In 2010, I left real estate to start real estate coaching. Because I went from homeless to a six figure income in just 11 months, I assumed helping other agents to make 6 figures would be easy. Yet four years later, my agents had the same incomes as the day we opened. Until we started recruiting. That made me realize that recruiting real estate agents would be essential to my agent clients' success, and we needed to be the best at it.

While I’ve since gone on to help many agents, the process was by no mean easy. The biggest lesson learned: You must have a strategic plan and know how to recruit real estate agents. This article covers my strategy for poaching producing agents from other agencies, as well as some retention strategies to help build on your recruitment success.

Why You Need a Plan for Recruiting Real Estate Agents

Over time, all teams and brokerages will lose agents. Attrition in this industry is inevitable. The National Association of Realtors (NAR) reports that the median tenure of Realtors at a brokerage is just six years. But fewer agents in your brokerage means lower potential revenue, and reduced revenue means fewer services available to your remaining agents. Even if you only want to add two or three agents a year, you need a viable recruitment plan.

Recruiting the right way means building relationships. Creating trust and showing your recruiting prospects that you care ensures that you attract the right agents. It also increases your chances of retaining agents after you have invested a lot of time and money in onboarding and training them.

How to Identify the Ideal Agents to Recruit

Before you make a recruiting call or send an email, identify what type of agents you need in your organization and make a plan for how you will support them. Agents in different phases of their careers have different needs. Let’s look at strategies for both new agents and top producers separately.

Finding & Recruiting New (or Newer) Real Estate Agents

You can get in front of prospects who aren’t licensed yet early by placing ads on employment websites like ZipRecruiter, Indeed, Career Builder, and Craigslist. You can direct high-funnel candidates to your favorite real estate licensing school when they reach out. Keep in touch so they are sure to interview with you once they earn their license.

Find lower-funnel leads by contacting local real estate schools and asking them if you can introduce your team or brokerage to their classes. They will usually ask you to bring lunch or snacks for the students in exchange for a 15-minute presentation.

If you want to recruit brand-new agents, ZipRecruiter is the way to go. It’s the number one rated job search app on both Apple and Android devices, which means you’ll cast the widest net possible for new talent.

Visit ZipRecruiter

How to Support New Agents

If you plan to recruit brand-new agents or ones who have only sold a few homes in the past year, be prepared to spend a lot of time training them in marketing, buyer and seller presentations, managing a database, and writing and negotiating contracts.

If you choose to hire more than a few new agents at a time, you’ll need a designated mentor or trainer and a detailed educational program at your brokerage. Otherwise, their needs will impact your personal real estate production. In short, if you don’t have the resources to train new agents, don’t recruit them.

Finding & Recruiting Producing Real Estate Agents

If you’re recruiting top producing agents (typically, those who sell more than 30 homes a year), you need their contact information and an idea of their production levels. Assuming they’re active in your area, you can see what they’ve been up to by manually searching your multiple listing service (MLS). Most MLSs offer the ability to search closed transactions.

Begin with a search of recently sold homes in your target territory. Download the list and sort by the listing agent’s name, which shows how many closings each agent has had in your area. For example, in a sample search of 1,500 closed transactions, I identified more than 100 producing agents in my territory—great potential leads who sold two or more properties in the past six months.

You can also find producing agents in just a few clicks with recruiting software like BrokerMetrics. BrokerMetrics starts at $200 a month for the basic tools. In addition to agent production and contact information, BrokerMetrics can also provide market share and trend reports.

How to Support Producing Agents

Producing agents are the easiest agents to manage but also the easiest to overlook—which makes them susceptible to getting poached by other brokerages. You’ll need to provide them with a good website, an excellent customer relationship management (CRM) tool, lead generation support, and a sense of community.

Attracting, Recruiting & Retaining Top-producing Real Estate Agents

Opportunities

This one varies depending on the person. For top producers, opportunity could mean a leadership role, impressive title, learning something new, or accessing better training or mentors.

Recognition

Some top producers (like me!) thrive on the approval of others. And believe it or not, many companies aren’t good at giving credit or recognition. But, because top producers typically invest more time and money into their businesses than other agents, helping to grow your brokerage brand, I believe they deserve special treatment.

You don’t need to kiss their butts; they just need to feel appreciated. Create unique, exclusive experiences like inviting them to sporting events or on vacations. I once took my top agents to see Tony Robbins in Palm Springs. They still talk about this trip 17 years later.

Compensation

Many top producers negotiated their compensation plan long before becoming top producers. Think Steph Curry and his rookie NBA contract. Now they’re MVPs who are paying a large share of their commissions to their brokerage and are looking for a better deal.

So great! Poach top producers by creating an advantageous split just for them, right?  Wrong. Changing your compensation model to accommodate a top producer could lead to resentment among other agents on your team and divide your brokerage.

Instead, build your team or brokerage compensation plan to attract financially conscious top producers. If you already have an established compensation model, consider offering an upfront signing bonus.

