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How to Build a Real Estate Team

Building a real estate team of your own is an outstanding way to optimize your ability to succeed in real estate. By leveraging the power of many, you will open up doors to opportunities that you couldn’t reach on your own. As with anything else, building a successful real estate team requires preparation and forethought. When considering how to build a real estate team, be sure that you plan on implementing the following steps:

Build a formula for success before you build a team

Even with the best real estate team on the planet, you will have trouble if you don’t have the resources you need for success. That is why it is critical that you have a system for success in place before you hire anybody. To this end, you must implement an effective onboarding/training system, lead generation/marketing system, contract management system and lead nurturing/client management system.

Start competing with your real estate rivals right now

No matter where you are located, yours won’t be the only real estate team in town. You will have to compete with other real estate organizations for business, and you should have a plan in place to make your team stand out. To this end, take a look at what your future competition is doing right now to succeed. Consider how you can emulate these traits, while avoiding the mistakes that they make. Also, you will need to define a brand for your team that stands out among your peers. You may be thinking that you outstanding service will create a brand for you, but that’s not how it will work, you will need to create a mission statement and a brand identity that makes it ostensibly clear what your team will be about.

Understand what your team members need to do to succeed

You’re bringing together a team of real estate professionals that you will lead. In order to effectively lead, you need to fully understand each person’s function. For example, if you’ve always been a seller’s agent, and you plan on adding buyer’s agents to your team, educate yourself about what goes into being a successful buyer’s agent. This will not only guide you to a better choice for who you bring onboard, but also allow you to lead them better.

Be a leader

You are learning how to build a real estate team so that you can grow your ability to succeed in the real estate industry; this won’t happen if you sit on your hands and assume that things will go the way that they are supposed to. No matter how seasoned your newly minted real estate team is, you cannot sit back and wait for things to happen after you’ve gotten everything together. You must be a leader who oversees everything that happens in your business.

Show trust, but never assume

You’ve hired real estate professionals to do a job, so let them do it. If you micromanage everything that happens, then you will make it difficult for people to have the flexibility to do their jobs, and you will be showing a lack of trust, which is critical for building a successful real estate team. However, you should still check up on things. You can do this by establishing an auditing system. For example, you should establish a metric system, and you can periodically ask your team members about how a task you delegated to them went.

Now that you know how to build a real estate team…

It’s time to get started. Make sure that you use the best approaches and resources for your real estate team. For more information about how real estate commission advances can help you succeed as an agent, or to apply for an advance today, contact us.

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