Have you ever considered building a team?
Teams are a hot topic right now and for good reason. Individual agents can struggle to produce at a high level, manage the administrative side of the business, and maintain a personal life.
Building a high-functioning team offers three distinct advantages:
- The opportunity to make more money without having to do more deals yourself
- The ability to delegate tasks you aren’t good at or don’t want to do
- The chance to get better control of your hours
That said, building a team isn’t for everyone. Here are a few factors you’ll want to consider before starting a team.
FACTOR #1 – YOUR GOALS
How many deals per month or per year do you want to close? Do you want to work with buyers, sellers, or both? How much time off would you like? Do you have a family member or friend who can help you with your business from time to time?
Building a team just for the sake of having one is a mistake. Deciding if a team is right for you should depend first on whether that team will help you achieve your goals.
FACTOR #2 – YOUR SKILLS
Building a team requires a different set of skills than selling real estate. That’s something most people in the industry don’t talk about.
Far too many agents start teams without understanding delegation, accountability, management, and leadership. Those skills are vital to running a successful team and they come only with knowledge and experience.
If you want to build a team but have never managed contractors or employees, consider building your skill-set first. To do that, you can attend classes and seminars, seek out mentors and coaches, or begin a self-study program by reading books or going online.
FACTOR #3 – YOUR TIME
Managing, delegating, leading and holding people accountable are skills. But, they are also activities that require your time.
Plenty of agents start teams only to discover they prefer spending their time working with clients instead of running the team. That’s why it’s worth asking yourself if you’d enjoy being a team leader before you start a team.
P.S. – Everything above applies to building a team in the traditional sense (part-time or full-time assistant, buyer’s agent, etc.).
You can experience some of the benefits of having a team by using freelancers who work on a project basis. The classic example of this is using a transaction coordinator who you pay per transaction closed.