Marketing Tools

If you want to keep your producing agents from jumping ship, investing in a top-shelf website can have an outstanding ROI. Trusted by Real Trends award-winning teams like the Oppenheim Group, Agent Image websites offer stunning design and state-of-the-art digital marketing services that can give boutique brokerage sites a run for their money. Click the button below to get 20% off.

The Best Scripts for Recruiting Real Estate Agents

If you only learn one thing about recruiting scripts from this article, it should be this: The best script is the true script. So get very clear about who you are and are not.

If you are a top-producing team that wants to build your brokerage brand, make that clear in your script. You might not appeal to a top producer who wants to grow their own personal brand, but you will attract mid-level agents who want to be part of something exciting and who aren’t concerned about being the top dog.

The key to recruiting success is not to get appointments with everyone with a real estate license. You want to find the right candidates to join your organization. Think of your scripts as a means of weeding out the agents who don’t fit your goals and culture. With this in mind, here are the most effective scripts I have used to recruit producing agents to my brokerages.

The Best ‘New Office in the Area’ Recruiting Script

Once you’ve gathered a list of recruiting leads using the MLS or BrokerMetrics, use this script when you reach out to them. The secret to success with this script is to start with curiosity in your voice.

Hello {agent name}. This is {your name} with {team or brokerage}. I see that you have recently sold {number} homes in the {specific location} area. Do you specialize in {that location}? Are you looking to do more business there?

If they say yes, shift your voice to excitement!

Great! The reason for my call today is that we recently opened a new office in {location}, and we are looking to invest in a few agents to help them grow their business. Would you like to have a conversation about that? Are you available at {time/day}?

Many recruiters would say that this script is too direct. But that’s just because companies often reward recruiters for the number of appointments they set and not the quality of the lead or conversation.

Another concern I hear with this script is with the word invest. Recruiters say things like, “I don’t have money to give them” or “We don’t buy agents.” But there’s no need to be so literal. You can devote your time to mentoring them, provide extra leads, or pay out financially. However you choose to invest is up to you.

After all, if you don’t plan on investing in agents in some way, you are going to have a hard time recruiting talented agents and retaining the ones you have.

The Most Effective Area Specialist Recruiting Script

Use this script with agents working in a specific community, neighborhood, or town. Begin by paying attention to their advertising on Facebook, newspapers, and listing signs. When you see an agent who is marketing a unique message or new listing, contact them with the following script.

Hello {agent name}. This is {your name} with {team or brokerage}. I saw your {listing ad or marketing campaign} and I was impressed by {the message, quality, or professionalism}.

Wait for a response.

I see you have a listing in {specific location}. Do you sell most of your homes in {specific location}? Are you interested in getting more listings in {specific location}?

Wait for a response.

We are also looking to grow in {specific location}, and we are looking to invest in a few agents to help them grow their business there. Would you like to have a conversation about that?

Wait for a response.

Are you available at {time and day}?

This is one of my favorite recruiting scripts because it works on Facebook Messenger, text, and even on Slydial, as long as you are honest and transparent.

Best Script for Social Media Intros

Sometimes the best way to connect with an agent is through Facebook, Instagram, or LinkedIn. I recommend spending some time following the agent you’ve targeted for recruitment and like and comment on their posts. After you’ve become a familiar presence, send a direct message (DM).

DM After They Post Something Creative

Hey {agent name}. I saw your post on {social media platform}, and I was impressed. I love creative social media marketing ideas. I have some creative marketing ideas of my own that I would be happy to share with you. Would you be interested in meeting to discuss?

DM After They Post a Listing Ad

Hey {agent name}, I saw your ad for your {listing address} on {social media platform}. What a great listing! Do you sell most of your homes in {area}?Wait for a response. We are looking to invest in a few agents to help them grow their business in {area}. Would you be interested in meeting to discuss?

The Best Networking & Seminar Recruiting Scripts

Holding events and seminars is an outstanding way to attract learning-focused real estate pros. These agents are likely either newer to the business or mid-level agents looking for new ideas.

• Keep it small, and don’t hold it in your office. Agents will be intimidated to come into the lion’s den.
• It’s best practice if you present the information or host the panel, which positions you as the expert … everyone wants to know the expert.
• Trendy topics work best, like social media strategies (especially TikTok), paid Facebook Ads, business planning, and cryptocurrency.

Here is the script I use to get real estate agents to my events:

Hello {agent name}. This is {your name} with {team or brokerage}. The reason for my call is {vendor} and {team or brokerage} is holding an event for real estate agents called {event name}, where we will go into detail about how to {specific goal}. Are you interested in attending?

The event is on {date and time} at {location}. It is limited to {number} agents. Can I mark you down to hold your seat?

The secret to successfully recruiting at events is conversion. Think of your event like a lead magnet on your website. You need to offer something attendees want, but your end goal should be to convert them into recruitment leads.

