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How to Create a Winning Real Estate Team

By
Real Estate Agent with RE/MAX Home Team

I've been asked to be on a panel on Tuesday in Natick, MA entitled "How to create a winning team".  I've been given a list of possible questions for discussion.  Today is my prep day so I thought perhaps those with teams might have additional insight and those that are thinking of building a team might appreciate the discussion.

Why did you choose the team concept?  In 2000 when I turned 50, I decided to take golf lessons and build a team.  I figured I needed a team to back me when I was out on the golf course.  Seriously, I was blessed with a great business and needed the ability to handle increased volumn.  I was working way too hard to continue doing it myself with a part time assistant. I needed to delegate more.  I currently have 2 buyer specialists, a full time "Client Care Manager" and a part time admin person who primarily sets up and follows up on showings.   

What was the best business approach you developed because you were a team?  Because I have more time to work "on my business" instead of "in my business", I have developed systems including checklists and communications, which allow the whole team to work more efficiently and which give each customer, whether a buyer or a seller, the same level of service and professional experience. 

What has been most rewarding about your team experience?  Empowering team members to reach their full potential.  Also, since I work with the people I hire, I can choose to only work with positive people. No negative agents allowed.  And lastly, I can do the things I enjoy and am best at and delegate the rest.

What have you found to be the biggest challenge?  Learning to delegate.  Letting go of things that I did myself, my way, for the past 30 years.  Also, accountability and managing the varying strengths and capabilities of team members.

What has been your biggest success because you lead a team?   Besides getting back my life, the team is able to have the biggest market share of listings and sales in the market place we work in. 

What are you doing differently now because you have a team?  I no longer work with buyers. I rarely work evenings or weekends.  I have 3 jobs:  generating leads, marketing and listing properties.  This year, I started listing properties only of past clients or in my immediate market area. I am now allowing team members to take listings. 

What has been the best business approach you developed because you were a team?  Having team members allows me to select an agent who is the best "fit" for a particular client.  We use the Disc approach to assigning team members to a client.

What would you reinvent about your team experience?   I would clearly define roles, responsibilities and expectations from the beginning rather than making it up as I went along.  6 years ago there were not as many resources available to learn from.  Now Howard Brinton has Star Power Team Training and other trainers and coaches deal with the topic of teams.

If you could wave a magic wand, what would you reinvent about the team experience?  I would follow Steven Covey's suggestion in Seven Habits of Highly Effective People, "To Begin with the end in mind."  I wasn't clear on where I was heading so I didn't establish clear or minimum expectations, or allocate space wisely. 

What surprised you most about the team concept after you became involved?  I didn't expect to have to be so involved in accountability and lead management, assuming that others had the same level of drive and commitment that I did. 

Ok...I think I'm ready.  But I'm sure there will be lots more questions for the panel.

 

 

 

Vicky Carlton
Cincinnati, OH
Comey & Shepherd, Auctioneer - Greater Cincinnati

I am looking to start or join a team, I have a lot to offer, but I am really weary of being taken advantage of, I'm just starting to read the post about teams, so it is great that you are all willing to share your experiences.

Vicky

May 16, 2007 03:47 AM
Carolyn Dubrofsky
Charleston Your Home - Mount Pleasant, SC

Thanks Linda,

Interesting post. I started a team almost a year ago and we've been very happy. Our only difficulty is finding a dedicated Buyer's Agent. We've posted on Craigslist, AR and traditional print with no success. It's very hard to promote from within our market center due to splits but we couldn't find the right candidate either. Do you have any suggestions on the best way to look for and successfully recruit a Buyer's Agent?

 

Jun 03, 2007 01:32 PM
Linda Davis
RE/MAX Home Team - Gales Ferry, CT

My best results have been hiring new people.  One was a past client.  I did it more as a mentoring program - a great place to start in the business.   My first buyers agent is still with me and she started with me new 6 years ago.  I would highly recommend that approach.  I've had much better success with the newbies who are like sponges and soak in everything you try to teach them.

I've been working on another team blog.  Just need to get it done!!!

