3 Biggest Mistakes When Growing Your Team

Reblogger Praful Thakkar
Real Estate Agent with LAER Realty Partners

I am back to the drawing board now!

Just because I made all these mistakes, perhaps knowingly.

I just assumed it will be taken care of on it's own!

When it did not work, I was sad, scared, angry and....crying!

            

And that's why I love this post from Kelly at BoomTown !

Original content by Steven at BoomTown

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.

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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I diagree about not hiring people like me.  People can be "like" me and think that customer care is the most important thing we do and that relationships are vital to this business and still have different strengths and methods of getting to the same successful end.

Feb 24, 2016 12:32 PM #8
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

great post to reshare - are you hiring now? I got a new admin this fall - and it made all the difference in the world.

Feb 24, 2016 08:55 PM #9
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks all for stopping by and your comments.

Feb 26, 2016 01:53 PM #10
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Building a team is an art for sure - and I am yet to master it....

Feb 26, 2016 01:54 PM #11
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Praful Thakkar
LAER Realty Partners - Andover, MA
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Les & Sarah Oswald really great tips in this post. And with team, you are more likely to be successful.

Feb 26, 2016 01:55 PM #12
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Praful Thakkar
LAER Realty Partners - Andover, MA
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It's been said for the teams - Together Everyone Achieves More.

Feb 26, 2016 01:55 PM #13
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Praful Thakkar
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David Gibson CNE, ALHS 719-304-4684 ~ Colorado Springs Relocation - yes, team dynamics are different compared to working solo.

Feb 26, 2016 01:56 PM #14
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Praful Thakkar
LAER Realty Partners - Andover, MA
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And the members of teams should be expert in different area - to make it successful.

Feb 26, 2016 01:56 PM #15
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Praful Thakkar
LAER Realty Partners - Andover, MA
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Rob Thomas - yep, my experience is the same (so far, not so successful at team).

Feb 26, 2016 01:57 PM #16
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Praful Thakkar
LAER Realty Partners - Andover, MA
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And learning from experience does help - so next time, I'll be lot more careful.

Feb 26, 2016 01:57 PM #17
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Praful Thakkar
LAER Realty Partners - Andover, MA
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Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC - yes, great post for many of us who want to build the team.

Feb 26, 2016 01:58 PM #18
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Praful Thakkar
LAER Realty Partners - Andover, MA
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Hella M. Rothwell, Broker/Realtor® I made the same mistake - hiring people like me! Or expected them to work like me!

Feb 26, 2016 01:58 PM #19
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

In fact, we should hire people who will help us take care of things that we can't do it effctively and efficiently.

Feb 26, 2016 01:59 PM #20
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Praful Thakkar
LAER Realty Partners - Andover, MA
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William Feela working solo must be challenging - and that's why you work so hard.

Feb 26, 2016 01:59 PM #21
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Beth Atalay indpendent contractor is way to go for sure. Assign them what is perhaps low $/hr tasks.

Feb 26, 2016 02:00 PM #22
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Praful Thakkar
LAER Realty Partners - Andover, MA
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Tammy Lankford - this is about the skills, expertise perhaps.

If everyone is a good showing agent or buyers agent, where will listings come from? Someone needs to be strong at transaction coordination, too.

The idea of this post is to have a 'balanced' team - and hire people who are good at different skills. People can still be 'like' you.

Just my two cents.

Feb 26, 2016 02:02 PM #23
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

There are some systems that help us identify our strengths and based on our strengths, what role can be played in the team.

Feb 26, 2016 02:03 PM #24
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Praful Thakkar
LAER Realty Partners - Andover, MA
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Lise Howe not there, yet. However, my first hire should be this year - and perhaps a team, with couple of showing agents.

Feb 26, 2016 02:04 PM #25
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks all for stopping by and your comments.

Really appreciate it.

Feb 26, 2016 02:04 PM #26
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Praful Thakkar - when I hired my admin this time, my coach said the right hire might not be someone I "like" - along the idea that you hire someone who has the strengths you don't - that a good admin is someone who is attentive to detail etc - not much I - a lot of C and some S - I got lucky with my hire - she is great and amazing at what she does and I like her too - I caution you to grow steadily though rather than in a big burst so that you can internalize the changes as you go

Feb 26, 2016 08:05 PM #27
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