Real estate professionals go back and forth about forming or joining a team. Will being a member of a real estate team enhance my bottom line? Will being a member of a real estate team enhance my lead generation efforts or will another team member just steal my leads? Will I still be able to be my own boss if I join a team? Will my time still be my own or will I have to engage with other team members instead of doing what I like to do, engaging more with my clients?
Don Yoachum, an elite-level real estate agent and team builder, initially built his brokerage from 10 agents to 184 agents in just a little over two years. Yoachum subsequently went on to build nine additional brokerages. Currently, Yoachum, along with his partner Amir Cackovic, is dedicated to helping other real estate professionals achieve high level productivity, multiple profit centers and wealth with their coaching business ProInsight specifically targeted at independent brokers and agents.
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Obviously, Yoachum has thought about the pros, cons, obstacles and solutions when building real estate teams while devoted to his own team building efforts. Here are five issues at the top of Yoachum’s list to consider when thinking about real estate teams as well as some solutions to mitigate possible problems.
- Teams attract talented agents who are seeking mentorship.
- Sure, talent, motivation and quality mentorship are all desirable attributes but what happens when those team members become successful? Will they just leave and start their own team with the eventuality of becoming stiff competitors?
- Yoachum’s solutions via his ICONMaker Coaching –
- ICONMaker Bootcamp – 12 modules that provide the basic underpinning for market share and dominance
- FREE Pro Referral Networks to help independent brokers and agents secure their territory
- Independent Broker Package that includes a broker diagnostic and 12 profit modules delivered weekly over 90 days
- Teams tend to attract dependent agents who may procrastinate and want to be led and fed.
- Yoachum’s solutions via his ICONMaker Coaching –
- ICON Maker Bootcamp that tends to “weed out” and discourage dependency and encourages independent thinking and action.
- Branding is for the team.
- Some agent may ask, “Why am I doing all this work to promote another team or team member’ brand?
- Yoachum’s solutions via his ICONMaker Coaching –
- From day one, all ICONMaker branding is designed to build the agents’ brand as a team in order to offer and build market presence.
- Teams do not require “skin in the game.”
- Yoachums’s solution via his ICONMaker Coaching
- All agent splits for marketing and transaction coordinator costs are 70/30 in order that all team members have skin in the game.
- This posture cultivates higher levels of engagement because every agent has something to gain when each has something to lose.
- Teams tend to be local.
- Since all real estate is local, will team members who leave the team become competitors with your team’s systems and leads?
- Yoachum’s solution via his ICONMaker Coaching –
- When each team member shares the ownership and costs of the team, that team member (sometimes called an Apprentice) will organically become a referral source and a referral partner because that team member knows from team experience and knowledge that everyone benefits when everyone works together.
- Yoachums’s solution via his ICONMaker Coaching
- Yoachum’s solutions via his ICONMaker Coaching –
Tim and Julie Harris recently interviewed Don Yoachum on their Real Estate Coaching Radio. Check out that interview to hear more insights about working with and being an elite quality team member.
