Rae Wayne of Los Angeles, Calif., is a successful Mega Agent, KWU Master Faculty and KW MAPS Coach, but in addition to it all, she has built a seventh level team. At the seventh level, she is no longer involved in day to day real estate. Wayne spoke to a packed room about how to move from being a solo agent to hiring an assistant and building a team to the 4th level and beyond.
The discussion started out by covering many of the myths about working as a solo agent. If building a team is such a great idea, why doesn’t everybody do it?
- “I’m doing fine on my own.”
- “My customers won’t like it.”
- “I can’t possibly hire anyone until I have better systems in place.”
- “I don’t have time to train anyone.”
- “My clients will only work with me.”
- “It would take too much time and effort and I will lose my freedom.”
Each of these statement can easily be proven false using the proven systems and models in the Millionaire Real Estate Agent.
According to the book, “The best way to put systems in place is to hire a person with the skills to document and later implement your systems… hiring a person, specifically administrative help, comes before the full development of systems and tools.” (Page 160)
Newly named CEO of Keller Williams, Chris Heller, relates the team’s duty to that of a doctor. A doctor could not do his job without the support of administrative staff and nurses. The same should go for a realtor, each team member having their own duties that contribute to the team.
So how does one build a team to the fourth level and beyond?
- The first level involves becoming a success as a solo agent. To begin, you must know the four models of the MREA and you must have discipline, education and involvement. Once you have mastered this, you are ready to move to the second level.
- The second level is when you reach the point when you hire your first administrative assistant. You must be prepared for this process and follow recruit select to find the right fit. Hiring an assistant is important because you cannot afford to be doing the work that an assistant could be doing for you. Having an assistant allows you to focus on sales and let them handle the administrative tasks.
- At the third level, a second assistant joins the team to handle the other tasks and allow you to further focus on the items that are going to get your results. The second assistant is much easier to add to the team than the first as they can be hired, trained and managed by the first assistant.
- Finally, the fourth level is adding a showing agent or buyer agent to the team. Wayne pointed out that Gary Keller recommends starting with a showing agent until they earn the right to be a buyer agent. This person can secure appointments, conduct consultations and show properties. For doing this level of work, a fair amount of compensation would be between 25 and 50 percent of commission.
Once you have built a fourth level team, how do you ensure their success and continue to build?
Start with training. One cannot succeed without the proper training for their position. Training should be ongoing. Other methods for building success include consulting, accountability, 100-day plans, ROI checks and coaching. With your fourth level as a foundation, you are ready to move on to the fifth, sixth and seventh levels.
With the systems and models of The Mililonaire Real Estate Agent, not only can you realize your potential in the real estate world, you can achieve a level of success at which you have a team to handle the operation, allowing you to step out and let the business run itself.