In this episode of Modern American Realtor, the brothers talk about how to build your own personal real estate all-star team. Turns out that part of the strategy is to bring in free agent, special guest and father Ed Wright — an extremely successful broker and agent.
You might find yourself lost on how to build any team, but the Wright family knows how to build that team. After listening to this episode, you’ll have plenty of tools and ideas on how to develop your very own all-star team.
Quality over quantity
Hiring good people is always the Wright choice. While Ed advocates keeping things small and in-house with his “referral only” policy, Corey asserts the benefits of maintaining a smaller staff and keeping your goals in “quality over quantity” mode.
Ed’s huge staff of agents are managed by a proportionately huge number of superiors, to keep his company’s signature “personal touch” intact.
The Wrights agree that extroverted agents who can create relationships easily are the best kind of agents, and you can find a truly good work ethic through positive referrals.
Dangling the good carrot
No matter how much you think your office aesthetic, company perks or staff outings contribute to building a great team, the fact is that in order to get the best, you have to develop a solid and rewarding professional culture.
Ed compares the task of implementing good culture in a company to building an actual business system — the similarities might surprise you. For example, he makes sure to split his commissions in favor of the agent, which might get him less initial profit, but it goes a long way toward building a positive culture.
You always want to make sure your agents feel supported and in good spirits to keep them focused on promoting positive and profitable outcomes.
Punching through the glass ceiling
Even if you never thought you were “team manager material,” you might find yourself promoted from an agent to a higher position. The paycheck sounds nice, but are you really prepared for such a big change?
Don’t worry, the brothers plus dad know what that’s like. Being a team manager means committing even harder to your agents than you did before.
As Ed says, “The multiyear gap in earning income between selling and building a team isn’t for the faint of heart. But if you do it right, you’ll see your trust reflected back in their hard work and results — eventually.”
Trust in your team to produce, and they might also be making back six figures in three years.
It might seem like we just lifted advice for building a better real estate team straight out of a classic sports movie like “Hoosiers.” Work harder, know your team, trust in them, eat your vegetables, etc.
But the basic principles aren’t too much different in real life. However much you succeed will depend on how much you commit to finding the right people and keeping them happy and motivated. It’s a lot of work on your end, but it’s work that will pay off in the end.
Corey Wright is the co-founder of WingWire, a custom website and blogging service for real estate agents, and co-host of Modern American Realtor, a podcast for the modern agent. You can connect with him on LinkedIn or Instagram (@filbertsteiner).