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3 Biggest Mistakes When Growing Your Team

By
Real Estate Technology with 855-419-6019

Business is good. So good that it’s starting to affect your life, but not in a good way. You’re working 50+ hours per week and rarely take a full day off. Even worse, things you are normally on top of are slipping through the cracks. You need help but aren’t sure what to do next. Hire people, invest in technology or both?


If this is where you are in your career trajectory it’s time to step back and assess how you’re going to evolve your business to accommodate your customers and your own needs. I’ve met and helped numerous people who were struggling through such transitionary stages in their professional careers. And almost without fail they’ve made one of the following 3 mistakes when looking to grow their team and/or business:

 

1. Not Having a Business Plan

Not having a well thought out and comprehensive business plan is a plan for failure. Key areas to focus on include:

  • How much business in terms of volume, Gross Commission Income (GCI) and Company Dollar do you want to achieve by what date? This is your goal. Now work backwards from that goal to identify how much in time, money and resources will it take to achieve it. 
  • What repeatable processes are you going to implement to develop your resources?
  • How will you maintain a high level of customer service?
  • What’s your technology and marketing plan? “Business has two basic functions, innovation and marketing.” -Peter Drucker
  • Have contingencies to accommodate for times when things aren’t going according to plan, in either a positive or negative way. After all, that’s why you’re at this point. You need to plan correctly.

 

2. Hiring People Just Like You

Be honest with yourself and hire to address your weaknesses before you hire to augment your strengths. A general rule is to hire people who are better, smarter and faster than you at certain parts of the business. Hire people who have skill sets that you do not.

For example, you may be great at relationship building, but not very good at processing paperwork. And simply because you may be good at selling real estate does not make you a good manager. Fill in the blanks with your hiring instead of stacking up one specialty without the other.

[Learn More: How Hiring the Right Agents Affects Your ROI]

 

3. Not Implementing Proper Systems

You have your goal and the processes it’s going to take to get you there, now you need to identify the proper systems to scale those processes with your business plans. The number and type of systems offered to the real estate professional is pervasive and what works for one may be the wrong choice for you.

A Customer Relationship Management (CRM) system is vital. You need insights and intelligence around your potential and current customers needs before they ask you. Most importantly, look for a system that simplifies your day and allows you to answer questions within minutes.

These capabilities are the new normal when it comes to consumer expectations, period. A comprehensive and well implemented CRM also becomes the saleable asset of your business for both recruits and potential clients.

At the end of the day remember, if you invest in the time required to avoid these mistakes success and growth is well within reach.

Stephanie & John Webb
Latte Stone Realty LLC - Albuquerque, NM
Stephanie Webb Co-Owner, Latte Stone Realty, LLC

Great blog! 

Jan 29, 2016 10:07 PM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

One almost needs to pay more than the going rate to retain the assistants,

Same with realtors who may have other things on their agenda. If they are experienced they can strike out on their own not needing even to be on your team.

The team concept works if the agents are brand new.

Jan 29, 2016 10:26 PM
Brigita McKelvie, Associate Broker
Cindy Stys Equestrian and Country Properties, Ltd. - Lehigh Valley, PA
The Broker with horse sense and no horsing around

Kelly,

Excellent post.  I am at that stage in my business.  Business planning is a MUST no matter what point you are at in your business.  Plus, these plans most definitely are to be specific.

Brigita

Jan 29, 2016 10:39 PM
Christina Marquez
JohnHart Real Estate - Palmdale, CA

Curious as to what CRM you are using?

Jan 30, 2016 12:11 AM
Steven at BoomTown

Hi Christina, I actually work for BoomTown which is a CRM and sales and marketing tool in one. Would love to give you some more details. Visit boomtownroi.com/activerain for someone to reach out with all the info!

Jan 31, 2016 10:27 PM
Doyle Davison
Hawaiian Beaches Hawaii - 714-968-6767 - Huntington Beach, CA
30 years as your Concierge services listing broker

they say the average realtor only make 1.5 contats with its clients... crm is a good way to drip them with good info.

Jan 30, 2016 01:52 AM
Michael Thacker - Re/Max Real Estate Center - Louisville
Re/Max Real Estate Center - The Thacker Group - Louisville, KY
Your best friend who just happens to be a Realtor

Fantastic blog post and really making me think.....again! Thank you for sharing!

Jan 30, 2016 10:37 AM
LUXURYSOCALREALTY COMPASS La Jolla
Compass - La Jolla, CA
San Diego Partner - The Private Client Network

Excellent blog post.  You are right about the difficulties of building a team, retention, and profitability.

Jan 30, 2016 11:33 AM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Kelly at BoomTown people like people like them - and they hire them, only to learn that it's not a good fit!

Great advice in this post - thanks.

Jan 30, 2016 12:44 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

I especially need to read this one. Point number two is critical..as are the other two! Thanks!

Feb 24, 2016 06:14 AM
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

There is nothing like a big overall business plan. I'm working on mine steadily, slowly but surely.

Feb 24, 2016 07:34 AM