Is Building a Real Estate Team the Right Thing for Me?

Having coached real estate agents at all levels since 2010, I am often asked the question: Is building a real estate team the right thing for me? The answer given is: It depends. What most real estate agents see is the amount of money flowing through the mega teams not realizing the costs both personal and business that may exist behind the curtains. In face, in my career, I've seen Mega Teams actually be Mega Broke, yet the vibe they would give off at events, most would never know. I've been in the position over the years to get a peek behind the curtains, and while some teams do operate at a very high level, most don't. 

My Advice as a Real Estate Coach

What is my advice that I give out to real estate agents that have an interest in building a team? My suggestion is to talk to others that have done it. Ask the Team Lead great questions. Ask yourself what is truth, and ask yourself what is the smoke. Take all the information in, and make a decision that is best for you. Trust your gut! 

Here are some sample questions to ask. Don't limit yourself to these questions, and maybe you will find that brainstorming the sample questions will give you other great things to ask.

Sample Questions to Ask Team Leads

1. At what point in your production did you make a decision to pursue building a team?
2. What caused you to make that decision?
3. Understanding what it has taken to get to where you are now, is building a team what you thought it would be?
4. Is there anything different you would have done along the journey of building your team?
5. Is there anything you regret about building a team?
6. While building your team obviously increased revenue, did you find your expenses chased your income?
7. What do you find as your biggest financial cost being a team lead?
8. What do you find as the biggest personal cost being a team lead?
9. If you go back to the day you launched your team, knowing what you know today, would you’ve structured the team differently? Would you have built a team?
10. What is your cost per agent?
11. Do you supply leads? What is your split with your team members on those leads? What is the conversion rate? How much of your budget is dedicated to online lead generation?
12. If you were advising me on the first hire to build a successful team, who would I hire first?
13. What is your exit strategy for your team?
14. What is the goal for your profit margin as a team lead? Are you tracking that goal?
15. Has the current market impacted anything in regards to size of team, production, or team turnover?

While there are many great things that happen when you build a team, make sure it is truly what you want to do. Seek out the information. Ask great questions of team leaders that are actually doing it. You will find yourself better equipped to make great decisions in your real estate business.

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Author: Jeremy Williams is the Owner/CEO of Red Hawk Coaching, and #1 Amazon Best-Selling Author.  For more information about coaching opportunities with Red Hawk Coaching, visit www.RedHawkCoaching.com.