The event is mainly for you to build trust through familiarity. The agent sees you at an event, then later sees you at an association meeting, and when you later call them to have coffee, they are more likely to listen to your recruitment pitch.

Try the Columbo Script

You may remember the TV detective series “Columbo,” where the main character would say, “Just one more thing…” before revealing the secret that solves the mystery. Add this to the script above to build anticipation.

I am hosting this event because I am looking to grow my brokerage in {location} and want to {result you want to achieve}. I am looking for agents who want to {result you want to achieve} as well.Just one more thing… If you want to be more effective with {the event topic}, then approach me afterward for a {script, template, or worksheet}. This will help you achieve {the result you want to achieve} faster.

The Best Script for Recruiting Top-producing Agents

A recruiter’s greatest challenge is signing top-producing agents because their usual techniques often don’t resonate. That’s because successful agents usually have their own processes and systems, a great personal brand, and tons of business.

Top producers are attracted to three things: opportunities, recognition, and compensation. As such, the secret to recruiting them is providing the special treatment they’ve earned. Be direct, clear, and concise. Either pick up the phone or walk into their office. An email or text doesn’t work for this script.

Hello {agent name}. This is {your name} with {team or brokerage}. You may not have heard of me, but I sure have heard of you. The reason I am calling you today is to invite you to an opportunity that is only available to a select few top-producing agents like yourself. Are you available {date and time}? Pause. They will probably ask what the opportunity is.

This is an exclusive opportunity, and due to privacy reasons, I can’t share with you specifically what it is. But I can tell you that it’s limited, it’s real estate-related, and it’s a once-in-a-lifetime opportunity. Can you make it on {date and time}?

I am sure you are wondering what the opportunity is, right? That’s completely up to you to decide. Offer the opportunity to meet someone influential in the industry, get in on a new development, or join your organization on the ground floor before it reaches the next level. Whatever you decide, this script will help get them in the door.

Recruiting Real Estate Agents: How to Handle Common Objections

No ultimate guide to recruiting agents would be complete without addressing the common objections real estate agents present and how to counter them. Remember, you’re playing the long game. It’s important not to burn relationships by being too pushy. If you overuse objection handlers, you can come across as insensitive. The secret to responding to objections is to listen and be empathetic.

I’m too busy to move at this time.

Honestly, as a successful, busy agent, there is never a good time to make a move. The good news is we can help make the transition easier. The sooner you can make the move, the sooner we can implement your new plan.

I am loyal to my broker or office. I’m happy where I am.

I respect the fact that you are loyal. In fact, that is exactly why I am interested in working with you. But let’s be honest, if you were getting the support you needed, would you even be talking with me right now?

I don’t want to leave my colleagues.

If I could demonstrate that we are not only a good fit for you, but it would also be good for them, how would you feel about bringing them by to meet me?

I don’t want to deal with the hassle of changing companies.

I understand completely. Many busy agents who have already joined us had the same concern. That is why we help you with the process. Let’s go over our brokerage’s transition plan together.

I don’t know how I can support myself without the leads my broker gives me.

What percentage of your leads are coming from your company? What is your split on those leads? If I can show you how to generate more income without having to be handed leads, would you look at joining my team?

Your company costs more than I pay now.

To make more money, you must increase revenue, not simply cut your expenses. It doesn’t matter if your expenses are $0 if you’re not generating enough income. I will show you how to make enough money that the additional expense won’t matter.

I think I can sell more homes if I stick with a better-known company.

NAR statistics show that consumers choose an agent because of the company only 5% of the time. So if we can show you how to increase your business by 20%, would you be OK with a lesser-known company?

Recruitment Lead Nurturing

Effective recruitment (done the right way) is about building trust through open and honest communication. This takes time. Recruitment leads need nurturing just like prospective clients. Make an effort to recognize your prospects and their hard work so that when you’re ready to make your pitch, you already have a warm relationship.

Here are some examples of professional ways to reach out. You can send these notes through social media, email, text, phone calls, or voicemail.

Congratulations on an Award

Hi {agent name}, I wanted to be one of the first to congratulate you on winning the {name of award}. It’s a real honor and recognition for your hard work and integrity. Our industry needs more {agents or brokers} like you.

After Meeting at an Open House

Hi {agent name}, just a quick note to let you know how much I enjoyed meeting you at your recent open house. I’m hopeful that one of our buyers will be a good fit for the property and will connect soon to schedule a showing. I look forward to working with you more in the future.

Congratulations on a New Listing

Hi {agent name}, I just wanted to send you a quick note of congratulations on your new listing at {address}. It’s well priced and professionally marketed. We’ll do our best to get one of our buyers on it quickly. Again, great job, and I hope we work together on this one.

Thanks After Cooperating Sale

Hi {agent name}, I’ve been hearing from {cooperating agent name} about how well the closing went on {property address}. I just wanted to thank you for your hard work, expertise, and professionalism. Please know that your exceptional dedication has not gone unnoticed, and we look forward to many more deals together.

