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Tips for Developing Your Team Into a True Business Entity

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RISMEDIA, August 19, 2008-In this month’s “Team Talk,” RISMedia’s Real Estate magazine asked three real estate team leaders: “How are you developing your team into a true business entity? Have you formed an LLC or incorporated?” Here, these professionals weigh in on what’s working for them in their market.

Fahada Saad
The Saad Team
Coldwell Banker Residential Real Estate
Naples, Florida

I am a PA, which is similar to an LLC. We create team goals, like we want to help “x” number of people this year. Then we have individual goals. You always have to have something you’re working towards and we have a clearly defined business plan that we review and track constantly. So we are always on track.

Christopher Bowes & Janis Stewart
Coastal Investment Network LLC
Seashore Real Estate
Hilton Head, South Carolina; Savannah, Georgia; and the entire Carolina coastline

Janis and I formed the LLC from day one. We knew down the road that we were going to offer a group health insurance policy. We are trying to build our portfolios along with everyone else. We are all, in a sense, building business together-”bring everyone to the top with you when you are going there” is our way of thinking. Over the last 20 months our model has adapted and changed based on the needs of the investors. So moving forward, we intend to roll with the needs of our investors so we may change and grow as we go forward.

Ken Smith
Suburban House Hunters Team
Conversion Specialists, Inc.
Chicago area

We are incorporated. It is important for you to treat your business as a business. Being incorporated is just the beginning. We have a budget, business plan and goals to direct the business and keep us on track.

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