Dynamics of a Successful Real Estate Team

What makes a high performing real estate team different than a traditional real estate team? You know, I've been at this real estate game since 2007, right before the Great Recession, served 4,000 families. Over the last 13 years or so, I've been coaching agents to transform their businesses into, you know, leveraged and profitable business entities. So I've seen a lot over the years and there's a big difference between the, the right way to run a real estate team and a sort of a loose collection of people. No standards, no structure, no profit, no freedom. And so in today's video, I want to dive deeper into just a few basic elements of a high performing real estate team and what separates it in terms of profit margin, sustainability and the ability to give you as the owner, freedom. And what makes that different than the way traditional real estate teams run today? Stick around to the end of this video. I want to show you how to get access to a report I put together 16 pages on the six stages of business growth. The mindset, the tools, the systems, what you'll make, the hours you work at every stage of that business growth journey. And if you like these videos, make sure you give me the thumbs up and subscribe to the channel and also turn notifications on and leave comments so we can go back and forth and challenge each other on this crazy journey of business. You know, when I think of the journey from agent to owner, that's my obsession in real estate B school. It's this concept of more money, more freedom and more impact, you know, One of our members started with us in 2014 and I remember it vividly. The first intensive workshop. These are our two day events, member only events that we host twice a year. The first one that this individual attended, his name is Dave, Dave Friedman. His takeaway from the event was hire a buyer's agent. So the year before I met Dave, he did 35 transactions. He wanted to do something bigger than just hustling and grinding out transactions on his own. The year we met, he did about 60 transactions. He was working 70 to 80 hours a week. There had to be a better way. There had to be an approach where he could sell a ton of homes, make the kind of money that he wanted, have the freedom that he wanted and the impact in his family. He was struggling to show up as the husband that he wanted to with his wife Haley. And Fast forward, just four or five years later, he more than 10x his real estate business. He easily more than 10xed his income. And he went from taking no weeks of Vacation to doing an average in the last four or five years of 12 to 15 weeks of vacation. He just celebrated 30 days in the Galapagos island, two weeks with his wife, Hailey, and two weeks fishing with his buddies. And so when you look at where you are right now in your journey, your ability to have the money, to have the freedom to have the impact comes down to setting your business up the right way. So there are three things that Dave did at a high level and he did really well that I want to go through that will help you set your business up the right way. Number one is this mindset that your business has to be designed in a way that it runs without you. That's really tough to consider if you're a solo agent right now. You want to build a business and you're like, how could I possibly be a real estate agent and not do anything in my business? It's the mindset of a McDonald's franchise, right? The owner of a McDonald's franchise doesn't show up every day, right? So it's this franchise prototype. If you've ever read the book E Myth, thinking about your business as if you were to replicate it 10,000 times. And so you couldn't do 10,000 buyer consultations at a time. You couldn't do 10,000 listing consultations. You couldn't generate leads manually. Right? You'd have to set up systems in your business. So that was, number one, it's this mindset of business ownership. Number two is tracking in your business, and this is the tough one for most real estate agents, it's this concept of becoming the CFO of your business. A good CFO generates financial information that leaders can make decisions on. So if you're not generating any financial information right now, and you're not tracking any leading indicators or any lagging indicators, or you don't know if your marketing is performing or it's not performing, you're probably not showing up as the CFO in your business. And so you have to employ some sort of tracking tool. At real estate B school, we have a custom tracking tool for marketing, ROI for agent, you know, activity tracking, everything you could track in your business. Scorecards by department, team, and overall business scorecards, all the leading indicators, all the lagging indicators by day, by week, by month. And it's all set up for us. And we use those tools to be able to become the CFO in our business. If you're at the point in your journey where you don't have that in your business, you need to consider Can I ever be a business owner if I'm not running the business by the numbers? So that's number two, number three. And probably the most important thing that Dave did to scale from grinding it sort of miserable working 80 hours a week, real estate agent to business owner that has freedom, he was able to not recreate the wheel. So when Dave joined real estate B school he had a part time assistant. He was hustling, he was selling and he basically gave access to like the tools and systems in real estate B school and told his administrative assistant at the time says you go install all these things, I'm going to go keep knocking deals over. So he was going out and killing the deals, bringing home the commission checks and this administrative assistant was installing the systems around marketing, around sales, around operations, around recruiting and tracking and planning. We have four key drivers in real estate B school that allow our members to be able to look at their business objectively and decide where they need to install another system. So there's a track, convert, deliver and scale. The those four drivers each have three accelerators. That's for another training. And all that is to say is that the systems don't need to be recreated. So align yourself with somebody that has the systems pre built so that you can simply install them in your business. And so this journey from agent to owner, right, it's a different mentality than just going out and selling homes. If you're at the point where you have mastered selling homes and you're doing that at a high level, you have some assistance maybe or you're struggling to hire next administrator or what that looks like or the mindset of this shift from agent to owner. Grab our free report. It's called the Real Estate Business Growth Navigator. It's going to take you through each of the six stages from a mindset perspective. The questions you need to be asking yourself as you scale the tools and systems you'll employ, the hours you're probably going to work, the money you're going to make and what your team structure looks like so you don't have to suffer the same sort of unknowns that I suffered. Our members are going through these six stages and they have the roadmap laid out for them. So grab a copy of that, it's at realestatebusinessgrowth.com that's realestatebusinessgrowth.com or click on the link below and if you like this video give me the thumbs up and also subscribe to the channel and make sure you turn notifications on and also make sure you leave comments so we can go back and forth and challenge each other on the content we'll see in the next video.