Most people don’t get into real estate saying they want to be a team leader. What are the hurdles and mistakes you go through when you start growing faster than anticipated? What can happen when you pay too much attention to culture and the brand? What are the biggest pain points teams experience as they step into another level? On this episode, we are joined by Mary Maloney who shares these and other insights on growing a team.
A lot of people see opportunity as risk, and we all have a different threshold for that. -Mary Maloney
Takeaways + Tactics
Never neglect your bench. Don't assume that people will always stay with you, no matter how great your culture is.
As you grow bigger, it's OK to make less as a percentage.
Don't go independent just because of the “sexiness” of running your own brand. Unless you're prepared to take on the liability and admin work of a brokerage, you're better off staying under a brokerage.
At the start of the show, we talked about Mary’s team breakdown, and how you fail forward and learn when you run a business. We also discussed: why it’s important to focus on more than your team culture, why people leaving will always be part of the equation, and how client servicing activities can keep you from your full potential.
We also talked about:
The challenges you may face in a partnership
Why the bench is the biggest struggle team leaders face
Going Indie vs. being under the umbrella of a franchise
Nothing prepares you to run a business like running a business, and you will experience a lot of pain points that are a side effect of the growth. It’s important to put recruitment, retention and training at the center of your business. Company culture matters but it isn’t everything. Don’t lose sight of continuing to change your model and change with agents as they continue to grow their own businesses. Retain talent by continuously offering more and more value, and helping others level up.
Mary is the founder and owner of Hometown Realty. Go to hometownnorthcounty.com for more info or find Mary on Facebook and Instagram.