There are many benefits to working as a real estate agent as part of a team, or as a real estate team leader. Combining forces allows everyone to share experience and expertise, join together in marketing efforts, and benefit from being associated with a certain brand or company. Whether an agent is part of a “big name” team (think RE/MAX, Keller Williams, or Century 21), part of a small local real estate team, or somewhere in between, there are obvious benefits for the agents as well as the team leaders.
As a real estate team leader, it is essential to leverage the assets of your team, and be very clear as to how you are going to go about doing so. Here are some tips on how to get the most out of your real estate team:
1. Grow Your Lead Database
Discovering the best way to find leads is a talent that is unique to each person. For some, resources such as Zillow work really well as a way to receive leads. More and more agents are using social media sites such as Facebook to find their leads. Each agent will discover what works best for them, and this should in turn be benefitting you as their team leader. Receiving leads from real estate team leaders is a huge benefit of belonging to a real estate team. But who does that lead belong to after the close of the sale? This is an important question that should be considered and decided upon in the early stages of developing your real estate team. Here’s the gist of it: Any leads that agents receive because of being a part of a team should belong to the team leader after the end of that transaction. The sale belongs to the agent, but the customer belongs to the team leader from that point on. In this way, you are able to quickly grow your lead database.
2. Past Customer = Future Lead – The Real Estate Team Cycle
As your list of past clients grows larger and larger, your potential for repeat business will increase exponentially. Statistically, first time or move-up buyers move every three to seven years. Making sure you are keeping past clients in mind as future customers is a crucial step in leveraging your team. Reaching out to them periodically through drip campaigns will enable you to remain first in their minds when they think of future home buying experiences or referrals to others. Sending them birthday greetings, holiday wishes, or congratulatory emails celebrating anniversaries of purchasing their home is a great way to keep in touch with these leads. Remember, the more personal, the better. Your real estate team should remain first in the minds of each and every client.
3. Setting Expectations
It is important to be clear to your team about who leads belong to at each point in the selling process. Just as you want to establish who is going to be responsible for finding leads for agents, you also want to be clear who is going to hang onto that lead after the close of the sale. It is often more valuable to you to offer a higher percentage on your split as a tradeoff for retaining leads after the sale. That way, each transaction is a win/win for you and your agents. To learn more about how to set clear expectations for your team, check out this post. There should be no surprises to your agents, and everything should be spelled out in writing and reviewed regularly. The most effective real estate teams have systems in place that are able to successfully manage these expectations.