Pioneering Agent Tackles Intricacies of Team Building

Pioneering Agent Tackles Intricacies of Team Building

RECBL - Real Estate News

Team structures are becoming an attracting force for some brokerages, and are gaining traction throughout the real estate industry. The reality is that 10 percent of real estate agents nationwide are making around $22,000 per year, while 25 percent are making around $29,000 and 50 percent are making around $44,000, according to the May 2016 Occupational Employment and Wages Report by the U.S. Bureau of Labor Statistics. Agents are jumping at opportunities to form a power group that can be more successful than the average solo real estate agent.

Real estate professional Melissa Crockett Willis shared her insights on team building at this year’s National Association of REALTORS(R) (NAR) REALTORS(R) Conference & Expo in Chicago, Ill. Crockett Willis has been in the real estate industry for 30 years and was a pioneer of the team structure. She developed her team in the early 90s and taught team training and system implementations through STAR POWER University. In 2007, she joined the management team of a regional leader in Cleveland, Ohio. Here’s what she had to say:

Considering a Team Structure
Before agents decide to pursue the team route, Crockett Willis suggested they think about the difference between an entrepreneurial agent (where they are responsible for themselves), a partnership (where a partner is needed for delegation purposes to enjoy more free time) and a real estate team (which she calls a game changer because agents are responsible for all team members and not just themselves).

Additionally, agents need to understand that forming a team entails delving into business building.

"A lot of times when you look at teams that don’t succeed, it’s because they haven’t been a student of the business long enough," said Crockett Willis, emphasizing that agents must first educate themselves on the business aspect and not just the real estate aspect before hiring team members. Crockett Willis also suggested that agents step back and think about the following questions:

• Why are you thinking of forming a team?
• Do you just need to create more systems?
• Do you need administrative help?
• Have you mastered the basics yourself?
• Do you like teaching and leading?
• Have you listed and sold enough business by yourself?
• Do you want the responsibility of a team?
• Do you know how to run a business?

Once committed to the team structure, agents should be able to clearly visualize what they want their team to become. They should also create a mission statement that inspires others to take action, as well as focuses on the present and what the organization will accomplish. A successful team leader should be able to distinguish between their role (what they do) and their identity (who they are).

When the ideals are set in stone, Crockett Willis said the next steps are creating a strategy with systems and forming a business plan, which should constantly evolve. "The most successful teams do not over-complicate the business," said Crockett Willis, declaring that no matter what systems are put in place, they should always be simple.

Hiring for a Team
While hiring can seem simple, its undoubtedly the most intensive part of the team-forming process and shouldn’t be taken lightly. Crockett Willis recommended that agents narrow down what type of assistance they need before beginning the hiring process. Agents should ask themselves: Do I need an administrative assistant in order to spend more time with clients, or will I handle secretarial work while someone else takes out buyers to free up time?

Once the positions are clearly defined and are posted on job search platforms, agents should hire slowly to make sure they have the right person for their team. According to Crockett Willis, if the wrong fit is hired, always fire quickly or rearrange duties to make use of everyone’s strongest skill sets.

Crockett Willis said the quality of the interview questions asked should match the quality of the answers they would like to receive. In addition, agents should place prospective employees in an interview position that matches their role. If they’re going to be an admin that makes a lot of phone calls, start with a phone interview to gauge their skills. If they’re managing the front desk, what impression do they make during first interactions?

According to Crockett Willis, candidates can be broken down into two categories: farm animals and jungle animals. She reminded agents that most people fall under these two segments, and they should decide which one would be more successful in the open position. Are they looking for someone who can be aggressive and self-sufficient, or do they want someone who can be shy but is patient and focused?

Working With A Team
Once positions are filled and the business is ready to move forward, agents should focus on being a leader that welcomes risks, instead of a manager who needs balance and sees problems rather than opportunities. Most importantly, leaders must learn how to delegate and communicate in order to have a successful team.

Team members that are constantly involved and are frequently asked for feedback, tend to have a stronger sense of loyalty to the business. Leading agents must remember to elevate team members, one step at a time to show them how valuable they are.

Having a Successful Team
Success never has an ending. Crockett Willis reminded agents to always celebrate success, no matter how small. This also applies to learning new ways to build up the team. "Agents should be a sponge for knowledge," she added.

If the implemented systems aren’t working as planned, agents should always have an exit strategy. It’s a trial and error process and not everything will run smoothly during the first go-around. Crockett Willis told agents that they are their biggest competitors. If they can get past their own obstacles, they will be successful.

And lastly, agents should enjoy the journey they are on with their team.

For more information, please visit www.nar.realtor.

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REAL ESTATE TRAINING: SINGLE AGENT VS. TEAM

Real Estate Training: Single Agent vs Team

Cash Buyers Lists News​​

With the complicated nature of the real estate transaction, it has become critical for agents to incorporate great systems and processes into the mix to streamline their business activities. Savvy agents realize that time spent doing admin-level tasks takes them away from money-making activities, so they start looking for help.