Key Takeaways: Recruiting Real Estate Agents to Your Team or Brokerage

All teams and brokerages face attrition. Losing agents over time means you’ll need a plan for recruiting real estate agents to maintain market share. Ultimately, your success lies in your ability to clearly communicate the services your team or brokerage provides to the right type of agents.

Your script is the first step in narrowing the field of agents in your territory. A good script is direct and to the point. It attracts or repels, allowing you to quickly sort the real estate pros who are a good fit from the agents who are not.

Bringing It All Together

I hope this guide helps you become successful in recruiting agents to your team or brokerage. What are your secrets to recruiting real estate agents? Let us know in the comment section.

Learn How To Get More Real Estate Leads, Get More Listings, Close More Sales, with Less Resistance AND still have a LIFE!

Get more exclusive real estate agent training here https://www.yasserkhan.sg/

YASSER KHAN

Author, Coach & Trainer

Yasser Khan earned less than $1,000 in his first year as a full time property agent. With no money for the $2 train fare to his Broker's office, he was forced to walk 25 kilometers on foot. Worse, he got evicted at midnight with his wife and baby son by the roadside. Desperate, he bought a $16 Sales book and took massive action. That single investment in himself gave him an OBSCENE ROI of $160,000 in just 11 months. Today, Yasser is on a mission to make the real estate great career again and helps ambitious agents quadruple their commission income within 90 days.

Yasser Khan is a real estate coach at YasserKhan.SG, trainer at PropertyAgentUniversity.com and the author of Property Agent Secrets Book who teaches Realtors how to make more Money, have more Time and enjoy more Freedom without all the B.S. plaguing the industry today.  

Yasser Khan’s approach to coaching is highly personalised, holistic, no B.S., and for “PROS ONLY… amateurs not allowed.” He believes that true success means winning in every single area of your life (like Financial, Family, Social, Physical, Mental, Spiritual and Fun).

When Yasser isn’t coaching, he loves playing GOTY PC Games with top-of-the-line Razer products and being a kid again with his 3 naughty children (actually, boss babies...), traveling to and across scenic Pakistan, enjoying hot & spicy food, taking pictures of the Milky Way with his favourite Canon DSLR and reading up all about Dinosaurs (especially T. Rex)

Getting Started: Identify Pain Points & Long-term Goals

Before you even think about hiring anyone, you need to figure out which tasks they can do that will actually help you move the ball forward. This is not always easy. Sometimes you might not even realize just how much time you’re wasting on mundane tasks that can easily be taken off your plate.

This is why taking an hour or two to really go through your day-to-day activity to find your pain points is crucial to the hiring process. You can start by actually logging your time for one week and then breaking it up into essential tasks that only you can do, and tasks that can be delegated to a savvy real estate virtual assistant (VA).

Here’s what that might look like:

Now that you know where all those hours disappear to, you can start to put together a job description and time commitment for a virtual assistant.

Of course, you have two goals here. First, to free up some of your time to focus on high-level tasks that have a big impact on your bottom line, and second but equally important, tasks you can assign to a VA that you can’t find time for today.

Next, put together a dream list of tasks that you have thought about doing but haven’t been able to find the time for. Here are some ideas to get you started:

• Targeted engagement on social media to build followers
• Editing long YouTube videos into smaller videos and posting on YouTube
• Designing more attractive posts for social media
• Making custom infographics
• Asking listing agents or buyer agents for feedback
• Designing and sending holiday cards, birthday cards, and so on
• Researching more affordable vendors for marketing materials
• Designing more attractive listing presentations
• Designing more attractive buyer presentations
• Website maintenance
• Scheduling blog posts
• Keeping your calendar up to date
• Screen incoming emails and calls
• Finding social media accounts of leads
• Researching leads on social media
• Entering open house leads into a customer relationship management (CRM) tool
• Posting ads on Craigslist

Obviously, this list is just a starting point. I am sure you can come up with 50 more tasks that would fit into a “nice if I had the time” category. Now make a plan to delegate them to your real estate virtual assistant.

What Are Your Long-term Goals for Your Business?

Believe it or not, many agents genuinely don’t have an answer to this question. If you want your business to scale in a sustainable way, then you’ve got some thinking to do. Sure, you want to make more money, but what are your specific goals for your business six months from now, next year, or in five years?

If this question stopped you in your tracks (sorry!), take some time to read Sean’s article on deciding on your mission, vision, and values. The article is written for brokerages, but the strategies apply to agents, too.

RELATED ARTICLE How to Build a Real Estate Team in 2023 + 7 Mistakes to Avoid At All Costs

How Much Does Hiring a Real Estate Virtual Assistant Cost?

Unfortunately, this is kind of like asking “how much do real estate agents make?” The answer will vary wildly depending on where you hire from, what kind of skills you need, and how competitive the job market is.

