How to Build a Real Estate Team
By: Laurent Minguez, President
Perhaps you are to the point where you want to build your own real estate team. What steps should you take to build your real estate team the right way?
- Consider the "why's" carefully. Why do you want to build or expand a real estate team? Is it so you can create a business to ultimately sell or retire from? Is it to make more sales? Are you doing it so you can do things your own "better" way? Is it to take advantage of an upturn in real estate activity? Understanding the full reasons why you want to build a real estate team will help you set proper goals and make better decisions on building that team.
- Hire an administrative assistant. It is likely you are much more valuable in front of prospects and clients than behind a desk. It won't take many additional sales to justify the costs of an administrative assistant to free up your time. This is why many agents who really have no desire to build a full team will hire their own administrative assistant.
- Hire someone to work with buyers. The reason you want to add a Buyers Agent next is simple. Buyers generally take more time than sellers. Don't waste your buyer leads by not having the ability to properly follow through. Get help.
- Add someone to work in generating leads and listings. Once prospective leads or potential listings are qualified, they can efficiently be turned over to the agent.
Of course, if you are truly building a business for the future, you will want to start considering who will replace you. What you say? Replace myself? The reason is simple. If you don't replace yourself, you have a job as opposed to a business. This is a mistake many in real estate make. They build themselves a lucrative job without ensuring it can produce without their everyday involvement. If it is your long term goal to establish a business that can provide income without your day to day involvement, the next step in building your team is to replace yourself. This can also serve to give you a bit more free time in the process.
Stepping up and building your own team can be exciting and even a bit scary. Take it in common sense steps, recruit superior talent and go for it. Be unstoppable.