The Roadmap - How to Build a Dominant Real Estate Team WITHOUT Rainmaker Agents
In this special live Google Hangout, we go deep into team building, new real estate agent training, accountability and systems that allow you to build a dominant team without recruiting or relying on rainmaker agents.
Click to Play the Audio version, or click the download icon to listen later:
Resources & Links:
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 Jeff uses and recommends to help build your real estate team.
Here's what we covered with timestamps so you can jump to the section that most interests you:
[1:20] Master being a solo agent first - Learn every aspect of the business
[2:05] Hire a Transaction Coordinator- We recommend putting all your non-income generating activities onto that person
[2:53] When you can start cherry-picking clients, add buyer agents - Continue to add one Buyer Agent for every 30 leads you're generating
[5:20] Master lead generation and get your marketing service agreements in place (MSA's)
[8:45] Hire Listing Coordinator and/or Buyer Coordinator and specialize the admin staff roles
[9:45] Use broker fees/broker commissions to pay 100% of your support staff cost - Why you should NOT take any of the broker fees as profit
[12:06] How to prevent one of the biggest real estate team failures - lack of infrastructure
[13:37] Once scalable systems are in place, how big do you get?
[14:36] Why it's more profitable to run a team than a brokerage, and why teams choose to spend 5-10% on marketing even after MSA's
[17:40] The support systems that allow newer agents to sell homes without opening doors, putting out signs or installing lockboxes
[23:00] How to pull yourself out of the listing side by training a team of agents to replace you, even at a lower conversion rate, rather than trying to replace yourself with a listing specialist
[27:38] How to get though the DIP in income when you transition from rainmaker to team leader
[32:30] The two direct reports - Success Mgr and Operations Mgr - who oversee the daily operations of the team, and the meeting schedule with those direct reports
[35:30] The role of calling assistants in lead generation
[42:45] Onboarding is forever - Continuous training systems for team agents including Friday team trainings, Wednesday dialogue trainings, Book Club and call blitzes
[45:48] Agent Accountability Matrix - the metrics agents are held accountable to hit and how low performance is handled
[49:51] One-on-one agent meetings with Success Mgr and what's covered
[58:30] How top producing agents can build their own team within the overall team structure by adding assistants or buyer agents