Since that’s not much of an answer at all, here’s a quick rundown of how much you can expect to pay an administrative virtual assistant with a few years of experience in different countries:

Cost of Hiring a Real Estate Virtual Assistant by Region

As you can see, your money will go much, much farther in the Philippines and India. Having hired from both countries, I would go with the Philippines all day. English skills seem to be better in the Philippines.

That said, if you need a U.S.-based virtual assistant, you have to take the hiring process seriously. The competition for skilled assistants is fierce these days. That means skipping Craigslist and using an actual, professional job search site like ZipRecruiter. It’s the #1 rated job search app on iOS and Android, so it’s where millennials look for jobs these days.

Visit ZipRecruiter

How Much Does Using a Virtual Assistant Agency Site Cost?

Unfortunately, prices have gone up for these sites over the last few years. Today, for a one-month subscription, you’ll pay $69 per month for Onlinejobs.ph. However, this should be looked at as an investment, as the quality and affordability of candidates on this site is unmatched.

Agency sites like MyOutDesk generally don’t charge a monthly fee for access, but they do make a small profit on the salaries of the VAs they offer. That means you will likely pay 10% to 20% more for your VA every month, and that extra money does not go to the VA.

Hiring for One-off Tasks Isn’t Worth It

Since the hiring process for virtual assistants is very similar to the process of hiring any employee, it’s generally not worth the hassle for one-off tasks like data entry projects or designing banners. Instead, use Fiverr.

Where to Hire VAs: Stretching Your Dollar in the Philippines

Due to the relative strength of the U.S. dollar, your best bet for hiring affordable virtual assistants is the Philippines. The Philippines offers agents two massive advantages over hiring from the U.S. or other countries:

1. Affordability: The median salary in the Philippines is around $12,000 per year. This means that you can afford to hire someone who would be out of reach in the U.S. or other countries.
2. English skills and established outsourcing culture: Over 90% of Filipinos speak English as a second language, and outsourcing is very common there.

Virtual Assistant Agencies vs DIY Hiring

If you want to skip the hassle and hire a virtual assistant from the Philippines who already has real estate experience, you can use a service like MyOutDesk. This will make your life easier but will end up costing you more money than DIY hiring.

The Best DIY Hiring Website: Onlinejobs.ph

If you want to save some money and try DIY hiring, then I highly recommend using Onlinejobs.ph. This is one of the largest job boards for remote workers in the Philippines and will give you access to a massive talent pool. They even post a candidate’s IQ scores, DISC assessments, and other test results that can help you make a hiring decision.

Onlinejobs.ph is not free, though. You will need to pay $69 for a one-month account in order to hire workers. They do offer a money-back guarantee, so if you’re not happy with your results, you can get a full refund.

Ethical Concerns About Hiring From Developing Countries

If you’re having some ethical concerns about hiring from a developing country like the Philippines, then you’re not alone. YKC has hired assistants for WordPress, social media, and data analysis from the Philippines, and in the beginning, we also struggled with these concerns.

After some reflection, we decided that hiring from the around the world actually gave us a chance to benefit from new perspectives and hopefully provide a positive and workplace with a lot of growth potential. Don’t get me wrong—the Philippines and other developing countries have some unsavory political leaders. But you won’t be supporting them. You will be supporting the people you hire.

The Hiring Process

Since they offer the best bang for your buck, we will focus on using Onlinejobs.ph for the rest of this article. However, the same principles will apply if you decide to use other freelancing sites, like Upwork.

Posting Jobs vs Searching Resumes

There are two ways you can use Onlinejobs.ph to find virtual assistant candidates. You can search through resumes looking for great candidates, or post a job. Here’s a quick rundown of the pros and cons of each method:

Posting a job

Searching Resumes

Writing Your Job Description

Whether you decide to search resumes or post a job, you will need to write up a clear, and hopefully compelling job description. You can get started by writing up a bulleted list of the tasks you want your VA to do. Once you have that done, write up a quick, friendly, introduction to you and your company.

Deciding on a Salary

Before posting your job ad, search for keywords like “real estate” or “administrative assistant” or any specific skill you need, like “social media” or “photoshop.” While some VAs in the Philippines specialize in fields like graphic design or programming, most seem to be Jacks and Jills of all trades. If you take the time to find people with the skills you want, you’ll have a much better idea of what salary to offer.

IMPORTANT: If you absolutely need someone with specific skills, make sure you say they must have those skills to apply. If you don’t, you will get flooded with resumes!

Vetting Candidates

Unlike job sites in the U.S., job sites in the Philippines offer substantial information about each candidate. It is not unusual for candidates to pose IQ scores, DISC assessment scores, and ID verification.

IQ, DISC Assessment & ID Score

While making a hiring decision based on IQ is probably not a great idea, DISC assessments can be useful if you want to hire a customer-facing assistant.

Worker Skills

Next, check out their “Worker Skills” section, where candidates rank their skills in different software or tasks. I’ve found that most candidates on the site are very honest about their skill level.

Reviews

Some candidates also have reviews from other U.S. companies that have hired them. I would hire someone with solid reviews over someone with no reviews.

