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Building a Real Estate Team

The decision of when to start building a real estate team can be challenging. Many agents wait too long and spend the majority of their career working tirelessly with little or no significant growth in their business. Others move too quickly, only to find that they don’t have enough business to support the team, or worse, they hire the wrong people or hire people for the wrong roles.

Generally speaking, a good benchmark for when you need to hire an assistant is when you are doing 40 transactions per year, and in some cases 50-60 with the right systems and tools. So, if you’re averaging one closed sale per week, you are likely going to need help to handle additional leads. Your first step to building a team is to set your revenue goal and work backwards to determine how many sales you need to achieve it.

Team members can be hired for various roles. Hire a buyer's agent who can handle 3-4 transactions per month. When it looks like you might exceed that number, it may be time to add a second agent. Teams who carry a large listing count will often have a dedicated Listing Coordinator.

Finally, hire people who exhibit a strong work ethic and understand the power of TEAM: Together Everyone Achieves More. The workplace is getting more competitive; therefore it is critical to foster a collaborative environment where everyone know their role and performs it well.

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