W
hether it's refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. Join us and thousands of real estate leaders Jan. 22-24, 2025.
As a team leader, providing stability and security for your team members is crucial. This can only be achieved by being financially savvy and focusing on two key areas: business development and people development. By prioritizing these aspects, your team will thrive regardless of market conditions.
When structuring a team, define roles and goals clearly to ensure efficiency and productivity. Each member should know their responsibilities and targets. A well-designed commission structure is also vital, as it drives performance and satisfaction among agents. Aim for a 50% gross profit after the cost of sale, with net profits ranging between 22% and 35%.
Establishing core values is essential to creating a cohesive team culture. These values guide behavior, decision-making, and interactions within the team and with clients. Our core values include choosing happiness, communicating openly, having vision, integrity, living with passion, and showing gratitude.
Invest in training and development to keep your team at the top of their game. Implement onboarding programs, offer continuous education, and set up accountability systems. This includes sales training, relationship-building skills, lead generation, and market knowledge.
Implementing systems and processes is critical for scale and growth. Create a system for lead follow-up, such as our ABCs of Lead Conversion method. Automate and follow these systems to ensure every lead is touched systematically.
Always operate with legal and ethical considerations in mind. Consult with experts to ensure compliance with real estate laws and regulations. Don't cross lines or do fuzzy math; err on the side of what's best for your client.
There are various team structures, including simple teams, complex teams, outsourced teams, and mega teams. Ultimately, choose a structure that works for you and your business goals.
If your current team setup isn't working, consider hiring a coach who can help you achieve high-performing results. Building a real estate team tailored to your lifestyle and goals requires clear role definitions, a profitable commission structure, and investment in training, coaching, and technology. By following these guidelines, you'll create a high-performing team ready to take your business to the next level.
The right team structure can make all the difference in achieving your business goals and living a great life. I firmly believe that no other success can compensate for failure in the home. When you do things correctly, you truly can have it all!
