This past week, Workman Success Systems celebrated seven years in business! It’s hard to believe how fast that time has flown. We are so pleased about the journey so far, and massively grateful for everyone who has worked to make this milestone possible. We wouldn’t have made it seven years, much less seven months, without our incredible team and network of the best coaches in the business.
Anyone who starts a new business has dreams that it will be an enduring success, and more people than ever are starting their own businesses in the wake of the pandemic. While real estate businesses lagged through 2019, 2020 saw over 200,000 new real estate business applications filed, and 2021 is on track to reach as high as 275,000. The United States is also among the most favorable countries in the world for starting a business.
For all this positive data, creating a durable enterprise is hardly a given. According to the Small Business Association (SBA), approximately 20 percent of new American businesses fail in their first year, and attrition rates among real estate agents are already notoriously high — which means we can expect tens of thousands of those 200,000 new 2020 businesses to close their doors this year. The number of things that can derail your real estate business is nearly infinite. So what can you do to ensure you are building a business that will last?
Simple answer: get the best people on your team.
Powerful Teams Run Powerful Real Estate Businesses
One of the biggest key indicators of a business’ success is team quality. Building an effective team will help streamline your operations and make everything run more smoothly. Team members also hold each other accountable and encourage each other’s productivity and success. Then when things occasionally get rough, you’ll be surrounded by a group of people dedicated to a shared vision, not a bunch of day-traders ready to bail at their first convenience. Obviously having a quality business plan and solid sources of revenue are critical, but without a team to implement that plan and bring in revenue, your business isn’t set up to last.
Of course, saying, “Get the best people!” is a little like telling the thirsty man in the desert he just needs to drink water — unhelpfully obvious, and substantially easier said than done. If our man had water, he’d drink it, and if you knew of any great available agents or admin, you’d be making offers right now.
This begs the question: where do you look for team members? Many team leaders and brokerage owners fall into the trap of only looking at external sources for A-players, aiming to poach top producers from competitors or appealing to agents who wish to relocate. Obviously it’s nice to bring on experienced, knowledgeable people. But have you considered developing your A-team from the inside?
The Best Teams Are Developed, Not Found
Team development is a model we have mastered with considerable success — both internally and as a recommended strategy for our clients. Workman Success Systems is widely regarded as an industry leader when it comes to the caliber of coaches on our team, but did you know that many of our senior and master coaches began their relationship with Workman years ago as clients? These are individuals who experienced firsthand the value coaching can bring to a real estate team, and wanted to be able to bring that value to others. By pouring into others, lifting them up with the right tools and resources, and fostering long-term relationships, we are able to better serve new clients by pairing them with coaches who fully understand the value to be shared.
In other words: we would have never found some of our most impactful coaches had we not recognized their potential and encouraged them to develop it. This is not to say that every person you meet is your next all-star buyer’s agent or admin, but being mindful of the innate skills your teammates already have (particularly harder-to-teach “soft” skills like communication and integrity) will open up rewarding possibilities for building a lasting business.
Apply methods of team development and encourage those you lead to learn new skills and take on new responsibilities. This is how you will develop a fantastic pool to draw new power players from. Investing in the success of the people on your team is an investment in your business — one that has lasting dividends. When you communicate how much you value those you lead, you incentivize them to stick around and grow their career with you rather than looking elsewhere for success.
You may also expand your possibilities and think about the talented people in your life who don’t work in real estate. Do they have value that your team could use, even if they don’t have some of the resume points you might look for elsewhere?
People who add lasting value to your business can be found anywhere, be they seasoned pros you recruit externally or talented teammates and people from your sphere you develop. What potential is lying under your nose right now?
If your team is in a rut and you need more expertise to develop them as you seek growth, you might want to consider private real estate coaching. WSS expert coaches deliver proven systems that can help you take your team and your business to the next level.