Building a Salable Team & Ramping Up a New Brokerage Out-of-State w/Wes Madden
Everyone’s heard of the concept of creating salable brokerages, but what about salable teams? How can we cultivate leaders that are capable of guiding the team to success even if we aren’t there? How do we keep talent turnover low? In this episode, Wes Madden shares how he built a salable team and what he learned throughout the process.
Be somebody that makes people feel like somebody. -Wes Madden
Takeaways + Tactics
Focusing on our team’s growth is a way for us to build towards stepping out of production. Our job is not personal development, but the team’s development.
If we want to sell our business, we need to determine our profitability. The first step is to make a formal evaluation. This can shed some light on who’s making the most profit in the company.
Our companies shouldn’t be built only on people. We also need systems and a database to keep everything together even if some of the key agents decide to leave.
In the beginning of the episode, we talked about stepping out of production, creating a team that can be sold, and knowing your profit margin.
We also covered:
How to make agents feel like they’re part of the company, not just working for the company
What the most important assets of a business are
It’s not just brokerages that can be sold— teams can be too, if they have systems, a database, and loyal agents. We start building a salable team when we make our agents feel like they work for themselves and for their growth, rather than the company’s growth. When we find people who share our vision, it’s our job to share our knowledge and develop leaders instead of fearing that they might leave after we coach them. As long as we build a pleasant work environment and give people enough financial incentive, our rockstar agents will stay with us.