Welcome to another episode of Modern American Realtor. After a short break from the show, the Wright brothers are back with a detailed look at the strategies needed to build a successful real estate team. With this episode the show shifts gears, introducing the first of a series of special guests. Today the brothers speak with Ed Wright, a highly successful broker and agent who provides lucrative insight into building a rock star team, creating a culture and achieving success.
Finding great people is essential for any successful operation, particularly highly profitable real estate teams. Corey looks at the strengths of focusing on quality over quantity, and the advantages to maintaining low staff numbers. Adding to this, Ed’s “referral only” philosophy helps to identify key elements such as commitment and work ethic, which can be difficult to uncover within the interview process.
Developing a rewarding professional culture also helps attract great candidates to your team. Having adopted a somewhat scientific approach, Ed describes his methodical perspective on building culture within a company, and its similarity to developing business systems. This consistency helps to establish intent and transparency among your agents and allows them to focus on outcomes. It also demonstrates a safe workspace; insuring agents know support is available if needed.
Making the transition from agent to team manager can be a daunting and lengthy journey. However, it is important to demonstrate full commitment to your agents from the beginning. This will help you develop rewarding relationships with your staff, and help to ensure the collective success and functionality of the group. Valuable insight into strategies for a smooth transition are detailed, as well as a unique approach to sales commissions outlined by the brothers and their guest.
Building a real estate team can be a highly rewarding endeavor. However, your success will hinge on your willingness to commit to your agents. To build a prosperous operation, you will need a foundation of rock star agents. Consequently, locating and securing great people is an essential task. Additionally, building a robust professional culture will help to create unbreakable bonds throughout your team.
6:53 – Guest introduction
9:02 – Building a team
12:07 – The transition from sales to management.
16:44 – What to look for in agents?
22:43 – Where do you start new agents on your team
25:40 – Team culture
33:40 – Commission Split.
37:15 – One Rule
45:23 – Figure out what people want
The Wright Team
ed@wrighteam.com
Podcast produced and edited by Jacob Turnbloom
Intro and outro music created by Jacob Turnbloom
Show notes and transcription by Matt Russell
Categorized in: Uncategorized
