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Talk with your broker. Think it through. Do you want to be a boss? What can you offer an agent to join you? Will you have listing agents and selling agents? Will you offer administrative support? Do you currrently have an assistant? Do you have a team membr agreement drafted separate from the independent contractor agreement they will sign with the broker? Review your separate agreement with your broker for approval.
Chris Ann Cleland
Ron and Alexandra Seigel
Stevens Point, WI
As a team leader you need to provide leads, marketing, placing ads. The minute agents smell you as team leader can not support them to keep them busy or fed. Adios.
Great question Aaron, perhaps you would benefit from joining a top notch team for a while, learning how it works and what you can offer to your future team.
Stevens Point, WI
Aaron - make sure that you know what you want. Have you clearly spelled out vision and values? Hire people who have shared values and want to succeed. That be prepared to work with them to grow.
You need to really think about this. Can you find other team members with the same values and work ethic as you. Maybe study some successful teams in your area and try to determine why they work out so well.
Aaron Mtuanwi - good idea for sure. There are some great posts from Grant Schneider on team building.
There are many different plans and arrangements. I suggest talking to several team leaders in your area and get ideas. Most are willing to give you tips on what to do and not do.
Make sure you have an appropriate legal agreement in place to handle the relationship. Obtain legal, tax and accounting advice from appropriate professionals in your jurisdiction.
The biggest downfall is having someone not pulling their weight
It's tricky to find the right agents to be part of a team. You need someone competent in the job, but not motivated to generate their own leads.
Read the Millionaire Real Estate Agent and follow the process.
One must have the time for their team members in order to succeed. If your goal is to make each member succeed and prosper, then you are heading in the right direction to be a successful real estate team leader.
Make sure everything is in writing.
You need to understand your value to others
Aaron Mtuanwi - you should start by talking with your managing Broker on the requirements within your brokerage. Then, the logistics of how the team would work within the members. Would all sales be credited to a team leader? How are commissions split? What if a team member doesn't pull his/her weight? And something to think about before you even start - how would you separate if it doesn't work out?
There are a number of business models for teams and there are some good answers below. You might chat with you broker, and perhaps others you know who are team leaders. Hiring the right people is key and I would be very careful to be sure you hire for the job needed (admin, buyer agents, marketing) and not because you like someone. The DISC profile is used by a number of top agents I know when hiring for a team. And give serious consideration to what being a team leader means and if your truly want to be in that role. It's not for everyone.
First thing I would recommend is find out if you like to be part of a real estate team. Are you a good manager or a leader? A successful team needs leadership and vision as set by the leader. Think of it as a basketball team...what makes a great team?
Match your team members with the kinds of leads you will be providing for them as their rainmaker.
Step # 1 - Read the Millionaire Real Estate Agent which is the MODEL for building a productive Team !!!
I think yout questions is not easy to answer unless you define what a team is to you. One size does not fit all.
Will you have extra $ to supplement a dry spell?
Years ago I was starting a business ( not real estate) where I figured I needed a team for, so I hired and trained 4 people. The enrollment for that business was less than what I counted on and I had to let 3 people go.
If I had to do that over, I would hire for the slowest business scenario, and then add people as needed.
"The Millionare Real Estate Agent" gives step by step. Excellent reading whether working for KW or not. Mark
I would refer you to talk to your managing broker for the best plan for your area ...
I think your best guidance will be to place that in the search box and read the many posts that have been written....
Lots of pitfalls when money is involved!