3 Common Issues Affecting Real Estate Team Growth
Years ago it was once possible for a single agent to run a profitable real estate business. Now due to heightened demands of prospective buyers, sellers, and the market a profitable real estate business can no longer be sustainable by a single top-producing agent.
A top-producing agent needs a team to survive. That means focusing on real estate team growth.
A prototypical real estate team is often made up of any number of buyer agents, listing agents, and sales representatives. This doesn’t include the administrative staff who; may not facilitate any real estate transactions personally, are responsible for everyone involved to be properly informed and managed.
Single agents are capable of facilitating numerous real estate transactions independently, but what happens is that they get overwhelmed. Not necessarily from buyers or sellers, but from everything else — financials, management, marketing, and team growth.
A lot of the issues in real estate team growth that leaders experience are very common, and easy to resolve. While the team dynamic is supposed to lessen the burden on the real estate team leader, balancing the responsibility of selling and team growth can cause some stress if not properly managed.
After coaching over 700 teams we’ve noticed that a lot of the issues affecting real estate team growth are quite common.
Team Leader Does Not Define Goals
You need to clearly define each team member’s goals in order for your team to work independently and demonstrate the initiative. Understanding their roles and responsibilities will give you less to worry about. If their job is to sell they need to know what their target is. If a team member of responsible for administrative tasks they should be notified of any paperwork or transactions that are ongoing.
Each team member’s goal should directly relate to the company’s goals.
Failure to Communicate Company Culture
Clearly communicating the company culture is vital to your real estate team growth. Hire one or two new team members and you risk losing the company culture. It sounds irrational, but it’s true. Informing new team members of the culture and expectations will lessen the risk of losing company culture. Reminding existing team members of the expectations will ensure your real estate team stays on the right track for optimal growth.
Team Leader Never Follows Up
Real estate team leaders need to follow up to ensure everything stays on the right track. Once you develop more experienced and responsible team embers this process can be more relaxed. Clearly communicating culture and defining goals will make this process less of a process and more of a passing comment in the office.
In order for a real estate agent to grow and sustain their profitability they need to build their team. But they need to build their team the right way.
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