decision to launch a real estate team can be exciting and even emotional, but balancing the financial realities is essential.
Are you prepared to lead a team?
Even if you’re a successful lone agent, managing a team calls for a unique set of abilities. Many agents are unaware of the level of change required to advance from being a top agent to a top team leader.
But if you have leadership skills (or are ready to acquire them), forming a team can be the best course of action for you.
Are the reasons you’re forming a team the right ones?
Starting a team for the sole purpose of being overwhelmed with possibilities may not be sufficient. Many team leaders, in the opinion of Kathleen Black, enter the position for the wrong reasons.
Many team leaders don’t picture themselves as, so to speak, theater owners. But in a way, that is what it is. They picture themselves as the leading actor or actress as a team. However, it isn’t what a team is, she says.
Moving further will depend greatly on your ability to recognize your own and your team’s strengths and limitations, but more on that later.
The process of becoming a leader never ends. Accept the fact that this will be a lengthy (and perhaps difficult) process. You’re likely to fall short when you try it for the first time. Don’t let the fact that no one else is as committed as you are to lead you to feel inferior or to lose focus.
Accept the fact that you will make your fair share of poor hiring decisions and learning experiences. However, that is what improves you, and occasionally, that is also what makes it enjoyable.
You are a leader for a reason.