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You’ve worked hard to master the business and you finally have a model that scales. Now it’s time to plug in amazing people and take over the world. So how do you create a culture of success that attracts and retains those people without training your future competition or turning over agents every 60 days? That’s the issue we tackle in our latest edition of the Elite Real Estate Systems Hangout.
1. Better recruiting and interview systems will help keep the wrong agents out - raising your production levels and lowering your attrition rates 2. Invest in simple, practical culture-building activities that bond your team together both as a group and as sub-groups like top producers 3. Allow top producers to build teams-within-teams so they have a path toward exiting production and growing into a CEO role within your organization
Resources & Links:
Expansion- Learn how you can partner with Elite Real Estate Systems - build your career, start your own satellite team and remove yourself from actively working with clients - 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 Jeff uses and recommends to help build your real estate team.
Give them the ability to one day become YOU. If you don’t give them that ability, they’ll one day leave to be you. -Jeff Cohn
We started by going over analytics from 2015, including call-to-contact and appointment-to-sale ratios, which are very interesting, and Jeff explains how they use those numbers to help agents set their own goals above the team minimum.
Then we go into the reasons some teams, even top producing teams, deal with attrition, in contrast to our flagship team, which loses only low performing agents who aren’t hitting the team minimums. Jeff explains that he wants to help his agents live well-rounded lives, it will help them become a better agent, they’ll be happier and want to stay with the organization much longer.
Jeff then shares some of the practical ways they develop a positive, goal-oriented culture on our flagship team, such as book clubs, accountability meetings, vision boards, special lunches for top producing agents, and more.
Next, we dig into the recruiting process and Jeff explains how 90% of the decision to hire someone is based on how they respond to the systematic interview process, which involves attending multiple team meetings and a 3-deep reference review, versus hiring people off their resume and good vibes. The interview process itself helps reveal if the recruit can handle being accountable and show up on time, which is half the battle in real estate.
Lastly we deal with some of the advanced strategies for retaining your best agents, such as providing the freedom to build teams within your organization, so every agent has the ability to become their own team CEO without leaving your team. We also cover unique admin roles and support you can provide your best agents so they come to depend on, and value, that support so much that it’s easier and more profitable to stay on your team than leave for better commission splits.
So if you’re building a team and recruiting agents, everything that happens to you, everything about your team culture, comes back to you as the leader. You can create a culture where every agent has the ability to become their own team CEO, a culture that values performance, learning and growth in all areas of life and makes it more profitable for agents to stay than leave. That will enable you to more securely exit your business knowing that you have firm foundation of people, systems and controls in place.
0:55 2015 analytics for 95,000 calls, 520 deals and over $100 million in volume 3:33 How to set minimum standards for your agents and encourage them to set their own stretch goals from there 4:58 Progress of the first 4 expansion markets- Salt Lake City, San Diego, Boston, Lincoln, NE 7:44 What sets Omaha’s Elite apart when it comes to retaining the best agents and team members, and why only 1 of the first 10 buyers agents are still on the team 10:19 Book clubs, accountability meetings, training, incentives and why every disfunction of a team comes back to you as the leader 13:20 How to handle it when one of your agents don’t make their weekly call numbers 15:16 The difference between happiness and fulfillment, and why fulfillment often comes from the hard things in life 18:45 The recruiting process and the value of showing up - Three deep reference check process and why hire based on patterns of past performance 22:50 Team and individual incentives, and how to get your top agents to help motivate and pull other agents up with them 24:00 Teams within teams - why give your best agents the ability to eventually be a team CEO under your umbrella - why provide a high level of admin support and extra benefits to all your agents 27:30 Why recruit agents who have sold between 10-20 homes rather than brand new agents 29:00 Exit interviews and why agents who leave are never allowed to come back
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Join us on the next Elite Real Estate Systems Hangout where we'll share more unconventional systems and strategies for expanding your real estate team.