The Interview Process

Once you’ve selected a few candidates to interview, make sure you ask them two questions along with your normal interview questions:

1. How fast is your internet? (Internet speeds can vary wildly in the Philippines.)
2. Are you willing to work U.S. hours? (Many VAs choose to work nights to be available during U.S. hours, but some do not.)

Making the Offer

While you don’t have to, sending your new hire an official offer letter and onboarding document will help them feel like they made the right choice. Make sure to spell out salary, tasks, payment, and hours worked.

Onboarding & Training Your New Real Estate Virtual Assistant

Once you have a new hire ready to go, you should start your onboarding process by giving them a (paid) crash course in the real estate sales process. There are plenty of great videos online that explain the process in plain English.

You should also set clear expectations and key performance indicators (KPIs) to make sure those expectations are met. For example, if you have someone running your Instagram account, you might set the number of new followers or posts per day as KPIs.

Time Tracking

While freelancer sites like Upwork and Onlinejobs.ph offer time tracking services, you might want to consider using KPIs instead. Time tracking software sends the signal that you don’t trust them to work hard. Not exactly a great way to start a working relationship.

Settle on the number of hours they should work per week, then set ambitious but realistic KPIs and have weekly meetings to see how they’re doing.

Paying Your New Virtual Assistant

There are many ways to pay your virtual assistant, but PayPal or Wise (formerly TransferWise) are probably your best bet. Neither are free, but there are very few reliable free ways to send money halfway around the world. If you hire a skilled VA, they will likely tell you how they prefer to be paid.

Remember to Make Your VA Feel Like a Part of the Team

While many of the tasks you assign your new assistant might seem low priority, remember that this is a serious job for them. That said, you are responsible for setting the tone for your new hire, so make sure to offer some fun things to do instead of just grilling them about performance on every call. Ask about their family, send gifts during the holidays, and treat them like the important part of your team that they are.

If your VA is working U.S. hours, make sure they have a voice at weekly team meetings, and remember to include them in the fun stuff too. Being on-screen at 3:00 a.m. can be a little awkward, but making them feel like part of the team instead of a hired hand is a good trade-off.

Over to You

Have you ever hired a real estate virtual assistant? Let us know your tips and tricks in the comments.

Learn How To Get More Real Estate Leads, Get More Listings, Close More Sales, with Less Resistance AND still have a LIFE!

Get more exclusive real estate agent training here https://www.yasserkhan.sg/

YASSER KHAN

Author, Coach & Trainer

Yasser Khan earned less than $1,000 in his first year as a full time property agent. With no money for the $2 train fare to his Broker's office, he was forced to walk 25 kilometers on foot. Worse, he got evicted at midnight with his wife and baby son by the roadside. Desperate, he bought a $16 Sales book and took massive action. That single investment in himself gave him an OBSCENE ROI of $160,000 in just 11 months. Today, Yasser is on a mission to make the real estate great career again and helps ambitious agents quadruple their commission income within 90 days.

Yasser Khan is a real estate coach at YasserKhan.SG, trainer at PropertyAgentUniversity.com and the author of Property Agent Secrets Book who teaches Realtors how to make more Money, have more Time and enjoy more Freedom without all the B.S. plaguing the industry today.  

Yasser Khan’s approach to coaching is highly personalised, holistic, no B.S., and for “PROS ONLY… amateurs not allowed.” He believes that true success means winning in every single area of your life (like Financial, Family, Social, Physical, Mental, Spiritual and Fun).

When Yasser isn’t coaching, he loves playing GOTY PC Games with top-of-the-line Razer products and being a kid again with his 3 naughty children (actually, boss babies...), traveling to and across scenic Pakistan, enjoying hot & spicy food, taking pictures of the Milky Way with his favourite Canon DSLR and reading up all about Dinosaurs (especially T. Rex)

If you’ve gone to a National Association of Realtors (NAR) or Inman conference in the past few years, you’d think that every agent in the country is trying to figure out how to build a team. But the reality is more sobering. According to the 2022 National Association of Realtors’ Member Profile, the percentage of agents on teams actually went down by more than 4% last year.

Why? Well, you could blame the market, but we have a sneaking suspicion most agents gave up because they didn’t take the time to learn how to build a team the right way.

To get you started on the right path, we decided to use our 40-plus years of real estate experience to walk you through everything you need to know to build a thriving real estate team in 2023. We cover getting started, the most efficient team structures, building your tech stack, which team members to hire and when, and wrap up with seven common mistakes new team leaders make.

How to Build a Real Estate Team in 2023

Before embarking on your quest to dominate your real estate market with a team, you need a plan. Here are the step-by-step instructions for getting your team up and running.

1. Get Approval & Guidance From Your Managing Broker

Even though real estate teams are legal in all 50 states, you still need to talk to your broker to make sure you know the rules. You’ll also need to get a split and cap agreement in place so you’ll know how much money you can count on from each transaction to pay to your team and cover your expenses. As your team grows and becomes more successful, you can renegotiate with your broker.

