Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Is starting a team right (or wrong) for you?

07/25/2019

Download PDF

If you have more leads than you can handle or a work-life balance problem that time-management techniques haven’t been able to fix, you may be thinking of starting a team. A high-performing real estate team can be a great way to share the burden of managing transactions and increase your volume of business. That being said, you can also remain a successful individual agent with a robust business with the help of an assistant or like-minded colleague.

When and why a team makes sense

Family in living room

The fundamental question to answer before starting a team is like any other major career decision: why? It’s essential to have a strong plan and goals, such as increasing your business, providing better customer service, and improving your quality of life.

If you’re handling 30 to 40 resale transactions each year and have a pipeline of leads that could increase your volume even further, it may be the right time to expand your business with a team of assistants or agents. If you’d like to spend more time doing what you do best, such as pitching potential sellers instead of handling the day-to-day transaction paperwork, a team can help you allocate resources and leverage your time. If you’d like to start a family or spend more time with your family, a team can provide the support you need. If you’ve got a long-term goal to monetize your business for residual income in retirement, a team may be the path you’re seeking.

Whether you’re relatively new to real estate but have the business acumen to build a team, or you have years of experience that you want to leverage to reach a new level of transaction volume, a team may be the business model that can help you meet your goals.

Reasons a team might not be right for you

Woman on couch

While each of these situations makes considering a team worthwhile, it’s important to understand that starting a team shouldn’t be done on a whim.

First, it’s important to recognize your own personality and inclination to manage a team. Not every great salesperson is a great manager. A team leader requires a different skillset than a salesperson. Making the transition to manager means your first priority should be leading the people on your team rather than lead follow-up, lead generation, and customer service. Investing in management training can help you prepare to guide, educate, motivate, and inspire future team members.

Second, you need a business plan that outlines the costs, expected return, time it will take to see a return, and how you will pay team members. As an independent agent, you’re only responsible for your own income. As a team leader, you need to generate enough leads and transaction volume to pay salaries for support staff and share income with team members.

A team may be the right choice for you, but you should carefully evaluate your options for solving the issues that affect your business and life. It’s possible that hiring an assistant or collaborating with a trusted colleague on opportunities could be the solution you need. An assistant can free you to spend more time on lead generation and less time on paperwork. Perhaps there are other outsourcing options or established vendors that could meet your needs without requiring you to hire someone. Look at all the options and consider how you might structure a team to meet your goals.

A growing number of agents have found that teams are right for them. In fact, the National Association of Realtors’ 2018 Teams Survey reported the number of real estate teams is growing, with 26 percent of respondents noting affiliation with a team.

Long & Foster recognized this trend a number of years ago, and the brokerage developed team building and succession strategy courses as part of its professional development curriculum. These programs supplement the company’s already robust training for individual agents, positioning Realtors for success no matter how they run their business. If your goal is to build a successful team, consider how a supportive brokerage like Long & Foster could help you achieve it.

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

July 2024
Mon Tue Wed Thu Fri Sat Sun
1234567
891011121314
15161718192021
22232425262728
293031  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...