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I was chatting with one of my friends over the weekend who is a top producer. She has a small and mighty team, which she’s been running for several years. I was one of her first sales when she got into real estate, and she’s helped me buy and sell multiple homes in the last few years.
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She’s trying to figure out how to get out of the weeds of every single deal and empower her team to take more responsibility. There isn’t a handbook for that kind of business change.
It was such a fun conversation and one of the reasons I love helping top agents with this type of change. So I thought I’d write down a synopsis of our conversation and share the insights we pulled together.
How does one go from that top producer to a CEO/team leader mentality? Those are two very different thought processes and strategies, and not everyone who wants to start a team or open a brokerage knows how to make that happen.
Here’s how to build a scalable business that will transform the way you sell real estate.
Create a value proposition
If you are starting to recruit agents into your team, the first thing you need to ask yourself is “What do I bring to the table would make agents want to give me a portion of their commission?” If you can’t answer this question, it will be next to impossible to attract agents into your business.
There are three things agents want in a team or brokerage: opportunity, ability to convert opportunity to cash and efficiency in the process.
Action item: Look at your business. Why do you need to add agents? What have you set up that you wish you would have had when you started or were growing? Create a document and write it down. Leverage ChatGPT to create something if you aren’t sure where to start or how to format.
Create a business plan
Most agents have their own personal business plans and goals, but you need to think bigger now. You’ve got a value prop, agents are seeking out your guidance, so what are you going to do with this newfound responsibility?
Your business plan should include things outside of how many homes you want to close and how you’ll get there. Here are some ideas:
- ROI goal: Spend X on brand marketing and expect a 30 percent ROI
- Process goals: Set up formal onboarding for new agents, set expectations for associate outreach goals, etc.
- Long-term goals (five to 10 years out): If you don’t know where you are going, then you can’t make a plan to get there or have the ability to pivot when you need to. Things will inevitably get off track.
Action item: Put this into a document. Here’s a robust, free template from Forbes. You’ll be putting your value prop into this document.
Find the right partnerships
This doesn’t have to be as simple as what lender or title company you prefer. Think technology, brokerage (opening your own or joining another), and community. Surround yourself with people who inspire you and are already at a place where you aim to be.
They don’t have to be at your brokerage, either. Look into coaching, specifically coaches who are familiar with this pivot in your business. I highly recommend investing in an amazing transaction coordinator — they are invaluable, and your team will thank you.
Action item: Look at your circle. Who supports you and who brings you down? Double down with those who invest in you and cheer you on; cut out those who don’t. If you are just starting out, go back to your value prop and find those partnerships that will help you provide value and an amazing culture to your future team.
Soul search what you want to do
In real estate, there isn’t a ladder you climb. The sky is the limit and that’s what makes it so exciting. You are only in a box if you put yourself there.
If you love marketing and want to take yourself out of the transaction, find yourself a co-partner who loves the nitty-gritty of the deal. If you like showing houses and being in front of people, find someone who loves negotiating and contracts. Always look for people to add to your team who plug the gaps of what you don’t like to do.
Action item: Dig deep. What brings you joy and fills your cup? Pay attention to your daily tasks and see how each one makes you feel. Create a chart of love, hate and meh; put your activities into one of those buckets. This will help you go back to find the right partnerships that will let you double down on the “love” category.
Be OK with failure
You aren’t going to become Elon Musk overnight. You’ll go through trial and error. You’ll gain new agents just for them to churn days or months later. Sometimes you’ll have someone on your team, who you thought was your right hand, decide they want to leave. As you come up against these failures, do a post-mortem and see what worked and what went wrong. Be honest about this.
Action item: You will fail at every step. When you do, go back to that step and try again. This will be an ongoing process. Don’t look at failure as a bad thing, you are just one step closer to a better business.
Remember my friend I spoke about earlier? She also failed at every step and had to revise. She’s now at the soul-searching point, and this is where she is failing, but she keeps getting up and seeking guidance from those amazing partnerships she formed. She is getting closer and closer to her next big pivot.
No matter what you do on this journey, ensure you have a solid foundation, be willing to pivot, and stay open to exploring new and exciting possibilities!
Jamie Crain is director of partnerships at Radius; connect with her on Linkedin.
