[WBNL 52-32] Two Critical Keys to Building a Successful Real Estate Team

[WBNL 52-32] Two Critical Keys to Building a Successful Real Estate Team

Now Trending: Real Estate Teams!

For many years, Teams have been a growing segment of the industry. Clearly the acceptance of this segment in the industry has changed, as proven by the recently distributed “The Real Estate Teams Playbook” developed by RealTrends, BoomTown!, dot loop, and ERA Real Estate.  It is an interesting read and is packed with great information for people who are interested in jumping into Team Building.

At WBNL Coaching, we  have always believed that the industry would trend in this direction so we developed Real Estate Team Builder, a turn-key program, that not only coaches Team Leaders through the basics of the process but gives them the structure and foundation to make their Team profitable for the long term.

Building a successful and profitable team is truly an art as well as a science.  The initial priority considerations are hiring talented individuals for your key staff positions and implementing effective business and real estate systems.   It is important to remember that your role in the Team is to function as the CEO.  You must think of and run your business as a true business.  If you are comfortable with that you will be able to execute the steps needed to build your team.

1.   Hire Talented People to Key Positions

This process will be different for each CEO and will depend greatly on the state of your current business and the goals in which you desire to obtain in the future.  At WBNL Coaching we are clear that a solid foundation is the key to success.  Don’t rush it and skip steps, what you do to put procedures and systems in place will pay off exponentially over time.  We have created a Real Estate Business Assessment that will give you a clear picture of the current state of your business.

Your key initial player is a solid administrative assistant/transaction coordinator.  Hiring an assistant is actually first priority if you don’t already have one.  A general rule of thumb is that you are ready for an assistant when you are consistently closing 2-3 transactions each month.  The primary responsibilities include:

  • Managing your marketing
  • Listing manager (List to Contract)
  • Transaction coordination (Contract to Close)
  • Administrative support
  • Database (CRM) management
  • Oversee all other team systems
  • Team admin & operations tasks
  • Support of Team Leader, Team Manager, Agents

Another key to building a successful, productive and enduring team is having an effective Team Manager.  The CEO (YOU) who recognizes this basic concept will enjoy the benefits of more time, more income, less stress and the creation of a business asset that incorporates an exit strategy (the brokerage within the brokerage model).

Beyond training and coaching the agents, the Team Manager should have the skillset to support your goals of increasing business and profitability; to recruit, select, train and manage productive buyers agents in support of the Team; to assist in developing and maintaining various business systems to include past client and referral system, farming, working with buyers and sellers.

The duties and responsibilities of the Team Manager can include:

  • Recruiting, training, coaching and accountability of team associates.
  • Conducting a weekly team meeting with all team associates to include training and  holding TA’s accountable to committed activities.
  • Managing all team leads and distributing leads to qualified team associates.
  • Utilizing an approved lead and escrow tracking system to manage the team’s activity and transactions.
  • Submitting any Team reports on Team production as necessary and directed.
    • Maintaining the required Team Building systems for the Team (SOI/past client follow-up System; Listing System; Farming System; Lead & Escrow Tracking System; Team Building Basics).
    • Supporting the team operations with the Admin and Team Leader

2.  Implement Effective Systems

The following business and real estate systems are essential to creating a productive, profitable and successful team:

  1. Business and Financial Essentials
  2. Team Vision, Mission and Core Values
  3. Team Unique Value Proposition (UVP)
  4. Team Business Plan & Goal Setting
  5. Team SOI/Referral System
  6. Team Listing System
  7. Team Buyer System
  8. Team Farming System
  9. Lead Generation & Follow-up Systems
  10. Recruiting/Affiliation System

Visit www.RealEstateTeamBuilder.com to learn more about our Team Building turn-key system.

Wanderers Club members – login to the member dashboard and learn about the special WC member pricing for the RETB Program.

We also provide a wide selection of other real estate and business coaching programs that are designed with the agent in mind to help you build a successful career with real life instruction on how to implement and execute.  You can learn about the other products and services provided by WBNL Coaching below: