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26 August 2014

5 Stages to Consider When Building Your Team

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Real estate is entrepreneurial. Agents looking to build their real estate business need to think like a business owner and make the right decisions when it comes to building a strong team of associates.

Earlier this year, Better Homes and Gardens® Real Estate (BHGRE®) held a seminar on how to build the team that works for you and turn your one man/woman show into a well-functioning group of powerhouse agents.

Instructor Pamela Ermen said that a team is “nothing more than a growth vehicle for real estate.” Team growth is the only way agents can go from holding the entire labor burden themselves to being actual leaders.

So how do real estate agents build the team that will take their business to the top? Ermen talked about the five stages of growth that are essential to any associate

Stage One: Creativity
You’re doing well as an agent and you want to expand your business. This stage is where you focus on your ideas, your identity and your brand. Who are you? Who are your clients? What do you sell? Why would a homebuyer trust you for this task? There are a myriad of questions you need answered at this point and you’re the only one who can answer them. This business is your baby, and no one can do what you do until you know what it is you want done.

The excitement that comes with starting a business often leads to frustration. Once you can identify your brand and mission, you can move forward with building your business the way you want it to be.

Stage Two: Direction
Now that you know which way you are heading you need to make a pathway to get there. Developing a business plan and setting up sound business operations practices will help you find the right people for the job. Once your system is in place, future team members will come on board knowing what is expected from them and how the business works.

Stage Three: Delegation
This stage is when things tend to get tricky. Once you figure out your brand and your system of operations you are ready to hire. The problem is, too many agents want to hire another associate, thinking it will ease their workload. Often times it won’t – and that’s because you will still be doing all the administrative work. You need to delegate all the admin duties to someone who will work solely on those issues so you can focus on other tasks. Get the back-end of your business in order first and you will have an easier transition into a collaborative team.

Stage Four: Coordination
And the associate hiring begins. If you’ve mastered the first three stages of team growth you will be able to put all your efforts into finding the right people for your business. Ermen’s advice is to focus on your core values when looking for associates. What are your non-negotiables? What values do you want your agents to possess? Will these agents inspire each other to reach their goals? A successful team is a team that shares core values – they are a team that is coordinated.

Stage Five: Collaboration
It’s time to re-invent your business. You’ve gone from a one man/woman band to an orchestra, and now you have to be the maestro. Look at where you are versus where you should be. How can you motivate your team to move forward? How will your team reach your goals? How can you make your dream business a reality?

At this stage your chances of building a solid team are high if you did your due diligence and focused on properly growing your business. Your business will constantly evolve, but a team built on solid ground will move forward, and your opportunities for success will be endless.

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