Teams have been the single greatest economic opportunity to hit the real estate industry since the 1950s. They are now also the fastest growing segment of the real estate market. Although it can be daunting to know where to start, there are companies that have training and coaching programs that offer proven techniques and support to help you reach your team goals.
Three key things to think about when forming a team
- Hire members with complementary skills. There are different models of teams, with varying sizes and structures. The vast majority, 73%, have two to five members, while only four percent have 21 members or more. Bigger is not always better. What is much more important is that members have complementary skills. You may want to have potential members use assessment tools to evaluate their particular work, selling and communication styles to see how they will fit into your team.
- Use technology to stay organized. An efficient customer relationship management system (CRM) can increase your team’s productivity by helping them stay organized, manage contacts, and schedule tasks. Some CRMs also have a dashboard that assigns leads and tracks agents’ progress, as well as tracking goals.
- Training is important. Even if your agents have been in the business for a while, everyone always benefits from additional training and coaching. You want everyone on your team to be aligned with your business values and philosophies as well as staying up to date on trends in a constantly changing market. This is where a proven and effective training system is key.
The benefits of the right team
- Scale your business. One of the biggest problems real estate team leaders face is recruiting and retention. Look to hire those members who are passionate about serving customers and not just in it for the money. You want your customers to be with you for the long haul, through good times and bad. Always instill in your team that only excellent customer service is acceptable. Happy, satisfied customers will use your services again and refer their family and friends to you. So it is paramount that every member of your team is on board with this philosophy.
- Handle your surplus leads. The average team loses an astounding $100,000 in qualified leads due to a poor lead hand-off system. As a team leader, it’s vital that your agents are qualified in handling your excess leads.
- Grow the top and bottom line. Of course, you want to increase your income and make sure your members are paid well, too. But you also want to be known as a go-to expert and trusted professional in the real estate market. Look for opportunities to share your knowledge with your leads, customers and the community at large.
- Leverage your time and resources. With a proper structure, support and a plan that includes short-term and long-term goals, you will not have to work 24/7. Time off is good for you, mentally and physically. Everyone needs to step away from their business now and then so that they can come back refreshed and invigorated.
Buffini & Company has been coaching clients for over 26 years, through real estate booms and downward times, like the Great Recession of 2008. They have the experience to help you through shifting changes in the real estate market. Why start from scratch when you can access a wealth of knowledge and experience from professional coaches. Visit buffiniandcompany.com/bc to talk to an expert about strategies that work.
For a team to operate successfully, they need to subscribe to the same business values and approach as you. This is where a proven and effective training system is key. When your team is trained in the same philosophy and techniques that made you a top agent, you can feel confident that all your lead hand-offs will be served with utmost care.