Left to Right: Jon Lahey, Joe Skousen, Kymber Menkiti, Creig Northrop, Mor Zucker and Robby Brady
Real estate teams are becoming more and more popular across the industry, providing opportunities for both brokers and agents to find success in a collaborative and profitable environment.
During RISMedia’s 34th Annual CEO & Leadership Exchange held at the historic Mayflower Hotel in Washington, D.C., last month, team experts gathered to discuss what it takes to build and maintain successful real estate teams in a discussion titled “Attracting Top Teams to Your Brokerage.”
Creig Northrop, founder and CEO of Northrop Realty, led the discussion featuring Kymber Menkiti, president of Keller Williams Capital Properties; Joe Skousen, CEO of Inside Real Estate; Mor Zucker, operating partner of Team Denver Homes; Robby Brady, REALTOR® and team leader of Allen Tate REALTORS®; and Jon Lahey, founder of Fine Living Group, eXp.
“The topic of attracting teams to your brokerage is very timely right now,” said Northrop. “When you’re talking about teams, you must have a growth equation to grow your business even further.”
Menkiti, who started her real estate career on a team, believes that teams have always been the foundation of Keller Williams, and how more are not only expected, but needed, for the future.
“It’s pretty powerful today to see the role that teams are playing,” said Menkiti. “When you look at the team module, you’re really looking at teams that are operating, for many of us, as mini-brokerages inside of our business.”
She has found that many teams, both leaders and agents, are facing many of the same opportunities and challenges faced at a brokerage level. In many ways, team leaders, agents and broker/owners operate on a level playing field, helping each other grow and reach new levels of success.
“We really embrace our teams as partners,” Menkiti continued. “Really supporting the teams to build them out, thinking about exit planning, transition planning, consolidation, how they work together—it’s really been a core part of the driving force of the business.”
Lahey also views real estate teams as a partnership, while ensuring that he is providing value each and every step of the way.
“The way I look at teams is more than a collective of just one or two partnerships, but how can I provide value to these agents?” said Lahey. “What are the agents’ biggest needs, and how can I solve them?”
From training to lead generation to contracts and closings, Lahey wants to ensure that his teams not only have every resource available, but can focus on the more important aspects of their jobs: their clients.
“When a new agent comes to our team, we determine if selling is natural for them, which it should be,” he said. “If we do a good job as a team leader, we see the signs of what we call the 3 Rs: Repeat clients, reviews and referrals.”
But the real question when it comes to real estate teams is: how do you attract them? From retention to culture, training and support are key to success.
“Training and coaching, especially for teams that are growing rapidly, is critical,” said Menkiti. “And your ability to retain the agents on those teams is crucial. They are running businesses that affect our businesses.”
In addition to training and coaching, relationships and resources are pivotal factors when it comes to recruiting and retaining agent teams. Brady believes that brokerages need to be deliberate with the processes and systems in place for attracting members and helping them grow.
“If you offer great benefits and services,” he said, “there’s a better chance you will get the agents you want on your team—and keep them.”
For Zucker and the Team Denver Homes crew, leaning into personal relationships and culture is the secret to their retention.
“People like to go to work and have fun,” said Zucker. “The No. 1 thing you can say about our team culture—it’s strong.”
Culture is a key phrase the industry hears time and time again, especially in the team sector. Not only do brokers need to be connected with their team leads, but with the agents, as well. For Zucker, creating a workplace where agents feel they have someone to go to is important.
Though real estate teams can be enticing to some, Northrop pointed out that many brokers hold back from teams because of fear, even stating that teams can be just as intimidating to some as M&As.
For Skousen, however, teams are the way of the future, and no matter how intimidating it may seem now, many brokerages and businesses will profit and benefit in the long run.
“The truth is, brokers need to spend money to grow their businesses,” Skousen said. “Whether it’s training and coaching services, whether you’re partnering up with a coach to help deliver those services, whether you’re utilizing marketing services that are actually qualified, services and solutions are available to create very profitable brokerages.
“You can make a lot of money with teams,” he continued. “But you have to love them, not just tolerate them.”
