Real estate teams are the new trend in the industry. They bring together different skills, knowledge, and experience to work on a project simultaneously.
However, not all real estate teams are successful.
While starting your own real estate team is no easy task, it can be incredibly rewarding when done right.
Here are six do’s and don’ts to keep in mind as a team leader when it comes to growing your real estate team.
Do Understand What It Means To Be a Team Leader
As a leader, you are a trusted and indispensable part of the real estate team that not only provides a vision for the team but also leads by example through actions that accomplish and reach the team’s goals. It is important that a team leader builds a consultative relationship with the team’s top agents — not just controlling them but also inspiring, coaching, and mentoring them.
Do Take the Time to Create a Team Plan that Details Growth, Values, and Compensation
By sharing the big picture with your team, you can share your vision of where and how you will take the team further. If they see what is in it for them, and how you will help them achieve goals, they will be more motivated to work with you. A lot of people are not just pushed to work for money and rewards; they also need to see how they can continue to improve themselves and reach greater heights in their careers.
Do Consider the Type of People You Want on Your Team to Build the Right Structure
Build your team around strengths, not weaknesses. Consider the type of culture you want to create and which personalities work well together. Not everyone is cut out to be on a team of top agents. Some people are more suited for solo-selling, and it may take them some time before they can learn to work with other agents. Others lack the skills required of an agent; regardless of how good they are at sales, teamwork is not their strong suit.
Don’t Start a Team Without Considering Your Why
You must first consider your goals and targets so that you can source, hire, and train the right kind of members to help you hit your marks. The right kind of mix of people in the team can each contribute their strengths and specializations, so you can strategize to achieve greater things.
Don’t Hire Every Agent Who Wants to Join
Be selective in hiring the agent that can best bring into the team a specialization or unique contribution he can add. It is not just about hiring a strong seller; you must screen and check against your team strategy and goals the best fit for a candidate. Keep the contact information of other qualified applicants on file and encourage them to apply again for the future needs of your team.
Don’t Be Afraid to Let Team Members Go
The guilt a leader feels and the sense of responsibility of letting go of someone is certainly an unpleasant thought. As a leader, though, you need to set high standards for performance and hold each team member accountable for their actions. Remember that leaders do not fire employees; the employees create that path for themselves when they are unable to perform based on agreed standards and key performance indices.
Key Takeaways
Starting your real estate team can be an exciting and overwhelming decision. You must begin with a set goal in mind and build around that vision to fill the required roles that will help you along the way.
