Real estate teams are growing at a rapid rate. There are distinct advantages to working with a team that working on your own cannot provide. It can provide you with more support and opportunities to increase your financial gains.
Learning how to make a real estate team doesn't have to be complicated. While it is a hefty task, there are practical steps that you can take to make the process go more smoothly.
Are you new to the real estate world? Read here for a simple guide on building a real estate team and making your mark as a new real estate business.
Step #1: Prepare
It can be tempting to jump into learning how to create a real estate team as soon as the thought enters your mind, but it's best to prepare yourself first.
You need to have a goal in mind and processes in place so that new team members understand their role and what you expect from them. It's also essential to have the right tools available for your team to set them up for success.
Be sure to have your company's brand identity ready to go before establishing a team as well. Have a website set up, a strong logo, and a mission statement that reflects the value you bring.
Finally, before diving into building your real estate team, make sure to have your financials sorted out. Not only do you want to be in a good place financially before leaping, but you need to have concrete plans about your future financials.
Plan out how a referral system would work, what your agents will make in commissions, and if you require yearly fees to be on your team.
Step #2: Establish a Hiring System
Another important step in the process of how to make a real estate team is to build a step-by-step process for hiring. This will help you avoid making mistakes that could result in hiring people who don't end up being a good fit for your team.
Start with an accurate and succinct job description. The best way to ensure that you're attracting the type of people you want to hire is by explaining in detail what you're looking for.
Advertise your job posting on relevant sites to ensure that you have a wide variety of candidates to pick from and you don't end up settling.
Look closely at any documents they send in, and take the time to call references. This is a step that many businesses skip to save time, but the information gained from previous employers can prove to be invaluable.
Conduct in-person interviews whenever possible to gauge their professionalism and personality more easily.
Consider having them take a personality test such as the Meyers and Briggs' to ensure that you don't waste time and energy on people who don't have what it takes to succeed in the real estate industry.
When you're ready to hire someone officially, make sure that your offer is clear and in writing so there's no confusion.
Step #3: Consider an Administrative Assistant
Hiring someone who won't be bringing in money directly through selling homes may seem counterproductive. Still, an administrative assistant can be beneficial and is one of the more unique real estate team-building ideas.
They can handle receptionist-type duties and calendar management, two things that you likely don't have time for. This would prove to be very helpful throughout your hiring process.
In addition, an assistant can help draft up your hiring documents to start with and eventually assist with contracts. If you're looking for an assistant to handle even more, you might ask them to do cold calling, manage your website, or handle bookkeeping.
Another option is to hire a virtual assistant rather than a traditional employee. This might be your preference if you don't have the physical space for an assistant or might have a varying level of work and don't want to commit to a certain number of hours.
Having an assistant will surely save you time and money while also increasing your productivity.
Step #4: Hire a Buyers Agent
Now that you have all of your systems in place and hopefully an administrative assistant to help you carry them out, it's time to bring in someone that can help you with your leads.
The buyer's agent will focus on lead conversion, showing properties, assisting in making offers, and negotiating.
It might be hard for you to resist hiring someone willing to accept less money due to their lack of experience, but it's best not to. This role is essential, and having someone fill it that already has experience will only make your life easier.
Step #5: Hire an Inside Sales Agent
This agent will help you and the buyer's agent by prospecting and following up with potential leads. They might contact expired listings, previous clients or reach out to new people as well.
Having an inside sales agent as part of your staff will help you convert leads into appointments without taking time away from current clients.
Step #6: Bring on a Listing Agent
A listing agent works on behalf of the seller. They list homes for sale and focus on finding a suitable buyer for their client. This person can help you with listings that you don't have the time to handle and also add new listings to your team's inventory in the process.
They may also handle some of the lighter marketing tasks and organize open houses.
Step #7: Hire Specialists
At this point, you can take a deep breath because all of the necessary roles have been filled, and you officially have yourself a real estate team!
Even though all of the fundamental roles are filled, you might see the need to hire additional people who carry out more unique job duties and make it even easier for you to serve your clients.
A few additional people you might want to join your team are photographers, showing assistants, and a marketing specialist.
Build Your Real Estate Team, Build Your Career
Whether you're a seasoned real estate professional or completely new to the real estate world, learning how to build a successful real estate team can be rewarding.
Make sure that before you begin hiring that you have a system in place. Once that's set, hire your core staff before focusing on specialists.
Building a real estate team can be exciting, but real estate professionals need leads to succeed. Check out this page to learn more about The Website Marketing Pro and how you can go from old-school methods of prospecting to getting leads through email daily.
