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3 Secrets to Building a Real Estate Team That Won’t Drive You Crazy

Aug 9, 2018 by

Real estate teams are incredible, but they’re not for everyone, according to 18-year real estate veteran Leigh Brown. Brown is a broker/owner of Leigh Brown and Associates with RE/MAX. The 2017 president of CRS, Brown is also a recipient of Lifetime Achievement, Hall of Fame and Circle of Legends recognitions with RE/MAX International.

Building a team will either be a smart idea or a money pit, according to Brown, and you need to know how to make it successful before you start hiring. It’s not just earning big numbers; it’s about the earning the right numbers. The three secrets to building a successful real estate team are:

  • Understand why you’re setting up a team
  • Create a solid foundation (hire the right administrator and agents)
  • Create a true team environment

“I know a team who was doing $ 50 million in volume, but the team leader was only taking home $ 50,000 in sales. That was a money pit situation,” Brown says.

Do your research so you don’t end up in the same situation.

1. Understand Why You’re Setting Up a Team
Is a team the way to go for you? It could be if:

You need better work/life management.
If you feel like you’re going to explode if the phone rings one more time, your work/life balance is probably “out of whack.” You’re burned out. A team can help you restore balance.

You consistently have excess opportunities.
Are you staying busy but still getting calls you can’t get to—or are you so busy you’re not able to give your clients the level of service you want to? A team may help you seize the opportunities you’re missing, and help improve the service to the clients you already have.

Your strength is management, not sales.
You love the field, but what you’re really good at is managing, marketing and lead generation. Part of setting up a team is understanding yourself, your strengths and your skills. As a team leader, you’ll need to be a good manager, or hire one. When you’re putting together a job description for yourself, be honest: What is it you really love to do?

Things to Consider Before Setting Up a Team

Lead Generation
You have to have enough leads coming in to sustain you, as well as your team. As a team leader, you’ll be responsible not only for your income, but the income of others.

Control Freak
Can you control your inner control freak? You need to understand that you’re not going to have a team that does things 100 percent like you do. Understanding that if your team does things “right” 80 percent of the time, you’re ahead of the game. When you allow people to make mistakes, they’ll stop walking on eggshells and start working harder to get things right. Learn to let other people shine and they will.

2. Create a Solid Foundation
Before you hire a team of agents, you need a foundation. That foundation begins with a talented administrator.

However, before you can hire an administrator, you need to run your financial numbers. Look at the number of hours you work per week, including administrative work, email, DocuSign, Dropbox, showing houses and making calls. Now, add up the commission dollars you’ve made and divide that by the hours you’ve worked. What do you earn per hour? What does it cost to hire in your market? How many hours a week will you need them? Five? Ten? Twenty? With those numbers in hand, you’re ready to start building your team, and the first person you need to hire is an assistant.

Assistant
Before you hire, you must know what you want your assistant to do, so create a detailed job description for the position. Create a checklist of any NRP (non-revenue producing) activities you want your assistant to handle, including paperwork, signs and lockboxes, putting out postcards, inputting people to your CRM and DocuSign requests.

Include “at-bats” (at least one lead generation or referral a month) in the job description. If you don’t ask people to bring you a referral, they won’t. 

Referral Agent
You may not be ready or want to train, hire and manage a buyer agent right away. If so, you can seek out a like-minded agent who is great at closing, but who needs leads.

Expectations are the key here, Brown emphasizes. Know what you will pay them. Have systems in place for tracking leads and closings. Figure out what happens after the closing and what your role with the client is after the closing. Build a relationship on honor and trust with these agents.

Buyer Agent
The job description here is critical. Be very clear when setting and communicating your expectations. You should also take time to figure out what kind of personality you’ll work best with. Look for someone who will balance you, and whom you will balance.

Hiring tips:

  • “Hire the people who are great at what you suck at,” Brown says. “Check with REALTORS® who are not built for sales or who don’t want to put in ‘REALTOR® hours,’ but who want to be in the business.”
  • Pay a little more to get the best people possible. If everyone else is paying $ 10 an hour, you should pay $ 13-$ 15 an hour. In the grand scheme of things, it’s not that much more for you, but it will create loyalty in your employee. It also shows others you take care of your people.
  • Hire in your local market, not offshore. By hiring locally, you become known as a local employer, and people you hire can also refer people to you.
  • Hire part-time. You can hire someone for 5-10 hours a week and build. If you hire someone who will hustle and generate leads to increase your business and their hours, all the better.
  • Hire for qualities, not task performance. “Attitude matters more than skills,” Brown explains. “Phone skills, handwriting, personality and people skills matter.”
  • Take the DISC personality profile. Take it yourself first, then have them take the DISC personality profile to ensure you balance each other. Pay the $ 29 for the full test, not the free one. It’s more accurate.
  • Take your time hiring. Make hiring a multi-step process so you get the right person.

3. Create a True Team Environment
Once you’ve built a team, how do you stay the course? Start with the details. This includes meetings, goal-setting, team evaluations and individual reviews. Unless your team is one cohesive unit with excellent communication, specific goals and opportunities for everyone involved, your team won’t work.

