4 Myths about Building a Powerful Buyer Team Debunked

Jul 9, 2013 4:12:03 PM

By 2007, top-producing agent Aaron Armstrong felt like he had a solid real estate team. Following the Organizational Model he read about in Gary Keller’s bestselling book The Millionaire Real Estate Agent, the team consisted of a lead administrative assistant, lead listing specialist and lead buyer specialist. As business boomed, so did the workload for Brianna Morant, the lead buyer specialist. The team needed more help – but they weren't sure what position to hire for next.

BAfter attending a session at Keller Williams Realty’s Family Reunion, Armstrong and Morant came to the same conclusion: they would find and hire a talented showing assistant to fill out the buyer side. Now a common hire for the buyer team, the showing assistant is someone who assists the lead buyer specialist by working with buyers to identify and refine home needs, map routes, drive clients, show homes and close buyer clients to contract offers. “We needed to free [Morant] up so she could go back to focusing on the consumers, getting them to appointments and getting contracts signed,” says Armstrong.

Like most success stories, Armstrong and Morant’s had its learning curves, one of which was just getting started.

They identified four more myths that many real estate agents find limit their ability to build a highly efficient and highly profitable buyer team.

Myth: You need more leads.

Truth: You need to improve your conversion ratios. Most agents sit somewhere between a 1 to 2 percent conversion ratio on leads to actual closings. A buyer specialist frees up the rainmaker to lead generate and go on appointments to convert more buyer clients. And when the buyer specialist gets too busy working with clients instead of obtaining more – it’s time to consider hiring again.

Myth: You need a lot of buyer agents.

Truth: You need the right buyer agent. “The right person wants more skin in the game,” Armstrong says. A showing assistant, for instance, should be future minded and aspire to move into a buyer specialist position.

Myth: The most talented buyer agents will leave to start their own team.

Truth: The most talented buyer agents will only leave if they don’t see you as a vehicle for their success. “If your goal is to grow your business, then set someone up to grow too,” he says.

Myth: My clients will only want to work with me.

Truth: Your clients aren’t loyal to you; they are loyal to the level of service you provide. The Armstrong team experienced these growing pains and had to modify their process more than once. They had to involve the customer and detail the value of working with several different people. The team now explains that “we not only have one, we now have two people to find and show you homes that are handpicked just for you.”

In addition to being the President/CEO of The Armstrong Real Estate Group, Aaron Armstrong is a KW MAPS Coach. Currently he coaches agents during the “Forge Your Ideal Buyer Team” Group Coaching program, which consists of 16 weekly, one-hour group coaching Webinar and conference calls. You can sign up for the “Forge Your Ideal Buyer Team” at (mapscoaching.kw.com/group-coaching/forge-your-ideal-buyer-team).