RISMedia's Real Estate Magazine

OCT 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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RISMedia's REAL ESTATE October 2018 59 1 Don't start a team without a plan. It'll end up costing you time and money if you start a team without knowing what you want to accom- plish, where you want to go and how you plan to get there. Weigh the pros and cons, and know your motivation before you announce that you're a team or that you're in partnership with someone. 2 Don't just hire the first people who want to join your team. It's easy to start hiring people in your office or company because they're around and they're either not producing like they'd like to be, or they see your opportunity as a way to leverage themselves. Don't choose people who you will mold to fit the role, but rather, hire the right people who can do the job. Adding people must make sense and be intentional. And, remember, there are benefits to recruiting and hiring new agents and teaching them your methods from the beginning. 3 Don't add people too soon. Adding people too soon can be a huge mistake and cost you time away from your business and become a huge distraction. Instead, make sure you have a number of consistent listings and/or leads coming in that you can hand off to team members. Hiring too fast can end up making team members frustrated when their ex - pectations aren't met. This can be draining on you as the team leader, and damaging on the relationship with your team member. 4 Don't spend without ROI. Team leaders have a tendency to spend a lot of money and not look at the return on investment, but it's critical that you're able to pay your - self first and be the most profitable. You want to know whether you made money on any given expenditure, or if you ran an ad or paid for something based on fear. Knowing the exact ROI on your spending will make you smarter, and make you more money. In fact, if it's not going to make you three times the spend, you shouldn't do it. 5 Don't assume people know what to do. You're now the sales manag- er and leader of your team, and your team members need direction, train- ing, guidance and coaching. You're now responsible for their success, and they need to know what to do, what to say and when to act. You need to have weekly training ses- sions and sales meetings, as well as communicate to team members daily, to ensure they're actively work- ing their pipelines and converting the leads you give them, in addition to generating business on their own. 6 Don't expect results without setting expectations. Not having an orga- nized plan and strategy when start- ing a team or adding people to your existing team can lead to people not knowing what they should be doing. Creating a successful environment for your teammates means com- municating expectations daily and weekly so that they know what they need to be doing in order to achieve their own goals and meet or exceed the team's goals. RE Sherri Johnson is CEO and founder of Sherri Johnson Coaching & Consulting. With 20 years of experience in real estate, Johnson offers coaching, consulting and keynotes, and is a national speaker for the Homes.com Secrets of Top Selling Agents tour. For more information, please contact coaching@sherrijohnson.com or 844-989-2600 (toll free) or visit www.sherrijohnson.com. 6 Pitfalls to Avoid When Setting Up Your Team by Sherri Johnson S etting up your team is a huge undertaking that requires a well thought-out plan and roadmap for short- and long- term success. Knowing exactly why you're starting a team partnership, or a team where you're the leader and have agents working under your umbrella, is the key to success, as it will drive every action you take. Avoid the following pitfalls so that you hire the right people and grow at the right pace, all while remaining productive and profitable.

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