Team is something I continue to explore in great detail with intense passion.
Again, as I have stated many times in this section... most teams are team in name only.
The concept of team is completely misunderstood in real estate.
If you have a team or you are thinking about starting a team...
Here is what you need to be thinking about...
What is the purpose of your team?
Is it a vehicle to make more money?
Are you trying to free up time?
Are you looking to build equity in a business that you can sell at some point?
Are you seeking to provide a better client experience?
Is it ego?
Is it ambition?
Are you trying to help others?
You need to be really clear from the start. Your purpose may evolve and change over time however you need to have a reason upfront which leads to the next thing you need to think about.
If you build a team...
You will have basic exit strategies:
1. You run it into the ground.
2. An outside buyer purchases your team.
3. You transition your team to a family member (s).
4. You sell it to your own team members.
5. You create some type of referral agreement with another agent.
These are going to be your basic choices.
The things that will increase the value of your team over the long run include in no specific order:
1. The people you hire and train/ experience/ longevity.
2. Your systems.
3. Your culture.
4. Your CRM.
5. Your brand/ reputation/ website
6. Your P&L/ cash flow
7. Your sources of business development.
8. The incentive for your team to stay if you are not there.
9. Your split structure.
10. The fee you charge on average team wide.
11. Your technology.
12. Your productivity/ market share.
All of these things are going to factor into the value of your team.
Perhaps the biggest impact on the value of your team will be what % of the business you are responsible for as compared to your team members. You want your % of the overall production to be as low as possible.
Bottom line: There are many things that you need to be thinking through that are probably not on your radar right now.
Team is way more complicated than you think.
If you don't know the issues you need to be thinking about...
Team is a sure fire way to:
1. Work harder
2. Make less
3. Have more stress!!I
In 2023 we are going to launch a Team Coaching Program. This is not going to be a lecture or workshop or presentation. This is going to be top team leaders getting together on a regular basis and working through all the situational issues you face on a regular basis. All topics will be up for discussion. This will be your opportunity as a team leader to really to brainstorm with the best of the best to find solutions that work for you and your team. If you are interested, please email [email protected]com with TEAM in the subject line.