Jun 03, 2007 01:46 PM
Carolyn Dubrofsky
Charleston Your Home - Mount Pleasant, SC
Sounds like good advice. I'll let you know how it goes. I look forward to reading your next post.
Jun 03, 2007 02:08 PM
Dan Tobias
Rodeo Realty - Northridge, CA
Northridge Real Estate Expert
Linda- great post. I hope that you do decide to do a part two on this. Thanks for sharing
Jun 19, 2007 03:16 PM
Linda Davis
RE/MAX Home Team - Gales Ferry, CT

Thanks!   I plan to add a part two this weekend.  Can't believe I procrastinated so long!

Jun 19, 2007 11:01 PM
Linda Davis
RE/MAX Home Team - Gales Ferry, CT

Ok gang!  I finally posted another team blog HERE.

Jun 24, 2007 10:35 AM
Jennifer Walker-Derby
Re/Max Westside - Marietta, GA
Real Estate Extraordinaire
fantastic!  I just signed up for your Team Topics.  Thanks for creating!
Jun 24, 2007 05:13 PM
Anonymous
Mario Bilotas, Four Daughters Real Estate, IL

Hi Linda - I realize that the post that grabbed my attention dates back to 10/06, but wanted to see if you had any advice regarding compensation in a team. I will view the millionaire book, but Im excited and forming the team this week....scared but excited. Any advise will be help full.

 Thanks,

Mario

Aug 30, 2007 11:36 AM
#28
Linda Davis
RE/MAX Home Team - Gales Ferry, CT
Mario - Please feel free to give me a call on Tuesday.  I'll be out of the office tomorrow.  I'll send you my contact info.  I'm always happy to chat.
Aug 30, 2007 11:47 AM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate
Linda:  What a great post !  I am new at having a team... it's only been about four months now.  I currently have one other person on my team.  She both lists and sells from her personal sphere and past clients... and that works great.  She is doing very well, and I am very proud of her.  I also give her my overflow buyer leads, and give her buyer leads from my two-page ad in Homes and Land Magazine.  I would like to add another member or two... but Yikes is it not easy finding just the right person.  Thanks again for the great post... and... what a GREAT Team Picture at the top of your post.    Karen Anne
Sep 02, 2007 06:12 PM
Linda Davis
RE/MAX Home Team - Gales Ferry, CT
Karen - Thanks for stopping by.  I'm glad the post helped.  Finding the right people is always a challenge but it is always better to wait for the right person to come along rather than hire out of necessity.
Sep 03, 2007 12:51 AM
Matthew Naumann
Exit Realty Charleston Group - Goose Creek, SC
Goose Creek, SC Real Estate Agent

Linda,

Great Post.  Thanks for sharing your perspective.

Matt Naumann

Apr 13, 2010 07:02 AM
Anonymous
ANNA

Dear Linda,

Your Post ! This is something what I was looking for. Please, any information on commission structure, compaansation. Anything what you like to share with us.

Thank You,

Anna

Apr 07, 2011 08:22 AM
#33
Lisa Marie Flenoury
"Lisa The Broker" - Playa Vista, CA
"Lisa The Broker" - Making Dreams Come True

Hi:  

 

Thank you I found your posting helpful even years later.    Please share how your office team commission structure is  and your compensation structure within your team.

 

Thank you

Nov 28, 2011 05:42 PM
Linda Davis
RE/MAX Home Team - Gales Ferry, CT

Thank you! A couple people asked about compensation. I'm with REMAX so I am on a 100% commission.  The compensation structure for the team was 50-50 and I paid for most expenses except for licenses, car and personal expenses. About 4 years ago, I sold my office (just in time!) but remained with the office. Rather than keep the team, I simply refer all my buyers. I still only am a listing agent.

Nov 28, 2011 10:05 PM
Anonymous
Shelley
What is the disc approach?
May 22, 2012 06:22 PM
#36
Linda Davis
RE/MAX Home Team - Gales Ferry, CT
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

Linda,

This is a great post! I'm researching more about setting up a strong team and found this to be very helpful!

Jun 03, 2012 06:39 AM
Anonymous
Ricci Dillon

Linda Davis, Would you be willing to share your team manual and compensation model. Or have a conversation by phone? Thank you! Ricci DillonBroker/Partner, Appraiser, CRS, GRIERA High Pointe Realty785-313-0550 cell

Nov 18, 2018 09:55 AM
#39