On this episode of the Real Estate Marketing Show we’re talking about teams. Should I be on a team? What does that consist of? What does that look like?
The buyer’s agent question comes up a lot too: Are you going to double your business if you add a buyers agent?
So we’ve been doing a lot of team building training: I remember back when I was new in the business, way before all of the social media stuff, I started getting 5-6 escrows and I realized that this was a lot of work! So when we talk about team building, we ask ourselves: is the time now?
And the very first reason we do that, is because we feel overwhelmed. I always say: are you doing things that a monkey can do? The bottom line is if you can pay somebody $10 to do what you’re doing you need to stop doing that! I was working 7 days/week, sometimes 24hours/day with no days off! And you end up feeling overwhelmed and go through burn out. And that’s why it’s so hard for a lot of agents to be consistent.
Some people only like certain tasks. Like me! I only want to list homes. I don’t want to do anything else! So there’s another reason to be on a team. Do you want to be rich? One thing I can promise you is, you will never be there doing it on your own and that’s the way it is.
So is the time now? Where should I start?
A lot of people start with the buyer’s agent, which is okay.
You should absolutely use the Company Transaction Coordinator; if you don’t sell a house, you don’t have to pay them!
Personal Assistant: People ask, “what’s the difference between a Company TC and a Personal Assistant?” There’s a lot of control freaks out there who don’t want anyone else to touch their paperwork but they do want somebody to cook, clean, to pick-up the dry cleaning, and even putting gas in their car. Then you also have your ‘Normal Assistant’ that does maybe kind of everything: your transactions and normal tasks like your Personal Assistant, which most of us have when we start out and then we can Sub out tasks.
What we mean with this is virtual assistance; there is a lot of really good virtual assistance out there. There are a lot of things they can do and, believe it or not, they are better at them than us; and then you just take credit for it! For example, there’s VA all over the country that are transaction coordinators! Another way you can sub out tasks is to have somebody do your social media – and that one is huge!
There is so much stuff you actually need help with! So what we figured out is: delegate, automate, eliminate and that’s how to be successful in real estate!
Try to work smarter and not harder and pick things that are easy to do and things that we are really good at. If you hate your job, you’re never going to get good at it!
So Should I Join A Team? – Why?
- You have that team atmosphere, which a lot of people love for the camaraderie… and accountability.
- Less overhead – that’s a big one: If you want to be consistent in real estate you have to be spending a lot of money in overhead!
- Having admins in place where they can consistently write you paychecks.
- Leads handed to them and its amazing, less hard work on your part!
- Training, is invaluable to a lot of people, to listen and watch more advanced agents.
Okay, but what are the Cons Of A Team?
- Expectations will be one for me. For example, you may be expected to call 50 people a day; that is absolutely accountability and there is a lot of pressure to have to do that all the time!
- Less Freedom, that’s a big one. You may only be getting Saturdays and Tuesdays off, or will have to put in your 7 day vacation twice a year way ahead of time: What?!
- New Systems; learning new systems is really hard for some of our team agents because we’re throwing shiny, really incredible systems at them and the expectations to learn them in a week and master them, and close a deal using them… Even if their systems work better, it doesn’t matter, their team leader gets to pick now!
- Less money; This one is debatable
So Show Me The Money/Leads:
- Open Houses: When you’re on a big team, and your team leader has a lot of listing you never have the endless opportunity to do open houses and for you, newer agents out there, I think open houses is your absolute, number one, most important crucial way to get business. It’s your gateway; it opens up the flood gates!
- Sign Calls: With the proper training, converting sign calls is better than any Internet lead because they’re typically in front of the house, I already know the area, I already know the price range, I already know everything so then it gives you a much quicker opportunity to meet a buyer face to face.
- Purchased leads are amazing! We have 14 escrows today from leads that we purchased. But the reality is some agents aren’t comfortable buying leads, they can’t afford to buy them.
- Street Credibility: This is a huge one! When you have a good reputation in the community and throw somebody’s else name around who has a lot of trust, they’re walking in as brand new agents listing homes based on my name and they’re like: “sure, let me list with you!” And that’s what you get to do by being on with somebody who’s put in 20-25 years of hard work and hundreds of thousands of dollars getting their brand out there.
- Lead Agent Referrals: Another huge one! Because now, you get leads handed to you and, all of a sudden there is a lot more money in being on a team than you first thought!
- Organic Web Leads: These are unpaid websites, when you have 20-30 listings, the leads fly in, and it’s not even paid leads all the time, it’s just sign call, but they come in through the web, and that’s where you start adding up 200-300 leads a month and you can start dividing these up, and have them prequalified and preapproved etc.
So to round this up, being on a team is a win-win. For the people on the team that like that group experience, it’s a win for them. For the team leader, like me, it’s definitely a win-win, because I am willing to double/triple my production and share that money so I don’t have to do tasks that I don’t like to do. One of the things we know to be successful in the years coming, you’re either going to build a team, or be on a team. Teams are kind of taking over our industry!