Have you ever bought something that needs to be assembled, but you skipped reading the instructions and just started putting it together…
…Only to realize you have to start all over because you weren’t doing it the right way?
Yeah, I think we’ve all been there.
I bring it up because that’s essentially what I see lots of agents doing when they attempt to scale their business and build their team.
The mistakes they’re making significantly slow their progress – until they eventually recognize they need to start over and get it right.
So I’m devoting today’s blog to five costly mistakes to avoid when scaling your real estate team. Let’s dive in.
Real Estate Team Building Mistake No. 1: No Clear Vision of What You’re Building
The first step of building your real estate team is establishing a clear picture of what, exactly, you want to create.
- Do you want a large mega team?
- Do you want a small, tight-knit artisan team?
- Do you want to stay in production?
- Will team members be responsible for their own production or will the team provide leads?
- Will you hire an admin staff or licensed agents only?
These questions and many more must be answered before you begin building your team.
The more clarity you can create about what you want your team to look like, the faster and more effectively you can reach that goal. I talked about this in-depth on Day 2 of this year’s Success Summit, including deciding which team type is right for you. If you missed it, right now Summit OnDemand is available for just $199 in our Black Friday Sale.
On the flip side, the less you define what you’re building, the more hurdles you’re creating for your future self.
Get crystal clear about what you want. And only then start building.
Real Estate Team Building Mistake No. 2: No Clear Vision of Sales Engineering
Business is a simple math equation.
How much of X will create Y to earn Z?
Far too many agents start building a team without really figuring this out. Building a team involves overhead and other bottom line-impacting expenses that you might not have incurred as a single agent.
It basically means creating a fresh business plan for the team and reverse engineering how you’ll arrive at your desired financial outcome. Don’t skip that step!
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