Real estate agents need babysitting. How do you provide the culture and environment that makes them want to work and stay with you over the long run? What are the pros and cons of opening your own brokerage? On this episode, Kyle Whissel, founder of the #1 real estate team in San Diego County, talks about running an independent brokerage and restructuring his business.
Agents can only take on so many leads before they go overboard, 30 leads per month is the ideal number for an agent to get and still value. -Kyle Whissel
Takeaways + Tactics
Run 'Brainstorm Sessions" with your team to generate ideas and share what's working across your team.
Agents need babysitting. The sooner you accept that, the more successful you'll be.
Look at your ISA dept as your 'loss-prevention" dept to protect your inventory of leads.
Resources & Links:
Expansion– Learn how you can partner with Elite Real Estate Systems – get lead generation, coaching, support, training and access to a culture of success - all without leaving your current broker.
Team Building Workshop – Spend the day observing these systems in person, including board meetings, Monday Team Meeting, agent one-on-one meetings. Also includes hours of private consulting to create your own custom roadmap to build and exit your real estate team.
Tools & Services – See all the tools, professional services and companies we use and recommends to help build your real estate team.
At the start of the show, Kyle shared his background and his team’s numbers for the year. With 20 agents doing 20 deals per year, the team is primed to do 500 transactions. He also shared insights on the differences between brokerages and teams, as well as how he deals with the culture shift and sustaining team culture. He also broke down his team brainstorming sessions, how to protect yourself from liability as a brokerage, and how to make agents and ISAs work together.
Kyle also shared insights on:
Pros and cons of owning your own brokerage
Dealing with team agents vs "indie" agents
Why he has a Chief Babysitting Officer
The commission splits in his company
The biggest mistakes companies make with commission splits
When agents outgrow the team, you have two options. You can either cut the cord and send them out, or you can provide a growth plan for them. What holds people back from running brokerages is the fear of the money required and the liability. If you get over those 2 fears, you can be very profitable. The beauty of being independent is you are the culture, and if you’re already a team paying for office space and admin, it’s not that big of a transition.
Kyle is the founder of Whissel Realty, an indie brokerage. Kyle's team was ranked by the Wall Street Journal as the #1 real estate team in all of San Diego County, and they are on track to do 500 transactions totaling over $250 million in 2017. Learn more at WhisselRealty.com or connect with Kyle on LinkedIn.