Not all agents want to be independent contractors and would rather have the stability and support that comes with being employed, and this might require structuring a team in a non-standard way. How should we structure this type of team? How can we make sure our employees are producing enough return? How can we motivate our employees to stay when they become top producers? In this episode, Kay Houghton discusses how we can manage and retain a successful team of employed agents by offering security, training and incentives, and shares what she did to get to $70 million in just three years.
Takeaways + Tactics
When we give people job security and the incentive to earn bonuses when they produce more, they’re happier at work, our retention rates are higher and people work harder to earn those bonuses.
When we run our company like an actual business with employees, we need to make sure that our people are producing otherwise we’re losing money. By giving our employees the training and support they need to generate profit, we can determine who to retain and who to let go of based on the return they’re making.
By hiring a strong administrative team before taking on any agents, we make sure that we have the right foundation to bring agents onto our team. This also allows us to scale our business more effectively as agents have access to the support staff and resources they need to produce.
On this episode we discussed how Kay Houghton structured her team of agents as full-time employees, and how she manages to create an environment of support and incentives so that they are happy and generating profit. Kay also shares her top strategies for farm real estate.
We also discussed:
How to give agents job satisfaction
How to ensure we have a high-producing team
Why we need an administrative team first
Being an agent can be an inconsistent and unstable job when we work mainly as independent contractors dependent on commissions and the state of the market. However, the traditional team structure is proving to be less and less effective because the mindset is now centered around running a business. This means that team leaders need to make sure that agents are generating profit, otherwise they’re losing money. By setting up our teams as employees and offering stability, support and benefits as well as incentivized bonuses, we can make sure that we have a happy and high-producing team.
Kay Houghton, Owner and Realtor of Kay Houghton & Associates, is set to close almost $70 million with a team of seven people after being in the industry for only three-and-a-half years. Kay worked as a National Sales Director for ten years and then left her job in 2015 to become a residential real estate agent with Keller Williams Realty. After just three years, she became a top-producing agent, closing transactions throughout Virginia, DC, and Maryland. Kay believes that knowledge is power and she works to give her clients the information necessary to make the best decisions throughout the buying process. In 2016, Kay Houghton & Associates was launched to meet the needs of Kay’s expanding client base. Her company is centered around one guiding principle: It’s all about you. Your needs. Your dreams. Your concerns. Your questions. Your finances. Your time. Your life. Their focus is on complete client satisfaction.
In this episode, Kay Houghton explains how we can manage and retain a successful team of employed agents by offering security, training and incentives, and shares what she did to get to $70 million in just three years.