Once the real estate business reaches a certain point, the need to take it to the next level arises. The question of how to build a real estate team is a tricky one. It is an exciting target to achieve but does not happen overnight.
There are multiple hurdles to cross to build a strong team. In the beginning, one may face many challenges, but it is worth it once you reach the goal. Finding the right person for every role takes years of knowledge and experience. But once all of this is done, there is no looking back.
So, when you think about “how to build a real estate team?” the team members come to mind. Here are some of the must-have team members on the board.
A transaction coordinator is someone who takes care of all the paperwork. No matter the experience, one should immediately hire a coordinator. Getting a transaction coordinator on board will give you ample time to focus on generating leads and taking the business forward.
It would ensure that clients receive complete professional support. It is a cost-effective solution as you can hire the transaction coordinators on a transaction basis.
Once you have reached a particular number, one can hire a full-time assistant to handle administrative work. The transaction coordinators can be replaced with full-time employees and kept on a salary. An assistant with a real estate license is worth it. It is not mandatory but may be helpful to coordinate specific tasks.
Another important role in your team is the showing assistant. If you are busy or traveling, an assistant can show homes to potential clients. A showing assistant is another real estate professional who can show houses when required.
Buyer agents can help immensely, but only if the business does 60 homes or more in a particular year. If that is not the case, splitting commissions can make the deal unprofitable. So, ensure that the business is stable.
The buyer agents are paid a 50//50 split or less in some cases. Making a wise decision to provide something that is left behind is essential.
Another position in the real estate team is as a listing agent. His role is to focus on listing appointments and convert as many leads as possible. Their goal is to transform not only outbound leads but also inbound leads. They also keep track of the lead generation process and ensure business growth.
Other real estate team roles include inside sales agents and a market coordinator. An inside agent works on generating new leads and listings by making phone calls.
On the other hand, a marketing coordinator takes care of the promotional efforts. It is quite a task, from marketing about new listings to making marketing strategies for marketing campaigns. They handle social media platforms, blogs, and newsletters and keep track of the team’s performance.
Once you are clear with the structure of the team and the various roles, it is time to look at the more significant aspects. A real estate guideline that comprises all the policies, compensation, duties, etc., is a must.
Special consideration must be given to the structure of team commissions. Real estate teams are compelling and help in increasing revenues. However, building a team takes a lot of effort, time, preparation, and, most importantly, patience.