Here’s an overview of the different levels agents can find themselves at:

Level 1: 7-20 Transactions/Year
There are thousands of agents at this level, which generally occurs by the second year in business. At this level, agents have a good part-time business, but it’s starting to feel like full-time. They do all of the work before, during and after the transaction and provide a high level of service to their clients.

Level 2: 21-30 Transactions/Year

At this level, agents start to feel the pressure of too many clients and stress about providing great service. They need help and often reach out to other agents to ask them to sit open houses and showings, often trading family time for client time. Agents at this level start thinking about a part-time assistant or transaction coordinator and are a medium-risk for being recruited by a team-friendly brokerage offering to provide them with help.

Level 3: 31-50 Transactions/Year
This agent is working nonstop. Their life revolves around work and they rarely have time for their kids, families and friends. Relationships start to suffer and are often strained because there’s not enough time in the day. Agents at this level often feel guilty, but justify the time away because they’re providing financial resources that make up for their absence. This is a sweet spot for building a team. Adding a full-time admin and buyers’ agent completely changes an agents business at this level. Not only can they do more transactions and provide their clients a higher level of care, but they can start scheduling personal time and take advantage of it without stressing about work.

Level 4: 51-100 Transactions/Year
This is the hardest growth area for agents and teams, as massive change has to take place in order to grow. Operational excellence, building a winning team, culture, daily huddles, CRM mastery, a focus on profitability and making sure everyone has clearly defined roles and responsibilities are crucial at this level. Once an agent gets to 100 transaction sides, its common to double the following year. At this stage, the team leader has a business that’s running well with lead-generation systems and a great support staff in place. With everything functioning properly, agents can now turn up the volume of leads they’re working and really grow.

Level 5: Seven-Figure Incomes
As an agent or team leader, your value to the team is now in the role of CEO, rather than employee. Your core focus should be on business development and people development. As you help your people grow and earn a great living, your clients are better served, and your life as a leader is very different. You’re now focused on building wealth and helping your people do the same. You have more free time than you did at the first four levels, and your family appreciates having you around.

There are amazing resources available to help agents form and train teams. It’s up to each person to plug in and utilize the systems and processes available to intentionally create the business and life they desire.

Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams. Sign up today for a free business consult with Verl by sending an email to coach@verlworkman.com.

For more information, please visit www.verlworkman.com.

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BASIC TRAINING: 7 STEPS TO BUILDING A SUPER TEAM IN 2017

TEAM: Together Everyone Achieves More

Cash Buyers Lists News

In the real estate industry, I’ve seen a lot of great people succeed-and a lot of great people burn out. The amount of pressure combined with straight commissions and the increasingly complicated nature of the transaction means it’s getting more difficult to do any significant number of transactions without getting some real help. When quality individuals begin to do real estate, they build their business based on a set of values and an intended level of service.

As they grow, their service suffers, or their values are compromised. I believe that we’re not on this earth to sell houses, but rather, to make a difference in the lives of our families, and the people we touch in business, in that order. As we grow, both areas suffer.

The Problem
I recently read an interview about an agent who is doing $10 million a year in sales. While this is a good business, she never sees her husband and misses all of her children’s games and important events. Success to her used to be measured by selling houses and being a great wife and mother. Today, she feels as though she’s failing at all three. This is the underlying motivator which drives people to consider building a team. As I continued to read, the interviewer made sure she understood she wasn’t alone in her feelings of being able to grow her business, but unwilling to have her family suffer going forward.


The Solution

Step 1: Look at company-provided tools and take advantage of the tools and resources available. These include marketing, transaction management, etc.

Step 2: Hire a Client Care Coordinator. This position can be full- or part-time, but should be filled from day one. I don’t believe you can get to the place in your business where you’re making $1,000 per hour if you spend 15 - 30 hours a week doing $15 - $20 per hour tasks. You must delegate and follow a proven process for hiring and training talent.

Step 3: Systematize everything. Automate your processes and systems to create operational excellence. This includes systems for in place before, during and after every transaction.

Step 4: Consider a buyer’s agent or showing assistant. I know through our tracking systems and research every listing should generate 1.5 buyer-side transactions. If you focus on listings and allow someone else on your team to show and work with buyers, you can grow substantially.

Step 5: Cater to millennials. Millennials love working in groups and helping each other be successful. This team environment is very difficult to achieve as a group of agents. Team means something entirely different than group, and building a team makes work more enjoyable, and, more importantly, gives you the ability to have someone you like and trust handle your clients when you need time with your family.

Step 6: Change your focus from agent to leader. Your focus should be on business development and people development. As you help your team members become successful, have great income and balance in their lives, your income and life balance will improve.

Step 7: Don’t go it alone. Building a team is like climbing Mt. Everest; many set the goal to reach the summit, but very few do. Your business, life and team deserve expert advice and coaching to follow a proven route to success.​​

​The bottom line is real estate professionals want a life. They realize their lives will not be measured by GCI (Gross Commissionable Income) or number of total units sold. Life has so much more to offer, and building a successful team allows them to live life to its fullest.

Verl Workman is the founder and CEO of Workman Success Systems, an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams.
 
For more information, please visit www.verlworkman.com.

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