In a recent webinar, Brown went into extended details about how to structure payment schedules, training, reviews and team-building. Get tips from Brown and watch the full webinar for more detailed steps to ensure you find, hire, train and retain the right people to get the best team members possible.

For more information, please visit marketing.homes.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post 3 Secrets to Building a Real Estate Team That Won’t Drive You Crazy appeared first on RISMedia.

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Uh… You Won’t Believe this Price Comparison

Jul 19, 2016 by

Uh… You Won’t Believe this Price Comparison between what you can buy for $ 6 million.  Trust us…. just tune in and watch.

The post Uh… You Won’t Believe this Price Comparison appeared first on National Real Estate Post.

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5 Home Upgrades That Won’t Add Enough Value

Mar 10, 2016 by

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If you’re hoping to increase your home’s value (above and beyond the cost of an upgrade itself), you should know that the upgrades you value might not be valuable to potential buyers. In fact, you may never recoup the full cost of some home improvements, and the primary offenders might surprise you!

What five common upgrades have the worst return on investment? Find out below.

1. Adding a pool

Pools can be hit-or-miss when it comes to added value. If you’re selling Orlando, FL, real estate, or you live in a warm climate where people are inclined to use a pool year-round, you’re more likely to get a favorable response from buyers. Often, however, the return is not enough to pay for the pool itself. Don’t forget that you’ll need to operate and maintain the pool, and this comes with a sizable extra cost. Ultimately, your likelihood of recouping the money you spent on maintenance, in addition to the installation costs, is pretty low.

Plus, adding a pool to your home could be a major turnoff to some buyers. Buyers with small children may be concerned about safety risks, those looking for a low-maintenance yard won’t want to deal with the hassle and upkeep of cleaning a pool, and buyers who are on a tight budget may not have the extra cash to deal with the added expense.

2. Highly custom design decisions

Your idea of a dream kitchen probably isn’t everyone’s idea of a dream kitchen. Unless you plan to stay in your house for many years to come, think twice about renovations that are too personalized. If you install a kitchen backsplash, you might recoup the cost, because the difference between “no backsplash” and “backsplash” is noticeable. But the specific type of tile might not matter to buyers – they could be just as happy with a simple ceramic tile as they would with an expensive Calacatta marble tile. Similarly, choosing a beveled countertop edge that’s complex and ornate, rather than a basic beveled edge, can turn off buyers whose tastes don’t align with yours.

In fact, these custom features may wind up costing you come listing time, as many buyers will factor in the money they’ll need to spend to change the house to suit their own tastes. If you’re going to upgrade your kitchen just for the sake of selling, stick with neutral, builder-grade design decisions.

3. Room conversions

Buyers will be looking to check certain boxes when they tour your home: For example, three bedrooms, two bathrooms, and a garage. Getting rid of these expected spaces (or altering them into something unusual) may harm your resale value. Every bedroom, for instance, is coveted space that can bump your listing up into the next bracket. Buyers are looking for a two-bedroom, three-bedroom, or four-or-more-bedroom home.

You might not need that extra room and dream of knocking down a wall to create a giant walk-in closet. Or perhaps you’d prefer to cover the walls with soundproof foam and convert it into a recording studio. Unfortunately, most buyers won’t share your interests. Instead, they prefer an extra bedroom for children or guests.

4. Incremental square footage gains

Sizable square footage gains – like finishing your dingy basement so it becomes an additional livable floor – can be a boon in buyers’ minds. But tiny, incremental changes may not give you much of a return on your investment. You may love your new sunroom, but it’s not likely to drastically increase your home’s overall value. Adding square footage in a way that doesn’t flow well with the floor plan can also backfire. Sure, a half bath on the first floor would be useful, but if buyers have to pass through the kitchen to get to it, the half bath loses some of its appeal.

5. Overimproving

No one wants to buy a mega-mansion on a block full of split-levels. When your upgrades feel overboard for your neighborhood, you alienate buyers on two fronts: Buyers who are drawn to your neighborhood won’t be able to afford your home, and buyers who can afford a home of your caliber will prefer to be in a ritzier area. Keep the “base level” of your neighborhood in mind. Tour some open houses on your block to see how your neighbors’ kitchens look before you invest a small fortune in granite countertops and high-end fixtures. Being a little nicer than the other houses around you can be a selling point, but being vastly more luxurious is not.

Pursue these home upgrades for your own enjoyment – but don’t trick yourself into believing you’ll more than recoup the cost of the improvement in the form of a much larger listing price when it comes time to sell. You can always opt for the projects that have the best potential to draw in a buyer instead!

What home upgrades have been worth it for you? Share your tips in the comments below!

 

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You Won’t Believe This Holiday Light Display

Dec 24, 2015 by

Happy Holidays  – from Styled, Staged & Sold! To honor the holiday, take a look at this video of one rockin’ holiday display.

Holiday Light Show

 

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You Won’t Believe What Just Happened with Disparate Impact Ruling

Jun 26, 2015 by

Okay, so, more absolutely ridiculous stuff that’s going to hurt all borrowers.  Happy Friday everyone. 6-26-15 Friday Be sure to catch all of your real estate news and mortgage news here on the National Real Estate Post with Frank Garay and Brian Stevens. And don’t forget about the only products …
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