Building a Real Estate Team

As we move into 2009, it is clear that the market is what it is. Realtors can no longer look for 'the bottom' or a change in circumstances. The only option to stay in business as a Realtor and thrive is to increase production, both in listing inventory and with more buyer prospects. How do you make this happen, without sacrificing the quality of service you are providing?

Answer: Build a Real Estate Team. A Team can be as few people as two Realtors and an assistant, or as large as a Broker with multiple agents and an assistant team. In order for a team to be successful and not crumble, a clear plan and guidelines need to be laid out before formation.

Here are our recommendations based on the teams we have helped organize:

• Create contracts for each prospective team member. Even if they are your friend or long-time co-worker, it has to be treated just like the sale of a home: Everything in writing. Start date, end date, exit strategies and clauses, commission splits, non-compete clauses, and early exit penalties. If you are going to invest the time, money and effort into creating a marketing plan to bring more leads to the team, the first few months will be very hard work, with more money going out than coming in.
• Develop systems and strategies for attracting new leads, documenting existing lead progress, and tracking results. You can't survive in this environment without knowing your numbers. Don't have a clue on starting this? No problem, there are numerous companies who know how to get this part off the ground for you.
• Outline your budget. How much do you have to spend on marketing tools? How much do you need to make in the first 6 months to get your return back, and profit? How much do you have to pay someone to put your plans into action?
• Choose which tasks will be delegated. The easiest way to do this is to draw a triangle on two sheets of paper (make it as big as the paper will allow). One triangle is for Listings, and the other is for Buyer Sales. Put your name, job title, and duties at the top. List only tasks that actually get you paid: Sign up new listings, get buyers into escrow, manage inspection issues, help with pre-closing events. In the next section, list the activities that get you to the stage above. Repeat until all the stages of getting a seller to list or a buyer to buy are on the triangle. Take a highlighter and highlight your strengths - the things you do well, things you enjoy doing, and things that you are able to get done without feeling overwhelmed or stressed. Non-highlighted things need to be delegated, either to an in-0ffice assistant, a virtual assistant, your other agents, and distributed according to budget.

Creating a Real Estate team enables you to earn money in two ways: Directly from your sales, and earning a referral fee or split from those agent(s) who work for you. If you are not ready to bring on another Realtor, and prefer to remain solo, an assistant will be necessary to handle the mounting tasks as your business increases. Here is a link to a fabulous article about the tasks an assistant can do for you: Real Estate Assistant

In conclusion, don't feel the need to take on the expense of a coach at this time. The knowledge you need is available online, and most Real Estate Virtual Assistants have experience helping Realtors get organized, outline goals, and executing those goals to see an increase in their business.

At A Virtual Genie, we never charge coaching fees. Realtors who hire us to lighten their load will always have access to our experience and opinion. If we have reservations about the methods you are using to increase your business, we will let you know. Not only do we help you create the plan of action, we are the watchdog of your marketing/assistant dollar. If we see a cheaper way for you to do things, we will be the first to speak up!

To learn more about gaining help from a Real Estate Virtual Assistant to take your business to the next level without burning out, visit our web site at www.AVirtualGenie.com