For many years, realtors have been attracted by short-term capital gains and haven’t invested enough energy in building successful teams that will earn them millions of dollars.

Thankfully this traditional approach is changing. Today, the top-producing realtors are appreciating the value of team building. One solid indicator is the interest to attend the Millionaire Summit 2017, which will be held on July 10 – 12 in California, has become greater than ever.

 

Find out If You are Eligible to Attend MTS 2017

 

Here are a few tips to help you build a stellar real estate team that will generate millions of dollars in GCI.

Build the right organizational model

Constructing the right organizational model for your real estate business is the first step to building a great team.  Without finding the ideal model, it may not be possible to achieve a sustainable growth. Before starting the recruitment and hiring process, you should take the time to draw out the different needs that you require from your team. Create your job descriptions first. It is not necessary to put names on the organizational chart at this point, just the job description. This will help you determine what kind of qualifications and skills you need on your team and who would be best suited to fill the role. Do you need someone for marketing? How many buying or listing agents do you need? Are your current staff members in the right positions?

 

Stone Sisters Group is one of the millionaire teams working with Goodfellow Coaching and Consulting.

 

Build an effective workflow

So, you have created an amazing organizational model and hired those who have the necessary skillset. There is still more work to do though. Even the most talented individuals won’t be able to work efficiently without an effective workflow with automated systems. You certainly don’t want your best buyers agent to waste their time answering the phone and doing paperwork rather than focusing on their main goals and responsibilities. Sit down with your staff and design effective workflows and systems, that once implemented, will compliment everyone’s growth.

Train your team to utilize a business plan and a budget.

As a team, working from a business plan and a budget is extremely important to take your business to the next level. I speak across North America and I go into many offices and consult with teams that make millions of dollars. They make millions in GCI but many don’t have powerful processes that allow them to scale their profit margins with little additional expense. I can honestly tell you that 95 percent of these teams have never worked from a budget or a plan and only review their profit & loss statements once a year. This is what prevents them from having a sustainable growth. If you want to have a highly successful and profitable company, you and your team should know how to implement a business plan, follow a budget and complete a monthly review of your P&L. 

Set SMART goals for your team

You have built the right organizational model, created a constant workflow, and trained your team to be accountable to a plan and a budget – great. However, your entire effort could be wasted if you don’t set smart goals for your team and for each individual on your team. You need to sit down with your team on a regular basis and develop goals by using the SMART system. Based on the SMART system, your goals should be specific, measurable, attainable, relevant, and timely. That way, your team will work towards a unified goal, which compels them to work as a team as they also work on their individual goals.

I hope you’ve found my advice valuable. If you want even more, Join us at the Millionaire Team Summit 2017 and learn how to build a stellar real estate team.

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