Ready to Build a Real Estate Team?
If creating a team is your goal for this year, the following class is a must-watch. National Sales Coach, Bill Crespo, gives you a step by step plan for building a real estate team. He covers everything from hiring and training your team to motivate the agents, setting expectations, lead generation and more. You’ll also learn how to avoid the most common mistakes many Realtors make when they build a real estate team.
We’ve taken lots of notes below, but I highly recommend that you take the time to watch this 50-minute video. Happy Team Building!
Video: How to Build a Real Estate Team with Bill Crespo
Notes from today’s eXp Class:
When you are thinking about building a real estate team, there are four important questions to ask yourself:
- Why do you want a team
- Do you consider yourself a leader?
- What makes you a good leader?
- Who will lead if you don’t have the mindset or desire to lead?
Reasons to build a real estate team – What is your WHY?
- EGO (probably not the best reason to build a team, but fairly common!)
Why many real estate teams fail — E.G.O
WHO Makes a Great Team Leader?
- Developer – see potential in others
- Drawn to people
- Growth in others – you want to help and encourage
BOOK RECOMMENDATION: John Maxwell’s Five Levels of Leadership
Should you build a real estate team or a group?
- With a GROUP there is less monitoring and structure.
- No minimum standards
- No requirements
- Lack of accountability
Real Estate Groups typically are not as profitable.
With a TEAM…Team members need to learn how to help one another, help other team members realize their true potential, and create an environment that allows everyone to go beyond his or her limitations. Together Everyone Achieves More! Check out a recent panel that discusses the benefits of having a group or a team.
As the leader of your real estate team, your primary job is to Educate, Motivate & Train
It’s too important that you always give the agents on your team a reason to stay with you. It’s critical that you consistently bring value, build excitement, develop growth plans and stretch each team member’s potential. You also need to stay in contact with each member so that you have a clear understanding of their needs, motives, and struggles.
Bill Crespo also shared that if you want to build a fighting (i.e. very driven) team, there are a few things that need to happen:
- Have a variety of backgrounds inside the team and know their personality and style/motives (DISC)
- Meet as a team regularly and often
- Cross-train staff and encourage constructive criticism
- Roleplay situations, train various skills and problem-solving (get their input)
- Actively manage conflict – if there is someone who is acting aloof, address it immediately
- Keep accountability and standards high. Where are the leads? How many leads and what is our conversion rate? Make sure you track the performance of your team.
GOOD QUESTION: How many team members should you have?
ANSWER: There should be a team member for every 25 transactions (include admin staff). So if you want 150 transactions, you should have six members on the team. You see many teams that boast about selling 200 homes, but they neglect to tell you that there are 20 agents on the team. Having an average of 25 sales per team member is a great benchmark as you build and grow your team.
Also covered in building a real estate team…
How to find the right talent, from Buyer’s Agents to admin. How to structure your team initially and move and train your team up, increasing the number of transactions per person.
Have Listing Agents do “just listed” or “Just Sold” calls to 150 addresses around each listing in order to generate more leads.
Hire Heroes – This is an organization of disabled heroes and you may be able to hire them to help with inside sales. Visit their website.
When you are developing a team you have to get your mindset in place. Do you want to go amateur or go pro? Do you want to just have a small group of so so agents or create a team of truly professional real estate agents? If you want to have a professional real estate team, Bill highly recommends reading the book “Turning Pro.”
BOOK RECOMMENDATION – Switch by Chip & Dan Heath
How to change things when change is hard. How to control your thoughts and behaviors.
Three Pillars of a Great Team / Sales Organization
- Lead Generation System
- Administration to handle the paperwork
- Database (this database determines the true value of a business)
Building a team with the plan to sell it later.
There are some real estate agents that develop their real estate team with the idea that they will sell it down the road. If you are on a 5 or 10-year plan to build a real estate brand (and team) that you want to sell to another agent, make sure the team name isn’t your personal name. Being able to sell “The Bay Shore Realty Group” will be much easier than the “William Crespo Team.”
One agent in the audience did mention that in several parts of the country the real estate commission won’t allow you to create a brand that doesn’t include the real estate licensee’s name. If that is your situation and you have to be the “William Crespo Team” then when you sell the team, there would just be a transition plan.
For example, if Jane Smith purchased the team, it could be the “Crespo Smith Team” for the first year. In the second year, call it the “Smith Crespo Team” and then phase out the original owner’s name after a few years have passed.
Hope you enjoyed this class! Bill will be hosting a weekly team building and coaching class in the eXp Realty Cloud Campus, so if you’d like to attend the live class, please set up a call with Kerry Lucasse for instructions on how to access eXp World.
Also, if you’d like to learn more about Bill’s real estate coaching company, please visit Path2ProCoaching.com.
Editor’s note: This article was created by Kerry Lucasse, Agent/Owner at eXp Realty. Information deemed reliable but is subject to change.
About Building Better Agents
At Building Better Agents, we are dedicated to helping agents build successful real estate careers. We help agents develop a plan, build a database, and work smarter to uncover the keys to success as a real estate agent. All without cold calling, door knocking, and chasing expired listings. Building Better Agents Leaders Kerry Lucasse and Kary Perry are proud to be agents with eXp Realty.
For more information, please contact us today!