A successful real estate agent with a growing portfolio who works solo or in a small team may eventually consider increasing the size and scale of his or her home sales operations in order to capture more quality leads that can result in more closings and higher profits. The temptation is to build a productive real estate team by expanding the current business.
Adding new agents and support staff comes with risks and rewards: corporate, personal – and of course, financial. Ramping up operations by adding the right new people allows everyone within the agency to specialize in certain tasks, performing more defined roles instead of wearing multiple hats on a daily basis.
But scaling up the size and personnel of a real estate agency can be tricky because business volume must keep pace with, or ideally, exceed the demands of added payroll and other expenses to justify a larger team operation.
How to Build a Real Estate Team
Let’s briefly look at the essentials of how to build a real estate team that is both productive and successful and what’s needed to do it:
Any real estate agent looking to expand his or her business by adding additional agents and support staff should consider the risks, rewards and financial implications. But a measured, deliberate plan for staff growth is wisest and should offer value, structure and all the technological bells and whistles needed to succeed.
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