Building a real estate team requires a real estate investor to be tactical and creative at the same time. It is essential for the real estate investor to ask themselves How? When? and Why? These questions will enable a real estate investor to judge whether you are ready to employ other agents, how to start building you team and the reasons your business needs a team in order to succeed.
When are you ready for a real estate team?
There are several things that can help you know that it is time to get an extra hand and those include:
You are working about 18 hours a day, sacrificing every single second you can get to focus on your business.
Your business has reached a plateau stage because you cannot possibly work any harder than you already are.
You are experiencing burn out from taking all roles in your business, from administrative work to marketing and lead generation. You are simply exhausted both mentally and physically.
Your business is suffering from poor customer service because you cannot attend to clients as effectively as you used to when you were new in the industry.
Your personal life is affected because your weekends are occupied by buyer appointments.
-You are frustrated because of the overwhelming amount of work in front of you, which never seems to loosen up. You are losing potential clients because you can’t follow up on many at the same time.
Your business is experiencing paralysis and multitasking has become impossible and is affecting the quality of your productivity.
There is a common myth that hiring a team will not increase you business profits with reasonable margins, because you will be sharing your profits with someone else. However, that is far from the truth.
Why you should create a team for you real estate business/agency.
Building a team will free you up and you will be able to concentrate on what you enjoy and what you are good at, what brings in the most money. If that is meeting clients and showing them property, you can focus on that and hire an assistant to do the time-consuming work that does not require your expertise.
The reason why hiring an extra person is a good move if done at the right time is because there are very little overhead costs since all you need to purchase is a second desktop. You won’t spend extra on marketing and to top it all, you share 50% of the net commission they make.
How to have the best real estate team
Gaining leverage by hiring other people gives you more hours a day. The secret is hiring one person at a time. The new assistant should eventually make the business gain more than it costs to hire them. It is simply respecting the principal of economics of scale. The business’ finances should dictate whether it makes sense to hire someone else.
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