- Building a profitable real estate team doesn't happen overnight -- it takes time, strategic planning and the right people who are motivated to create change and growth.
- Attitude creates altitude.
- Use the 80:20 principle as you build your team. Know your top productive activities, and focus on those.
Building a business team is exceptionally exciting. The necessary resources are brain power, belief, money and time. Real estate is a business in which entrepreneurs can see strong results straight out of the gate. Building a collaborative, innovative real estate team with high achievers is the way to find that level of success and financial freedom.
6 tips to maximize your profitability when building a real estate team
1. Draft a blueprint — and follow it
Create systems and models for your budding team. You already have the vision, and that’s great, but what action are you taking daily, weekly and monthly to get there?
Spend some time early to draft how you plan to be profitable. This blueprint starts with goals, priorities and strategies.
2. Recruit those who meet or exceed your talents
Surround yourself with a team of committed, collaborative, growth-minded people who are continually trained and developed.
Remember, you can be average and sell a few homes here and there, or you can be extraordinary and dominate the market. You will need talent.
3. Derive profits from more than just commissions
A profitable real estate team market-proofs its business by developing multiple streams of revenue. Real estate markets shift frequently.
Smart agents know this and insulate their business by investing and streaming income from a variety of sources.
4. Attitude determines altitude
How you go from strategy to implementation to results requires the proper mental makeup. High energy, positive attitudes and an unrelenting sense of urgency lighten your load to the top of the mountain.
Live it. Love it. Profit.
5. Press the easy button often
Easy isn’t lazy. Work your strengths, and stay focused on the tasks that generate the most income. Delegate and even ignore the tasks that just get in the way of your team becoming profitable.
Think of the 80:20 rule. The top 20 percent of critical activities on your list will be generating revenue no matter what your position is. The bottom 80 percent are the deliverables you can work on later.
6. Prioritize needs over wants
Amateurs install glass ceilings in their organizations and promise success to unqualified hires. Professionals install core competencies with explicit expectations to individuals who are a match for the company.
Develop a list of essential skills your team needs. It will aid in hiring and allow you to build more efficiency with less drama.
“Nothing great was ever accomplished without enthusiasm.” – Ralph Waldo Emerson