Interested in building a real estate team? Check out these 15 tips:
1. Appreciate the Value of the Team: You can’t really build the best team until you really appreciate the value of a team. It doesn’t matter how great of a real estate sales person, deal maker, or organizer you are. You only have so much time. You never know when that time is going to be impacted by other factors and forces. If you want to go big, you have to have a team, there is no question about it. Your team is your income; your wealth building machine.
2. Focus on Building a Good Team: Recruiting, hiring, training, managing, and firing is far too expensive. It’s only going to get dramatically more expensive over the next few years. The quality of your team is your competitive edge, or lack of it.
3. Allow No Room for Bad Eggs: Don’t mistake hot shots for great team members, nor cheap ones either. At least if they are not also team players. All it takes is for one rotten player to spoil the rest. No hiring system is perfect. Some bad ones, or poor fits will skip through the cracks. Just make sure you spot them fast, and have a plan for getting rid of them swiftly and gracefully, without creating any bigger issues.
4. Reinforce Team Player Mentality: Not all of your hires will come from a team player environment. A little healthy competition can be good, but if it becomes too dog eat dog, team members won’t just be sabotaging themselves, but your real estate business too.
5. Prevent Burnout: It’s your job to ensure your team doesn’t suffer burnout. Don’t expect them to handle this by themselves. Lead by example, know when to recognize the symptoms, and create a system that prevents it. Working hard is expected, but there has to be proactive distressing too.
6. Create a Path for Growth: One of the worst things that can happen in a real estate company is for the very best talent to split and start a competing enterprise. Sometimes they’ll even take a crew of your best team members with them. So create a path for them to grow with you, and let them know about it before they make their own plans.
7. Unite Them behind the Mission: Unless the most important part of your real estate company mission, vision, and goals is visible daily, and is clearly important to their role with you, you can’t expect them to have that mentality. Most are too used to getting lost in their little tasks.
8. Empowered as Brand Ambassadors: Most won’t stay with your firm for long unless they love your company and what it is about. But even if they love the brand most are sorely underutilized as brand ambassadors. Are you getting them company branded t-shirts, encouraging them to support the venture on social, and rewarding them for bringing in leads?
9. Potential Customers: Your team should be some of your best lead generators and customers. Everyone. If you sell and rent houses you can bet every one of your team members is using some form of housing. If you aren’t serving them, then the competition is.
10. Get Their Families Engaged: The company isn’t just the corporate entity, or the executive team, or individual workers. Each employee’s family member is a part of the team, whether you like it or not. They impact how your workers perform, their loyalty, and perhaps have even more influence on public brand opinion.
11. Provide Coaching: None of us stays on top of the game forever without constant learning and improvement. The same goes for the whole team. You want them to stay as an elite force, and get even better. Help make that a possibility.
12. Share the Successes with Them: Does your team know how the company is doing? Do they know if their input is making a difference? Do they know they are bringing value, and that the company is on good footing? If they don’t what might be going through their heads?
13. Get Together: Team meetings can be a pain for everyone. Big corporate retreats can be a big investment. But the more community and bond you build the more productive the team will be, and the lower many of your other expenses will be.
14. Get Their Input: Real estate companies can spend thousands if not hundreds of thousands or millions, and plenty of hours on research. Yet, they mostly completely overlook all the front line intelligence and mental capital they have on staff. Recruit their input, and thank them for it.
15. Use Your Team to Recruit: Use your existing team to recruit. Have you been paying or spending time on job ads? Have you even asked if anyone wants to move up or knows someone? Some of your existing team might have more experience than you think, or they may know awesome additions that can be brought on easily.