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Real Estate Team Building Basics: 5 Critical Questions You Must Answer to Grow Your ‘Dream Team’

Team-Building Question No. 3: What’s the Impact of You Leaving Production?

If you’re considering building a team, you’re likely already doing quite well for yourself.

So leaving production brings along with it all sorts of potential outcomes and consequences you must consider.

It’s really a math equation: Calculate your own current net vs. how many sales associates it would take doing a reasonable amount of volume at whatever split you’d negotiate… minus any costs associated with growing the team.

When you figure all that out… How realistic is that? And how long will it take before your income is back to where it is now?

And most importantly, can you accept that?

 

Team-Building Question No. 4: If You Leave Production, What’s Your New Role?

What you need to identify here is what’s your new HABU – highest and best use of your time – if you’re no longer actively selling homes.

It will largely depend on your answer to question one above. If you have visions of a giant, ever-expanding team, you’ll need to take on the role of CEO and develop a recruiting strategy to fulfill your goal.

On the other hand, if you want a small team, you might embrace your role as a trainer and accountability partner for the small corps of agents you surround yourself with.

It’s entirely up to you. But it’s best to define it ahead of time rather than letting it evolve based on perceived needs.

 

Team-Building Question No. 5: If You Stay in Production, Who Do You Need to Hire?

If you choose to remain in production, you’ll quickly overwhelm yourself if you try to take on all the additional responsibilities of running your business AND managing a growing team.

So it’s time to make some hires.

The first role I’d suggest you bring on is a sales leader to recruit, onboard, train, “deal doctor” and coach your new agents… so YOU can focus on your own production.

You’ll also want to hire additional agents.

Then the choices become more of an “as needed” basis and may depend on your vision for what type of team you aspire to. You might need marketing staff and/or a social media manager, a showing coordinator, inspection specialists, transaction coordinators, and more.

 

I sincerely hope these five questions help you gain some clarity for the future growth of your business.

If you’re serious about building a team in the near future, I strongly encourage you to join me at Success Summit in October, where we’ll have panelists discussing the pros and cons of various types of teams and I’ll share my vision for the future of real estate teams. Whether you attend in person in Dallas or virtually via Livestream, I can’t wait to “see” you there!

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