You became a successful agent. Then you went on to build a successful team within your brokerage. The trend toward the growth of real estate teams within a brokerage is growing. In a 2018 survey, NAR found that a full 26 percent of respondents were members of a real estate team inside a brokerage. Of those who were not, a full 39% have considered joining or starting one. While teams can vary in size, the NAR study found that a typical team is 4 people and most members (80%) are licensed agents. Do you wonder what the next level of success is for you and your team? Perhaps you are ready to open a brokerage of your own?
It turns out that experienced, and successful team leaders have been developing many of the same skills and overcoming many of the same challenges that are required to be a successful brokerage owner.
Some of these include:
- Attracting and motivating agents and other team members.Designing roles and responsibilities within the team based on the strengths and weaknesses of team members.Delegation of work, and management touch points.Setting a vision for the teams activitiesCreating a positive work environmentDeciding what technology and marketing tools the team will use.Designing processes for efficient and fair distribution of work in the team.Creating training programs for new team membersNegotiation of fair commission splits with the broker of record and your team.Creation of an overwhelmingly positive experience for buyers and sellers.
In many cases, strong team leaders can apply the skills they have learned in team development, to form their own brokerage. With so much overlap between creating a successful team and being a broker, the transition may be less painful than many team leaders imagine. And on the other side of that transition, truly lies unlimited growth potential for you, your team and your business.
What is Involved in Becoming My Own Broker?
Broker requirements do vary from state to state and there are many online resources for getting specific requirements in your state. In addition to obtaining appropriate licensing, there are a number of things a new broker will need to navigate.
- Select a physical location for your new office.Decide whether you will be independent or affiliate with a national real estate franchise.Develop a business plan, with a heavy emphasis on your recruiting plan.Decide on the tools you will use and the marketing approach.Work out a budget for expenses and obtain financing if necessary.Develop your own digital home online with a website, branded social profiles, etc.
An affiliation can offer a lot of support in making the transition, including a full roadmap of proven processes and tools that can be plug and play for the new broker. But perhaps even more valuable will be the personal coaching and guidance that brokers receive as part of the Weichert system. Our team consists of genuinely experienced real estate professionals who guide you through proven processes that have helped hundreds of Weichert franchisees be successful. Through one-on-one coaching sessions, well established training programs, regional coaches, management conferences, and a network of supportive peers, we can help team leaders bypass the pitfalls of starting a brokerage and help you continue your path to growth.
From Team Leader to Brokerage Owner with Weichert
Not every team situation is a good fit for the transition to a broker, but if you are focused on even more success for you and your team, Weichert may be the solution you are looking for.
For more information please visit https://weichertfranchise.com