Agents all over the world who devoted themselves to this process are already there, enjoying passive residual income and the tremendous peace that comes with financial freedom. Now, I deliberately underlined devoted to the process. Most people are very good at initiating and starting something, but a very small group actually follows through.
Now, let's quickly define a team before we move on, shell we?
I often come across this discussion with agents who believe they have a team, but actually they don't. What constitute a team and what is the difference between a Team and a brokerage within a brokerage. When a single agent, working by themselves (without any administrative personal) decides to buy a bunch of buyers leads (from Zillow or a similar source) and then recruit other agents to join their "team" to service these buyers leads, that is not considered a Team by any means (although many "teams" were built that way). Now although the agent might make some money by doing so, it is considered a brokerage within a brokerage and will become a conflict for many broker/owners and especially traditional brokerages. Below I will mention the 8 steps to building a real profitable team and how it's done correctly.
A real team must have at least one full time assistant servicing the team leader (team owner) and allowing the leader agent to delegate activities to the assistant. The assistant's job definition is to clear time for the leader, holding the leader accountable and allow the leader to focus on A activities only (money making activities) Anything else must be completed by the assistant. At a later stage, the leader will hire an additional full time closing coordinator, as well as a marketing director and a customer service personal to completely delegate and remove all the time consuming activities. Now, an agent with this structure can then easily go and hire a few buyers agents to service the buyers leads that are coming in and have a full administrative support for these agents which will then allow these buyers agents to focus on their own money making activities (meeting with buyers, qualifying them, showing properties, negotiating contracts). But if this structure is not in place, and a single agent goes and hires other agents to service buyers leads, what will happen fairly quickly is a total chaos and a load of administrative work which will hold the leader back from approaching freedom. It is a terrible way to build financial freedom.
Let's take a quick look at the 8 Steps to building a profitable, reliable team which can easily deliver real financial freedom to the leader:
Consistently Close 25+ Transactions Annually (as a solo agent)
Hire and Train a Full Time Personal Assistant And Start Delegating All B, C and D activities
Hire and Train a Transaction Coordinator
Build/Buy Systems, Tools & Marketing Automation
Hire & Train Buyers Agents (1 Agent Per 30+ Monthly Buyers Leads)
Hire and Train a Marketing Director and a Customer Service Personal
Hire and Train a Listing Agent
Replace Yourself With A Qualified Manager & Lead The Team Into The Future
Obviously each step above must be made at the right time (I cover this in detail with my one on one coaching clients, click here to book a free coaching call). At each step you will need to delegate certain activities to someone else who can naturally do these activities better than you (after you train them of course).
Now don't panic! each of these steps will be accomplished with money you'll earn from growing your business and managing your funds the right way (leading with revenue). When your business grows, money management becomes a huge factor. (As a matter of fact, many top producers fail at money management and therefore never reach financial freedom, and continue to work 7 days a week (ouch) grinding and working in the business instead of on the business).
If your goal is to own a team, meaning, you OWN IT, meaning IT WORKS FOR YOU, Meaning you don't need to work inside the business and will be able to be completely free, than I suggest you build a team the right way, with a coach who knows how to do this and actually did it. On my coaching site, I am offering real estate agents 3 different coaching systems, one of the 3 is solely focused on helping you build a profitable, self sustained TEAM or Group. In this program I'll guide you step by step, slowly but quickly towards financial freedom. Can you see yourself closing 100+ transactions a year without actually needing to be there? Can you imagine your business is growing, your production is growing, without you? That is what we will focus on, turning you into a business owner!
If you are interested in a FREE coaching/consulting call to discuss this in more details