Why Managing Brokers Love Teams

Worried about your managing broker approving your team? Don’t be. Leadership in every brokerage I’ve worked for actually encouraged agents to start teams. Why? Simple. Teams require less hands-on management and usually recruit and train junior agents on their own. That means less work for your boss, not more.

That said, if you come to your broker with a detailed plan for your team from this article, they’re more likely to take you seriously and offer help getting your team off the ground.

2. Choose the Right Team Structure

Once you get the green light from your managing broker, the next step is to decide how your team will be structured. To get you started, here is a quick overview of our three favorite team structures for 2023. If you want to learn more about each structure, check out our deep-dive strategy guide at the end of this section.

Mentor-Mentee Model: Teach Them to Fish & Build Residual Income

• Best for: Team leaders who excel at recruiting and training new agents at brokerages with downline revenue sharing like eXp, Keller Williams, and Exit
• Split to team member: 70-90%
• Cost to operate: Low

If you love training new agents and work at a brokerage that offers revenue sharing, the mentor-mentee model might be your best bet. In this model, team leaders recruit, train, and mentor new agents, but instead of feeding them leads, they teach them strategies and systems to generate their own. Unlike other team structures, agent retention is not your goal here. Instead, you mentor them until they are ready to go out on their own to build your downline.

Since you won’t have to reach into your pocket to generate leads for your agents, costs are low. Low costs = better splits. Better splits = less work recruiting new agents. Not bad, right? Of course, this model is not all wine and roses and is not for everyone.

Team Leader Model: Leverage Your Personal Brand

• Best for: Team leaders with strong personal brands and established reputations in their farm areas
• Split to team member: 50-60%
• Cost to operate: Medium

Have you been building a magnetic personal brand and want to use it as the centerpiece of your team? The team leader model is the perfect fit. It operates more like a boutique brokerage than a traditional real estate team. The only difference is that, instead of a brokerage brand, the team leader’s personal brand is your unique selling proposition.

Rather than endlessly recruiting and training new agents, the team leader model relies on building an actual team to support you. As team leader, you will be the lead listing agent and recruit other listing agents, showing agents, and support staff to keep your operation humming.

Lead Team Model: Run Your Team Like a Startup

• Best for: Scaling your team without a strong personal brand
• Split to team member: 30-40%
• Cost to operate: High

If you have some cash to burn, a strong business background, and thrive on organization and systems, the lead team model just might turn you into the next Gary Keller. Here, you’ll operate more like the founder of a startup than a leader of a real estate team. Instead of you generating leads for everyone else, a business manager oversees a marketing manager and team of inside sales agents to fill your customer relationship manager (CRM) with fresh leads. Those leads are then fed to listing agents and showing agents, who close them with the help of a transaction coordinator.

3. Develop a Business Plan & Budget

The management of a real estate team’s business is different from the management of a solo real estate business. Create a plan for what you need, how you’ll pay for it, and what to do with the revenue you generate. Need help creating a real estate business plan? Check out our strategy guides:

4. Decide on a Compensation Model

Instead of splitting a commission solely with a managing broker, real estate team members split it with their team (which has a collective split agreement with their broker). A junior agent split is usually between 40% and 50%, with 60% to 75% for team leaders. There is no standard split for teams with their broker; it usually is similar to the split percentage of a typical solo agent.

What’s different is the cap—typically about 90% of the collective cap of a group of licensed agents of the same size as the team. Why the discount? For the same reason it’s cheaper to buy your toilet paper in bulk. Real estate brokers are usually willing to give up a little bit of their top-line commission income in order to have a better chance of making their bottom-line commission income—a security that real estate teams provide.

Use our guidelines for the split ranges for the team structure you chose as a starting point to decide what to offer your new team members. Since you’re just starting out, being a bit more generous can help you attract high-quality agents. You can always lower them as your team scales.

5. Build Your Technology & Communications Stack

No matter which model you choose, your toolbox can make or break your team. Remember, team members will not rise to the level of your combined talents, but sink the level of your systems. The right software will make it much easier to recruit new agents, and more importantly, reduce stress and confusion.

Here are a few of our favorite tools that are designed specifically for teams. They’re not cheap, but most will let you create accounts for as few as two team members and then add more seats as you scale.

6. Hire an Administrative Assistant

If you want to set your team up for success, your first hire should be an administrative assistant. Many new team leaders make the mistake of recruiting junior agents first, only to have them quit or move on in a few months when they discover how much of their time is dominated by mundane tasks. Having an administrative assistant on your team can be an attractive lure for recruiting junior agents.

This person’s primary responsibility is to take work off the plate of the team leader or other licensed members of the team so that they can focus on the real estate-specific tasks that drive new client relationships and closed deals.

This work includes things like filing, calendar coordination and scheduling, communication that doesn’t include real estate-specific advice or strategy, light marketing tasks, errands, sign placement, marketing material delivery, and general office organization.

