How to Develop a Team
If you are in the real estate business, developing a strong team is what is being talked about the most right now. It is important to establish what you are wanting in order to figure out what works best for you and your company. We get it, you like doing everything on your own but let’s face it: you can’t do everything. On some level, there is only so much that you could do until it becomes overwhelming.
Now, which do you want less: do you want less to be responsible for other people, or do you want less to work your whole career and not have a sale-able asset? If everything is built around YOU, then that is exactly what is going to happen.
Lucky for you, I have compiled a list of frequently asked questions when it comes to developing a team. Even if you have a team already, going back to make sure you’ve done all of these correctly is in your best interest. Your time is valuable and we are here to help you make the most of it!
Q: So why should I start a team?
A: There are plenty of reasons that go around this. To begin, you should start a team if you have higher aspirations and want to truly run a company. If you want this company to consistently grow and become the best it can be, this should be number one on your “to do” list.
Another reason as to why you should start a team is if you want to make more money and don’t want to be a hamster on a wheel. Just like a hamster on a wheel, you keep going and going with no direct goal. You continuously are thinking you are going somewhere but are at a complete stand-still. Fortunately, this is very common so no, you are not the only hamster in the real estate world. This just means you need the help around you and your business. Lastly, you should start a team if you want to create a sale-able asset and develop an exit strategy. In this case, you want to be able to leave when it is your time and the company you built so hard on doesn’t just go away. It will continue to run with the people you trust and worked so close with.
Q: How do I know it’s time?
A: Instead of just telling you “when you know, you know,” here are some viable stages as to when the time has come. For one, if you are at a place where your income has plateaued. This too is normal! Sometimes what you thought was doing so well just doesn’t work the same as it used to. This comes hefty especially in the marketing world. Just because one thing worked months past for one person does not mean it will work for you now. Change is supposed to be for the better, and the better is now. Another way to know if it finally time to develop a team is if you’re at a place where you have just too much business than you can handle. Let’s face it, you’re just too busy! Like I mentioned earlier, you can’t do everything yourself. I mean, you technically can in the beginning but there will come a time where you are just too overwhelmed. Instead of feeling defeated, expand your business with people who want to help you. Lastly, if you are scared to take a vacation, then you really need to grow your team. Everyone deserves some sort of vacation because without it, we would go CRAZY!
Q: So where should start?
A: To begin, you need a good coach. You need some sort of direction to make sure that what you are doing is in your best interest. Here at Jared James Enterprises, we have the best coaches in the country. Now, I could go on and on about our amazing program but that is information for another day! Instead, click here.
Next, you need to hire a licensed administrator or assistant. If you already have an assistant but they are not licensed, just get them licensed! If you don’t have someone for this, use DISC profiles to find you someone that will work best with you. This tool will help you find someone that is not you. If you are a more dominant kind of worker, make sure to find someone who isn’t. Growing a team is all about finding the right balance between one another. After you found these two, make sure you have your systems, processes and infrastructure in place. Meaning, make sure you have built your foundation in your business for the next 10, 20 or even 30 years. Just like with building a home, the foundation needs to be done first before adding on anything else. Lastly, you need to focus on your lead creation. Ask yourself this: Do I have a CRM? If the answer is no, you need one. Not to mention, we just created the best CRM out there with features like no other. You don’t believe me? Check us out by clicking here. Additionally, we have an awesome marketing program called Spotlight where you will have your own marketing representative to help you with Facebook and Google Ads, newsletters, blogs, etc. Having problems with lead creation is a thing of the past with Jarja Media!
Q: What order do you hire people?
Assistant and/or Transaction Coordinator
ISA (Internet Sales Associate)
Marketing Specialist (like us at Jarja Media!)
When it comes to compensation, make sure you keep splits consistent, fair, simple and most importantly, profitable. Of course when you hire someone new, it is a different story when it comes to someone who has been with you for years. In all, just make sure you are keeping it even between everyone. Make sure you also focus on your process and income potential rather than your salary. Think of it this way: would you rather make 50% of $250,000 or 60% of $125,000? The answer is pretty simple. Many people get stuck on what we want to focus on which is percent, and not necessarily what the end-of-year income is going to look like. Lastly, when it comes to admins, do not have them on straight salary. You always want to keep some kind of compensation mixed into performance as much as you can. This is because you want to leave some kind of incentive for them to be following up, getting the deals closed and doing an overall great job. Remember: keep it performance based as much as you possibly can!
Q: Where do I find agents?
A: As you are growing, you need to develop referral agents. This is where you can test them out and see how you like working with them, their structure, performance, etc. Also, as you are doing your transactions, ask yourself who you truly like working with. Have you worked with someone before that you find a pleasure doing business with? If you don’t get in contact with them, surely somebody else will. Next, who do you see that is new in the business? These people are great because you can mold them early and teach them the way you like to run things. These types of people aren’t the ones who are stuck in the past, they are all about what works now in 2019. Lastly, just keep your eyes open! Next time you go to your local coffee shop, have a chat with the barista or hostess at your favorite restaurant. People who work in the service industry are the ones who work best in this type of industry and you know it’s true!
When it comes to teamwork, surround yourself with positive employees that want the best for you.
Don’t forget to check the links throughout for our programs here at Jared James Enterprises and Jarja Media. If you are stuck and don’t know where to go next, let us help you throughout the way.