With the complicated nature of the real estate transaction, it has become critical for agents to incorporate great systems and processes into the mix to streamline their business activities. Savvy agents realize that time spent doing admin-level tasks takes them away from money-making activities, so they start looking for help.
Here’s an overview of the different levels agents can find themselves at:
Level 1: 7-20 Transactions/Year
There are thousands of agents at this level, which generally occurs by the second year in business. At this level, agents have a good part-time business, but it’s starting to feel like full-time. They do all of the work before, during and after the transaction and provide a high level of service to their clients.
Level 2: 21-30 Transactions/Year
At this level, agents start to feel the pressure of too many clients and stress about providing great service. They need help and often reach out to other agents to ask them to sit open houses and showings, often trading family time for client time. Agents at this level start thinking about a part-time assistant or transaction coordinator and are a medium-risk for being recruited by a team-friendly brokerage offering to provide them with help.
Level 3: 31-50 Transactions/Year
This agent is working nonstop. Their life revolves around work and they rarely have time for their kids, families and friends. Relationships start to suffer and are often strained because there’s not enough time in the day. Agents at this level often feel guilty, but justify the time away because they’re providing financial resources that make up for their absence. This is a sweet spot for building a team. Adding a full-time admin and buyer’s agent completely changes an agent’s business at this level. Not only can they do more transactions and provide their clients a higher level of care, but they can start scheduling personal time and take advantage of it without stressing about work.
Level 4: 51-100 Transactions/Year
This is the hardest growth area for agents and teams, as massive change has to take place in order to grow. Operational excellence, building a winning team, culture, daily huddles, CRM mastery, a focus on profitability and making sure everyone has clearly defined roles and responsibilities are crucial at this level. Once an agent gets to 100 transaction sides, it’s common to double the following year. At this stage, the team leader has a business that’s running well with lead-generation systems and a great support staff in place. With everything functioning properly, agents can now turn up the volume of leads they’re working and really grow.
Level 5: Seven-Figure Incomes
As an agent or team leader, your value to the team is now in the role of CEO, rather than employee. Your core focus should be on business development and people development. As you help your people grow and earn a great living, your clients are better served, and your life as a leader is very different. You’re now focused on building wealth and helping your people do the same. You have more free time than you did at the first four levels, and your family appreciates having you around.
There are amazing resources available to help agents form and train teams. It’s up to each person to plug in and utilize the systems and processes available to intentionally create the business and life they desire.
For more information, please visit www.verlworkman.com.