This week, our guest at the Agent First Summit was Andrew Franklin, leader of one of the largest real estate teams in Houston!
Our Agent First Summits happen every Tuesday morning! It’s a perk for all our real estate team members and any of their guests who want to join us. To get an invitation, RSVP here: Save Your Seat!
In this session, Andrew shares with us how he has built and maintained his mega team that sells 1800 homes yearly.
How to Start Building Your Real Estate Team
First things first, you need to identify what team members you need as part of your team. Here is the easiest way to identify those individuals.
Begin by tracking your day in 15-minute increments for a week or two. Determine what tasks you do each day and calculate how much you could pay someone per hour to do the same tasks for you. If you could hire someone for an hourly wage lower than the hourly wage you’re worth, you should do so and save yourself some time for more important tasks.
Hiring an admin person is probably the first thing you should do. Your hourly worth is usually more than any admin tasks. Next, hire a showing assistant to help you show homes. Both of these hires will free up a lot of time for you to focus on the more lucrative aspects of your business.
Keep in mind, even as you’re hiring team members to help you, that it’s essential to maintain strong relationships with your clients. Offer them as many resources as possible and talk to them whenever you can.
If you want to hand them off to a showing agent, make sure they’re aware beforehand that you work in that team model so that they don’t feel disconnected. At the end of the day, they called you and expected to work with you. You do not want to put out the vibe that you’re pawning them off on someone else.
How to Integrate Your Real Estate Team
How you integrate your team will look different, depending on where you’re starting from. There are a variety of ways you can integrate your team to make it run more efficiently.
For example, Andrew’s team works with multiple Inside Sales Agents (ISAs). His team purchases internet leads each month and uses ISAs to maintain contact.
Even though you want your business to be your own, you should absolutely take from the winning tactics of other successful businesses. Seek out businesses who are doing things well and find out what they’re doing right so that you can start the same practices.
If you want to integrate ISAs and develop a richer online lead presence, you can do so. Just make sure to get training from a coach and/or another real estate team so that you can implement their best practices.
But even as you’re looking to expand into higher-level online lead generation, don’t downplay the importance of relationships. 90% of Andrew’s business comes from builder referrals and past client referrals. Relationships are still essential to the real estate business.
As you’re meeting new clients, make them aware immediately of the value that your specific team has to offer. If part of your value comes from having a big team, make sure you mention that in your initial calls and show them how that team business will help them complete their transaction.
You always want to build a strong value proposition, especially as a team leader, to ensure that clients know what they’re signing up for and understand how it can benefit them in their search for a new home.
How to Find Builder Referrals
If you’re in an area where a lot of building is going on, you can create a builder referral relationship. However, you must begin by building value that you can give to builders so they’ll be ready to refer you at the right time.
For example, you can offer to sell buyers’ homes at a discount or for free in return for being placed on the new home contract. Andrew’s team will sell a home in exchange for helping buyers purchase newly built homes without taking anything from the buyer/seller. Then, if the home doesn’t sell, you can buy it at a certain value. Essentially, it’s a buyout program.
Using this method, you’ll create a lot of value for builders, given that you are assuring the home buyers of the new builds that they will be able to buy the new build on time and avoid any delays. You’ll likely get a ton of business from buyers coming in from looking at new builds and seeking your help to get into these homes.
How to Effectively Run a Team
As a real estate agent, you have a lot on your plate. As you start earning more year by year, add admin and other staff to your team so that you can build a more profitable business without running yourself into the ground.
Don’t be afraid to try new things and offer a lot of value. By giving value and maintaining strong relationships, your business will only continue to grow. Go out and develop a strong team and deep referral relationships to see your real estate business expand!
Want to be the first to know about upcoming Agent First Summits so you can participate with us in real-time and interact with our experts directly? Save your seat now!