5 Steps to Building a Real Estate Team

5 Steps to Building a Real Estate Team

Thinking about building a real estate team? It means you’ve probably reached a particular stage in your career where things can’t be managed alone. But the business of this nature requires a specific set of skills, and so, any team recruitment has to be done carefully. This is the stage when challenges for you will start getting tougher. From managing people to the management of work - your skills, patience, and prudence will all be tested. Thus, it is vital to make a decision that will benefit you, both, in terms of sharing the workload and expanding further. What is right and what is not, however, is a bit of a foggy list. We have, thus, compiled for you a list of five essential steps that you must take to build a robust real estate team.

1. Analyze Your Current Situation

This is a fundamental question that you should ask yourself before you begin building a real estate team. Are you actually ready? Take the resources at your disposal under consideration, too. Are you mentally prepared to delegate and lead? Is the market in a supporting position for your decision? Assessment on all these grounds is essential, because while you may just be looking for some people to share your load, this analysis will help you factor in other things of importance. It will make you understand your numbers, which will eventually translate into a more informed decision.

2. Set Your Goals

Setting goals, specifically clear ones, will help you in understanding where you stand today, and where you want to be in the future. A simple look at the number of leads you have, listings available, and local population statistics will help you understand how many people you need to hire. It will also make you see what other essential arrangements you are supposed to make to achieve the goals you set. This includes putting necessary systems in place so that they can complement you and your team in the pursuit of those goals.

3. Choose the Right Candidates for the Right Job

This is the most crucial step when building a real estate team. Once you are sure about the timing, and precise about your goals, you will already know who to hire. Do you need a showing assistant or a buyer's agent in your team, first? Or, both. Or perhaps an IT expert to manage your website. Decide rationally who you require and in what number. Once you have that figured out, open the vacancies and invite people in. The first few prospects may excite you, but it is recommended that you take your time. Weigh the skills and experience different prospects bring and only hire the ones you believe will best suit your requirements. A bad hire will not only be a cause of headaches for you later on, but also a waste of time and resources. Be prudent.

4. Keep Evaluating

Your team building job doesn't end with hiring a bunch of people. Remember, you have goals to achieve. Once you have employed people, assess whether they are meeting their targets. It could be a number of closings, could be a number of clients on the table. Are your recruits meeting your expectations? Translate your goals into numbers and divide them into months, weeks, and days. As a leader, it is your job to analyze whether your employees are meeting these numbers. If they are, great job. If not, who is it that’s lacking and where? And why - if you made your decision based on unbiased evaluation when you were hiring?

5. Know When to Let Go

A competent and capable team doesn’t get built overnight. It is mostly about trying and testing different people and different options. A lot of it has to do with the results of your work evaluation. Give all your recruits a fair chance and time to perform. If someone is consistently under performing, don't hesitate in swinging the sword. It's only essential for the survival of your team, and ultimately, your business. Building a real estate team is a task with a ton of considerations and variables. From a person’s understanding of the trade to his possible chemistry with you - many things matter. What is essential, however, is whether you can lead and make tough decisions. Along with that, you must be adequately patient, too. Hire, train, provide fair chances, evaluate, and then appreciate or dismiss, depending on the findings of your evaluation. It takes time to build a good team, but these steps will ensure that it doesn’t take longer than necessary.

Written and Published by: VanEd

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