If you want to go above and beyond for your customers, having a team of experts that specifically concentrates on real estate is the way to make sure you are able to provide a fantastic experience.
No matter if you are establishing a completely fresh team or thinking over how to manage your present team, the first thing that your customers must be aware of is that you are never occupied enough to not prioritize them.
Today we’ll explain the steps for creating a team that puts customers first and that customers highly recommend to their acquaintances. Let’s get started.
Build a Customized Real Estate Team
The real estate market of today has changed drastically from what it was 10 years ago due to changing customers, sellers, new technologies, and Covid-19.
The National Association of REALTORS® (NAR) outlines that a real estate team is comprised of two or more real estate agents who collaborate to deliver real estate services, though the exact definition may differ somewhat in various states. Teams can vary in size, from having more than 100 members to simply consisting of a buyer’s representative and a virtual assistant.
All sorts of real estate groups can and should deviate from each other, offering advantages for all possible setups, such as linking up to a multinational corporation like RE/MAX, getting a small exclusive agency underway, or arriving at a spot between the two with a ‘rough combination’.
The main objective is to construct your squad in the most successful way for you, all the while making certain that your customers are entirely content with the facility you provide.
The Structure of Your Team
The details of how a real estate team operates will depend on the specific structure that you choose. Typically, a real estate team is composed of two or more agents who can jointly provide services to a single customer.
As an illustration, one agent can take on the responsibilities of another who could be overloaded with work or simply require some rest. We must admit, everyone needs to take a pause sometimes.
For instance, if you are a broker/team leader in real estate, your agents can accommodate any surplus leads and viewings while you devise your plans for marketing and deals.
You could equip your representatives with an impressive transaction coordinator to oversee the process from the agreement to the final stage, so they can return to making telephone calls.
You get the idea, right? Your staff members being properly equipped ensures that both the technology infrastructure of your enterprise and improving relationships with potential and current customers are thoroughly handled.
You have full control over how you organize your team and processes. Ensure that the outcome is beneficial for both you and your customers.
The Benefits of a Real Estate Team:
Better Client Experience, Better Revenue
On a day that is filled with one meeting after another, a single real estate agent may have difficulty remembering paperwork, messages, and due dates (and this will almost certainly be brought up in any reviews they receive).
If you have to be away from the office a lot, it is very helpful to have a real estate team that places customers first. Here’s why:
Increased productivity. Starbucks and adrenaline can only get you so far. A real estate group, meanwhile, can take care of the responsibilities that you’d normally delay until later (or not complete).
Better customer service. Clients require your aid when dealing with unexpected inspections and attempting to bargain a cost. The dedicated staff for buyers, sellers, and transaction management will ensure that any problems that may arise can be handled properly and calmly.
More revenue. Tom Ferry, an experienced real estate coach, emphasizes that working together as a team will outperform any individual’s effort. Forming a collaborative, customer-focused group is a great way to keep up with the demands of the real estate industry and close deals more frequently.
Start a Real Estate Team
1. Check In on Your Financial Goals
It is common knowledge that avoiding a pricey recruitment mistake is wise. According to CareerBuilder, mistakenly hiring the wrong candidate can cost an average of $15,000, however nearly three-quarters of businesses admit they have done this in the past.
Prior to enlisting a fresh team member, it is essential to figure out and carefully analyze the numbers.
Consider the following:
1.1 Operating expenses
The initial stage is to evaluate your yearly outgoings – association charges, advertising expenses, taxes, etc.
Explain which real estate tools, software or apps you’ll use to make your operations more efficient and effective, such as a customer relationship management system, a project management system, or an automated transaction coordination program.
1.2 Financial goals
Next, set your monthly revenue goals. Working backward, subtract your operating expenses from your income. This will aid in ascertaining the amount of money that can first be given to the team as payment.
Remember, not all real estate team members are agents. By having the necessary procedures and regulations in order, employing a transaction coordinator can be of great benefit to your company.
1.3 Compensation plan
Think of a competitive salary structure that encourages growth and development for each team member, both agents and staff.
Would you prefer to give a lump sum payment, share the commission, or pursue a fusion of the two? Consider other resources or rewards that could help maintain customer satisfaction and keep your team motivated.
2. Define or Redefine Your Key Roles
To strike the right balance between the sales-generating team members and the back-of-the-house foundational positions, a productive real estate team generally consists of the following roles:
The person in charge of the team, also known as the individual in charge, that is, you!
Real estate agents who work directly with customers to view properties, negotiate contracts, and complete other related tasks.
The Transaction Coordinator is responsible for carrying out the main administrative tasks and ensuring a pleasant experience for the customer. The main responsibilities include interacting with everyone involved in the process and making sure your settlements are proceeding according to plan. TCs are essential contributors to the team, allowing agents to devote attention to increasing their sales and closing new leads without disregarding their currently contracted clients.
A Virtual Assistant can assist with any administrative tasks should the TC have too much work. Common responsibilities may involve responding to phone calls, arranging meetings, and attending to the requirements of staff members.
