As originally published in REM Magazine. Please click here for the full article.
Have you ever wondered what makes a top producing real estate team or how certain teams seem to have rocket launchers attached to their business in what looks like an effortless approach, while others struggle to even stay in business?
Most team leaders set out to grow their business into a team with the best of intentions. They try to customize policies and provide incentives to their new team members and build a business hoping their best intentions will catapult their success and allow them the lifestyle and residual income they always imagined when they got into the business.
If you are like most salespeople looking to expand, I think we can agree that most of us have certain strengths that allowed us to thrive with our real estate clientele. Some of those strengths will translate to leading a team, but the untold secret is that many of those strengths will not apply in the same way in this new role. Becoming a team leader and building a profitable business requires us to be the visionary driving the business forward, the salesperson face-to-face with clients, and the systems specialist managing efficiencies combined with the best business practices. We need all of these roles to build a thriving Real Estate Team. So how do you get through the messy phase of it just being you?
I don’t know about you, but I am yet to meet a team leader who is a Visionary, Top Salesperson, and a Systems Specialist all in one… at least not at first. As an Owner & Elite Coach with Kathleen Speaks Real Estate Consulting Services, and having lead DPTS Real Estate Consulting Services as CEO & Elite Coach for the 5 years prior, I specialize in team development, and see time and time again that the transition from top producer to team leader can be full of challenges. Without a proven system to plug into your business you are starting from scratch, and in today’s day and age of rapid advancement of knowledge, no offence, but who starts from scratch? We are not looking to invent the electricity for our database system … we want to leverage the electricity and software already discovered.
If you want to build a quality business at a reasonable and/or quick rate, then you need the blue prints.
Otherwise you are left spinning your wheels trying to create a model that your competition already has. Before you know it they are on version 10 and you are still trying to finalize a workable system. Can you imagine how much time, money, and energy that would cost you, all to become redundant before you even get started?
Often the most costly mistakes can be the ones that we feel most sure of. For example, going into business with your partner in the office beside you can seem like the best idea in the world. Of course not so much when you realize you are both drivers and there is no one to manage profits and conversions from an efficiency stand point.
Things like recruiting, hiring, training, compensation structures, coaching, accountability, marketing, lead generation, time management, efficient business practices, budgeting, business planning, people management, retention, tracking, and the dreaded thought of firing someone can all lead to massive overwhelm and a decline in your overall production.