Team Leaders....are you making less money running a team than you did as a solo agent?
Are you stuck in production just to keep the business running?
Yep, been there too.....but it doesn't have to be that way.
It was 2011 or so, and I had shifted from solo agent to a team model. I was HEAVY in personal production (like over 100 units a year myself heavy!) mostly on the listing side of the business and extremely busy. I was also training 2 buyers agents, learning how to lead, risking money on new lead sources, and doing my best to be home with my growing family as much as I could.
It was a lot of work and risk, but worth it because I had a dream to build a true business instead of just selling real estate personally.
One day I slowed down enough to look at my financials. With the record sales I was doing myself, not to mention what my agents were adding to the equation, I figured the numbers were going to be awesome!
Much to my surprise....it wasn't good. Yes, we were profitable, BUT the business had made a couple hundred thousand dollars LESS than I produced from my own personal production.
UGGGHHH!!! My sails were instantly deflated! I was DONATING the money I made from my own sales, in order for my agents to be successful. WHAT!?!?
This was not why I decided to start a team.
It took some time, but after getting a handle on my economic model, I was able to turn it around, EXIT personal production (and eventually the day-to-day in the biz), and be more profitable than when I was selling real estate personally.
In our latest video, I explain how to avoid making the same mistake I did when growing my real estate team.