3. Get Your Broker’s Stamp of Approval
It is lawful to form real estate teams in all 50 states, but it is still wise to consult with your broker to be aware of any regulations.
It’s important to have a split and cap arrangement arranged so that you know precisely the amount of money you will have from every sale to pay to your staff and take care of your overhead.
4. Develop a Business Plan
The way a real estate team is managed differs from the way a single real estate agent handles their business.
Construct an agenda for what is required, how you will finance it, and how to use the money you acquire. Need help creating a real estate business plan? We put together a full post containing various business plan templates that you can access at no charge (including one exclusively designed for teams).
5. Decide on a Compensation Model
Allocating money for staff compensation should be a distinct element of the business strategy, as it is of crucial importance.
Will the licensed members of your team be compensated with a salary or on a commission basis? How about non-licensed members of your team? What about freelancers or virtual assistants? It is essential to know who you will be giving money to, through which means, and how much.
6. Figure Out Your Lead Generation Strategy
I assume that the purpose of forming a team is because you are unable to manage all the leads yourself.
As your staff increases, how will you be able to increase your lead generation activities in order to sustain operations?
7. Decide on a Communication Strategy
Figuring out how to get communication running effectively between members of a successful real estate team can be a difficult endeavor. People communicate in a variety of ways, which makes using a unified platform like Slack or Microsoft Teams incredibly useful.
8. Develop a Growth Plan
Do you recall when we discussed the different people on your real estate staff? It’s unlikely you’ll hire all of them at once. Who does your business plan dictate you hire first? Will you need multiple people in certain roles?
Real Estate Team Roles
The makeup of a real estate group will be contingent on the conditions of the team and the area they work in. However, most teams consist of certain clear-cut fundamental positions. This is an explanation of the different positions that are part of a real estate team.
The team leader functions in the expected capacity of a leader, managing the team.
Generally, this person is the creator of the group and is responsible for recruiting and eliminating employees, determining the team’s direction and strategy, as well as ensuring each individual meets their obligations and is led in reaching their objectives.
Certain real estate teams, such as when two agents who have had the same amount of exposure in the field, do not necessarily have a defining leader.
The team works together to use each person’s strengths. This often results in different people being in leadership roles for different parts of the business, for example, one person might oversee the process of gaining referrals while another could take charge of lead cultivation duties.
Bringing on a secretary or a personal aide is an excellent first step for any real estate squad.
This person’s primary objective is to help lighten the load of the Team Leader or other licensed personnel on the team so that they can concentrate on the real estate-related tasks that allow them to attract new clients and close transactions.
A licensed real estate professional who only provides services for purchasers is known as a buyer’s agent. Due to the amount of effort needed to help buyers, successful solo real estate agents are limited in the number of purchasers they are able to assist before the end of the day.
When you experience high demand for your products or services and don’t have enough time to manage all of the buyers, hiring a buyer’s agent would be beneficial.
Team leaders wanting to hire a buyer’s representative should look for somebody who is enthusiastic, systematic, and encouraged.
A real estate team will thrive if they select a buyer’s agent who responds swiftly to leads, efficiently manages their time, and can confidently speak with prospects to convince them to become customers. Ensure that whoever is nominated for this position is capable of nailing their outreach and follow-up objectives.
When looking for a real estate listing professional, it is important to find someone who has an extensive background in the local real estate market and has a lot of experience in selling properties in the area.
It is essential for a listing specialist to have a thorough understanding of what is being bought and sold in order to correctly conduct comparative market analysis, which is one of their main functions.
Anyone familiar with operating in the field of real estate is aware that the job principally consists of two tasks: running about and engaging in administrative tasks.
The groundwork is carried out prior to the signing of the agreement, which involves looking for potential customers, fostering relationships with prospects, listing properties, and showing buyers possible purchases. The required documents must be completed once an agreement has been made between the buyer and seller.
The duties of a listing coordinator involve taking care of the documentation of a real estate transaction by ensuring that those connected to it (inspectors, creditors, evaluators, other real estate brokers, and so on) have their necessary requirements when they are required, and making sure timelines are met to move the contract forward.
What amount of knowledge about marketing is necessary for obtaining a real estate license? Zip, zero, zilch. How much of your accomplishment as an agent or team is dependent upon having a sound marketing plan? A lot.
A marketing expert is responsible for creating, developing, and implementing a marketing approach for your real estate group. They specialize in every aspect of business necessary for developing a successful company, from creating a recognizable brand, gaining new customers, increasing customer referrals, and advertising their property.
This role is incredibly important; your marketing specialist creates the messages that your community consumes about you, your team, and the way you do business.
Inside Sales Agent
An inside sales representative is responsible for developing fresh prospects via outgoing contact, assessing inbound leads, and handing over potential opportunities to different team members to be looked after and finalized.
This individual devotes a considerable amount of their energy on the telephone; they cope with predominant communication at a large level, which means they are aiming to contact hundreds of people each day.
An excellent inside sales representative should have the ability to speak easily on the telephone, communicate effectively through email and texting, and be confident in initiating conversations with unfamiliar people.