How to be an effective leader
By Monica Neubauer
A well-run team of the right size can be an awesome way to do real estate. If you are establishing a team or are already a team leader, there are a few things to keep in mind.
Team size, configuration and roles
If a team is too big, the client can get lost in the shuffle. Every team must make sure that the client is having an experience that is continuous and hassle-free. Effective teams come in many types and sizes. Small, two-person teams can be made up of a parent-child duo, or an agent with a full- or part-time assistant. A large team might have a rainmaker, a listing specialist, two buyer’s agents and two administrators—such as a transaction coordinator and a marketing specialist. On large teams, each person’s role should be well-defined. For instance, the rainmaker turns over a new client to an agent and transaction coordinator so the customer experience is seamless, while the marketing specialist conducts marketing and listings for the team.
Compensation
It is very important that team members understand how they will be compensated and how they benefit from the work of other members of the team. Agents who see the commission divided among team members have to feel that they are getting value for that payout. They might be receiving mentoring from the team leader, be given the lead for a deal or get administrative support. Clarity on this point creates an atmosphere of gratitude and cooperation, and frees people up to do what they are good at.
Leadership
Being a real estate team leader is like being a classic small-business owner. Early on, draft a business plan to articulate team goals. Some people plan well using good business-growing skills, while others stumble into the leadership role because they have more business than they can handle. Without adequate planning, however, things can fall apart quickly; roles can become vague and, worse, the split becomes unclear. Take time to plan, set a clear vision for your business and put the right people in place.
Mentorship
If you are considering becoming a team leader, think about how you will fulfill the role of mentor to new agents. Every new agent needs an education in how to sell real estate and build their own business; that can be accomplished through association training, a brokerage that provides classes or through a team. Team leaders who have newer agents should recognize this educational responsibility because it affects the leader’s success. The team leader needs to make clear what will be provided for the agent, what will be expected of them and what their cost-benefit will be. Brand-new agents might not know the questions to ask on these points.
Longevity
Teams that are well-established can benefit from periodic check-ins as well. Does your team need a tech refresh? Encourage all members to share new apps or gadgets. And setting annual goals for individuals and the team gives everyone something to work toward—especially if the end-of-year acknowledgment is something that team members would really enjoy.
