Radius’ Jamie Crain writes that if you want to seize leadership opportunities and advance to higher levels professionally, there are necessary changes in the way you think and practice.
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Over the weekend, I was talking to one of my friends who is a top producer. She has a small but strong team that she has been running for several years. I was one of her first salespeople when she entered the real estate industry and has helped me buy and sell multiple homes over the years.
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She’s trying to find ways to get out of the weeds of every deal and give her team more responsibility. There is no handbook for such business transformation.
It was a really fun conversation and one of the reasons I love helping top agents with these types of changes. So I wanted to write down a summary of our conversation and share the insights we gained together.
How do you go from being a top producer to being in a CEO/team leader state of mind? These are two completely different thought processes and strategies, and anyone who wants to start a team or start a brokerage should know that. Not that I know how to make it happen.
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Create a value proposition
If you’re starting to hire an agent for your team, the first thing you need to ask yourself is, “What can I bring to the table that will make the agent want to pass some of their commission on to me?” ” That means. If you can’t answer this question, it will be nearly impossible to attract agents to your business.
There are three things agents look for in their team and brokerage. It’s the opportunity, the ability to turn opportunity into cash, and the efficiency of the process.
Action item: Reevaluate your business. Why should I add an agent? What do you wish you had when you started or were growing? Create a document and write it down. Don’t know where to start or how to format? Let ChatGPT help you create something.
Create a business plan
Most agents have their own business plans and goals, but now you need to think bigger. You have valuable props and agents are looking for your guidance. So what are you going to do with this new responsibility?
Your business plan should include more than just the number of homes you want to close and how you’ll get there. Here are some ideas:
ROI goals: Spend X on brand marketing and expect a 30% ROI Process goals: Set expectations for formal onboarding of new agents, employee outreach goals, etc. Long-term goals (5-10 years After): If you don’t know where you’re going, you can’t plan to get there or change direction when you need to. Things inevitably go off track.
Action item: Document this. This is a robust free template from Forbes. Enter value properties in this document.
find the right partnership
This doesn’t have to be as simple as which lender or title company to choose. Think about technology, intermediation (opening your own or joining another company), and community. Surround yourself with people who inspire you and who are already getting where you want to be.
They don’t even have to be your intermediary. Consider coaching, especially a coach who is familiar with this axis of your business. I highly recommend investing in a great transaction coordinator. They will be invaluable and your team will be grateful to you.
Action Item: Look at your circle. Who will support you and who will bring you down? Work with people who invest in you and support you. Cut out those who don’t. If you’re just starting out, go back to your value pillars and find partnerships that will help you deliver value and a great culture to your future team.
Search your soul for what you want to do
In the real estate industry, there is no ladder to climb on your own. The sky is the limit and that’s what makes it so exciting. You are only in the box if you put yourself there.
If you love marketing and want to get out of trading, find a collaborative partner who loves the nitty-gritty of trading. If you like showing homes and being in front of people, find someone who likes negotiations and contracts. Always look for people to add to your team to fill in the gaps of what you don’t want to do.
Action item: Dig deeper. What brings you joy and fills your cup? Pay attention to your daily tasks and notice how each task makes you feel. Create a chart of love, hate, and so-so. Put your activity into one of these buckets. This will help you find the right partnership that can further strengthen your “love” category.
It’s okay to fail
You don’t become Elon Musk overnight. You will have to repeat trial and error. You end up getting a new agent only to leave after a few days or months. In some cases, someone on your team who you thought was your right-hand man may decide to leave. When you encounter these failures, do a post-mortem to see what worked and what didn’t. Please be honest about this.
Action Item: Fail on all steps. If so, go back to that step and try again. This will be an ongoing process. Don’t see failure as a bad thing. You’re just one step closer to a better business.
Remember my friend I talked about earlier? She also failed every step and had to fix it. She’s in a phase of self-exploration right now, and that’s where she’s failing, but she continues to pick herself up and seek guidance from the great partnerships she’s formed. She’s getting closer and closer to her next big pivot.
Whatever you do on this journey, build a solid foundation, be willing to pivot, and remain open to exploring new and exciting possibilities.
Jamie Crain is Director of Partnerships at Radius. Connect with her on Linkedin.
