Chances are, your team began small-maybe you took on an assistant or partnered up with your spouse or family member. But then, your team took off, either in terms of increased business or team members…or most likely both. What started out as a simple solution to an overwhelming workload, soon became a well-oiled machine with its own brand, its own procedures-and its own success.
The question is, have you hung out your shingle yet?
While many teams have become forces to be reckoned with, many have yet to treat their team as the true business entity it has become. Making this critical shift involves not only a shift in the way you think about your team, but a shift in the way you organize your team and plan for the future.
One of the obvious steps in becoming a true business entity is to incorporate your team or form an LLC. This provides many financial benefits and safeguards, and helps position your team as a salable asset if and when the time comes. Other steps, however, involve the details and day-to-day operations of your team.
Does your team have an Employee Handbook, for example? A doctrine that outlines not only your team’s philosophy but important details like your hours of operation, sick days, dress code, etc.? On page six of this issue of the Power Team Report, you’ll find an excerpt on the topic from our forthcoming book, Power Teams: The Complete Guide to Building and Managing a Winning Real Estate Agent Team. See how an Employee Handbook can be the first step in running your team like a true business.
Power Teams, in fact, is filled with the best practices of agent teams who have made the many next steps involved in turning their teams into a business. It is our belief that this book will serve as an important road map for agent teams. To order your copy, please visit rismedia.com.
In the meantime, take a critical eye toward your team and see how you can start getting down to business.
Wishing you continued success,