Are you currently leading a real estate team? Do you have your business “figured out,” or are you ready to rise to the next level? One option to increase your profitability and develop a stronger real estate business is to expand beyond your local market. Welcome, my friend, to expansion teams.
Those who have systems and processes in place are leveling up their business by expanding. Whether you choose to expand to a neighboring market or another city (or state), expansion teams allow for massive action, thus massive growth and results too.
Expanding to a new market is not an easy feat. However, nothing is impossible. If you are a team leader or broker/owner who has been contemplating this exciting leap, let me give you five essential tips for expansion.
First things first, where will you expand to? Is it a neighboring market? Is it a new location altogether near your kid’s college/university? Is it somewhere you wish to retire someday? Put some thought into it so it lights the passion within you to not fail.
Second, share your big, hairy audacious goal of expanding with your team and your coach and add it to your business plan. I learned the hard way that making this a “surprise” is not ideal for anyone, however, controlling the messaging is.
Third, as you begin to determine the where, think about the how. How will your current team envision this change? How will you message this to your team and to your current clients? Think of your expansion as another way to offer fantastic service to clients in a different location. Take the time to hear any team concerns and to hold their hand through those concerns. It may take months for this to set in, so be well-prepared. A solid foundation in your current team is 200 percent necessary when starting and growing the new team. The ability to duplicate what is working with your current team is extremely important in the new location.
Fourth, it’s important that you already have systems and processes set up and running at a high level—otherwise known as operational excellence. This is necessary to track success for both teams. I personally coach with Workman Success Systems, and from the beginning, my coach helped me initiate expansion by helping me look at my business with a CEO mindset or a bird’s eye view: putting systems in place, analyzing my P and Ls, and reviewing key business numbers that led me to make informed decisions. With a constant and close review of my business, I could see more clearly what needed to be tweaked slightly in order to make instrumental strides.
Lastly, decide on personnel. If you already have admin(s) in place and running efficiently in your current team, it is helpful to utilize the same staff as the “hub” of both teams. Eventually, you may decide to hire another admin for the new market and/or utilize a virtual or brokerage transaction coordinator, etc. For the team and agents, I highly recommend you recruit a local, knowledgeable agent to the team as soon as possible. You will need to decide if you want to relocate to this new market. If not, will this local agent run the team? This information is imperative to start your organizational chart and to grow your team in this new market. Clearly defined roles and responsibilities will go a long way in laying the right foundation and will continually lend to the operational success of your new team.
Remember, what you focus on grows. Review your goals and where you want to be. Who knows, maybe soon you will have several expansion teams all over the country. It takes a lot of work — no, it takes a ton of work — and lots of dedication. Focus on the outcome and what this endeavor will afford you and your team in the future, and you will move forward together.
Brooke A. Sines is a Workman Success Systems coach and full-time REALTOR® with RE/MAX in West Michigan and Charlotte, N.C., running Grand Home Allure Group, who has been in the business of working with people all her life. She is a mom, wife, real estate coach, team leader and broker. Contact her at Brooke@WorkmanSuccessSystems.com. For more information, visit www.WorkmanSuccess.com.