7. Build Out the Rest of Your Team

Once your team starts closing more deals than your agents can handle, it’s time to scale. While the team model you choose will determine who you should hire next, here is the general order we recommend for most teams.

Buyer’s Agent

A buyer’s agent is a licensed real estate professional who works exclusively with house hunters. Because of how labor-intensive the buying process is, successful solo real estate agents can only work with so many buyers before running out of time in the day. When you reach the point where you have more buyers than you have time, a buyer’s agent is the right hire.

Transaction Coordinator

Anyone who’s working in real estate knows that the business gets divided into two phases: the legwork and the paperwork. That’s why a transaction coordinator is often a perfect early hire. Not only will they free up your buyer’s agents to show more houses, they will also help you attract new agents to your team. A dedicated transaction coordinator is an alluring perk for any agent, experienced or not.

Listing Specialist

The yang to the buyer’s agent yin, a listing specialist does just what their title says: specializes in listing property. In many cases, especially with newer (or smaller) teams, the team leader is also the listing specialist. But as your volume grows, so will the requests for listing presentations. If you’re running the team leader model, keeping your showing agents busy can be a huge problem when the market is slow. Adding another listing agent to your team will keep them on their toes and help your team grow faster.

Marketing Specialist

Guess how much marketing experience is required in order to get a real estate license? Zip, zero, zilch. Guess how much of your success as an agent or team depends on a solid marketing strategy? A lot.

A marketing specialist is in charge of envisioning, designing, and executing a marketing strategy for your real estate team. Their work includes branding, lead generation, referral generation, and property marketing. This role is incredibly important; your marketing specialist creates the messages that your community consumes about you, your team, and the way you do business.

Inside Sales Agent (ISA)

An inside sales agent is someone whose primary responsibility is to create new leads with outbound communication, qualify incoming leads, and pass off opportunities to other members of the team for nurturing and closing. This person spends a lot of their time on the phone; they deal with lead communication at scale, meaning they’re shooting to make hundreds of contacts a day.

7 Critical Mistakes New Team Leaders Make

Now that you have a better idea of how to set your team up for success, let’s take a look at some common missteps that bright-eyed and bushy-tailed new team leaders make. I have seen these mistakes crater talented and driven teams many times over the years, and I have a few tricks to help you avoid the same fate.

Providing opportunity and a paycheck to others does not give you the right to project your bad mood, unrealistic expectations, or perfectionism onto others. Unrelenting, micromanaging, uncompromising jerks quickly develop reputations—and not the good kind.

   Pro Tip

Good people don’t leave good jobs. They leave lousy leaders.

Aside from the fact that you’re making it nearly impossible to create a positive culture, you need to remember this: Finding great talent—for sales, operations, or support—is one of the most significant challenges team leaders face. How easy do you think it will be if you have a reputation for being a nightmare to work for?

There is hope for those with enough self-awareness to recognize where they’re falling short as a leader. A therapist, a coach, or a trusted group of peers may all provide support as you seek to correct the behavior preventing you from achieving all you are capable of.

How to Build a Real Estate Team: FAQ

Bringing It All Together

Building a real estate team is a fantastic way for successful agents to scale up their business and for new agents to break into the industry and learn from seasoned pros. Are you a part of a real estate team? What advice would you give to agents wondering how to start up a squad? Tell us in the comments below.

Learn How To Get More Real Estate Leads, Get More Listings, Close More Sales, with Less Resistance AND still have a LIFE!

Get more exclusive real estate agent training here https://www.yasserkhan.sg/

YASSER KHAN

Author, Coach & Trainer

Yasser Khan earned less than $1,000 in his first year as a full time property agent. With no money for the $2 train fare to his Broker's office, he was forced to walk 25 kilometers on foot. Worse, he got evicted at midnight with his wife and baby son by the roadside. Desperate, he bought a $16 Sales book and took massive action. That single investment in himself gave him an OBSCENE ROI of $160,000 in just 11 months. Today, Yasser is on a mission to make the real estate great career again and helps ambitious agents quadruple their commission income within 90 days.

Yasser Khan is a real estate coach at YasserKhan.SG, trainer at PropertyAgentUniversity.com and the author of Property Agent Secrets Book who teaches Realtors how to make more Money, have more Time and enjoy more Freedom without all the B.S. plaguing the industry today.  

Yasser Khan’s approach to coaching is highly personalised, holistic, no B.S., and for “PROS ONLY… amateurs not allowed.” He believes that true success means winning in every single area of your life (like Financial, Family, Social, Physical, Mental, Spiritual and Fun).

When Yasser isn’t coaching, he loves playing GOTY PC Games with top-of-the-line Razer products and being a kid again with his 3 naughty children (actually, boss babies...), traveling to and across scenic Pakistan, enjoying hot & spicy food, taking pictures of the Milky Way with his favourite Canon DSLR and reading up all about Dinosaurs (especially T. Rex)