I've been at the helm of a thriving real estate team for over six years, and the journey has been a mix of successes and learning experiences. Starting a real estate team isn't always a walk in the park, and many team leads find themselves navigating uncharted waters. In this blog post, I'll share five important things I would do differently if I were to start my real estate team all over again today.
Scaling Lead Generation
Building a successful real estate team requires a constant influx of high-quality leads. While having newer agents cut their teeth on door-knocking and cold calling is beneficial for their growth and learning, you need a high level of leads if you’re going to get predictable results.
Prioritizing Conversion-Focused Training
In the early stages of team building, time is of the essence. You, as a team lead, are still deeply involved in production so you don't have a lot of it. To make the most of your limited time, I recommend that you start with conversion-focused training. Agents need to excel at turning leads into clients. As your budget grows, consider hiring an external trainer to take over. Remember, practical experience often teaches agents more effectively than theoretical training. Focus your energy on helping your team set more appointments and secure more opportunities.
Lead with Profits
Understanding your finance is paramount. I can't stress enough the importance of hiring a dedicated bookkeeper. Getting monthly profit and loss statements ensures that you have a firm grip on what's generating profits and what isn't. The investment opportunities are endles. Every company in the world is going to be hitting you up but not all will yield results. It can be tempting to invest in unproven strategies, but it's crucial to stick to the proven methods, even when external pressures push you in other directions. Stick with proven strategie for long-term success.
Choosing the Right Brokerage
Your choice of brokerage can significantly impact your team's success. I tried a couple of places before I found the perfect fit with my third brokerage. Your brokerage should align with your vision for business growth and support your agents in achieving their goals too. Don't settle for the first option; invest time in exploring various brokerages to find the best fit.
Thinking Long-Term
A long-term perspective is crucial. Think about where you want your team to be in three, five, and ten years. Agents are going to come to you with shiny new object syndrome. And it' your job to stay the course. Implementing and managing change becomes increasingly challenging as agents become entrenched in existing practices. Hiring a coach who can guide you, show you what's possible, and help you lay the foundation for future growth can be a game-changer. Thinking long-term allows you to avoid unnecessary stress and wasted time and money. Your job is to position your team for sustained success.
You Got This:
Starting and growing a real estate team is a complex undertaking, but it can be incredibly rewarding. I hope this provides valuable guidance for anyone looking to build a successful real estate team. By scaling lead generation, focusing on conversion training, understanding your finances, choosing the right brokerage, and thinking long-term, you can set your team up for success in any market. If you're interested in more in-depth insights, feel free to reach out, and I'll be happy to share finer details or answer any questions that you have. Best of luck on your real estate team-building journey!
Remember, the journey of building a real estate team is like sculpting a masterpiece. Each step, each choice, and each lesson chisel away at the raw material until you create something remarkable.
Stay persistent, keep learning, and your success will inevitable.