6 Steps To Scaling a Successful Real Estate Team and/or Real Estate Brokerage with Joshua Smith
Summary
TLDRIn this real estate-focused podcast, the host outlines six key steps to building and scaling a successful real estate team or brokerage. The fundamentals include establishing a solid compensation structure, creating an effective onboarding process, providing ongoing training and support, developing a strategic recruitment plan, implementing systems and processes, and integrating ancillary revenue streams. The host emphasizes the importance of creating a true business that operates efficiently and autonomously, allowing for financial success and personal freedom.
Takeaways
- 🏢 Building a successful real estate team or brokerage requires identical fundamentals, despite different models and nuances.
- 💰 The primary goal of creating a real estate business is to achieve financial success, autonomy, and freedom to enjoy life.
- 🔑 A true business can operate without your day-to-day involvement and should continue running even in your absence.
- 🤝 Understanding the three main reasons agents leave (internal issues, lack of production, and outgrowing the business) is crucial for retention.
- 💼 Having a clear and adaptable model with different tiers allows agents to grow within the organization and reduces turnover.
- 🔄 Reverse engineering your compensation structure based on the value provided and costs ensures profitability and sustainability.
- 📈 Establishing a solid onboarding process is essential to set agents up for success and to start producing deals quickly.
- 🛠️ Ongoing training and support are vital for continued agent success and for achieving their goals within the business.
- 📊 Tracking key performance indicators (KPIs) for every aspect of the business is crucial for making informed decisions and scaling effectively.
- 🤔 Developing a strategic recruiting strategy for both agents and key staff members is necessary for business growth and success.
- 📈 Adding ancillary services at the right time can increase revenue streams and profitability without adding extra work to your plate.
Q & A
What are the six fundamental steps to building and scaling a successful real estate team or brokerage?
-The six fundamental steps are: 1) Nailing your comp structure and overall model, 2) Nailing your onboarding process, 3) Nailing your ongoing training and support, 4) Developing a solid recruiting strategy for agents and staff, 5) Establishing systems, processes, and tracking, and 6) Integrating the right ancillaries at the right time.
Why is it important to have a clear compensation structure before recruiting agents?
-A clear compensation structure is crucial to ensure profitability and sustainability of the business. It helps in attracting and retaining agents by offering them a fair share of the revenue while also covering the business's operational costs.
What does the speaker mean by 'reverse engineering' the compensation structure?
-Reverse engineering the compensation structure means determining the splits and compensation based on the value provided by the team or brokerage, the level of support, and the systems in place. It ensures that the business hits healthy profit margins without losing money.
Why should a real estate team or brokerage focus on the onboarding process?
-Focusing on the onboarding process is essential to set new agents up for success. It helps in integrating new agents effectively into the team, ensuring they have the necessary tools, knowledge, and support to start producing deals as soon as possible.
How does the ongoing training and support infrastructure benefit the real estate team or brokerage?
-The ongoing training and support infrastructure ensures that agents continue to grow and improve their skills. It helps in maintaining high productivity levels, achieving goals, and reducing turnover rates by providing continuous learning and development opportunities.
What is the significance of having a robust recruiting strategy for both agents and staff?
-A robust recruiting strategy is vital for the growth and scaling of a real estate team or brokerage. It ensures a continuous influx of new talent and the right staff to support the team's operations, leading to a sustainable and scalable business model.
Why is tracking and measuring key performance indicators (KPIs) important in a real estate business?
-Tracking and measuring KPIs provides insights into the business's performance and helps in making data-driven decisions. It allows for the identification of areas that need improvement, monitoring of progress towards goals, and ensures that the business is on the right track.
What are ancillaries in the context of a real estate business?
-Ancillaries in a real estate business refer to additional revenue streams or services that complement the primary business activities. These could include strategic partnerships, property management, or offering services like mortgage or title companies.
How can strategic partnerships with mortgage or title companies benefit a real estate team or brokerage?
-Strategic partnerships can provide additional revenue streams and enhance the value proposition for agents and clients. They can also improve the overall client experience by offering a seamless and integrated service package.
What is the speaker's recommendation for someone who is stuck or unsure about how to grow their real estate business?
-The speaker recommends scheduling a free Zoom coaching call with him to get a personalized deep dive into the business, identify goals, and map out a strategy to achieve those goals in the most effective and efficient manner.
Why is it important for a real estate team or brokerage to have a system-based business?
-A system-based business ensures consistency, scalability, and efficiency. It allows for the replication of successful processes, holds people accountable, and reduces the need for micromanagement, as the systems manage the people.
How can a real estate team or brokerage ensure they are providing superior service through their ancillary services?
-They can ensure superior service by having ownership or a significant influence in the ancillary companies, allowing them to dictate processes and select the best service providers, thus enhancing the client experience and business profitability.
Outlines
🏢 Building a Successful Real Estate Team or Brokerage
Joshua Smith introduces his podcast aimed at teaching the six fundamental steps to building and scaling a successful real estate team or brokerage. He emphasizes that the core principles for both are identical and discusses the importance of creating a business that operates independently, allowing for financial gain and personal freedom. Joshua offers a free Zoom coaching call for those seeking to elevate their real estate business, promising a personalized strategy session to identify and overcome business obstacles.
🤔 The Importance of a Solid Comp Structure and Model
The speaker discusses the critical nature of establishing a compensation structure and business model that cater to the needs of both teams and brokerages. He highlights common mistakes, such as not understanding why agents leave, and stresses the importance of creating a model that allows agents to grow and stay within the organization. Joshua shares his own experiences and the three-tiered model he uses to accommodate different agent needs, advocating for a reverse-engineered approach to ensure profitability and sustainability.
📈 Onboarding and Conversion Machine for New Agents
Joshua Smith emphasizes the importance of a robust onboarding process to ensure new agents can start producing deals as quickly as possible. He details the need for a conversion machine that includes a proper follow-up protocol and a strong tracking system. The speaker outlines his own 14-day onboarding protocol, which focuses on setting up essential tools and systems, and ensuring agents know how to utilize them effectively to convert leads into deals.
🛠 Ongoing Training and Support Infrastructure
The speaker discusses the necessity of an ongoing training and support system to keep agents productive and achieving their goals. He stresses the importance of having a clear infrastructure in place that provides continuous learning and assistance. Joshua outlines the components of effective ongoing support, including regular meetings and tailored strategies for individual agents, to ensure they can reach their full potential within the team or brokerage.
🔄 Developing a Comprehensive Recruiting Strategy
Joshua Smith explains the need for a two-pronged recruiting strategy that focuses on both agent recruitment and hiring key staff members. He likens recruiting agents to selling, emphasizing the need for a structured approach with defined strategies and tracking mechanisms. The speaker also discusses the importance of identifying and recruiting the right staff to eventually remove oneself from day-to-day operations, creating a self-sustaining business.
📊 Systems, Processes, and Tracking for Business Growth
The speaker stresses the importance of having a system-based business to ensure consistency, accountability, and scalability. He talks about documenting processes and having them live within systems to achieve replicable results. Joshua also highlights the need to track essential KPIs within the business to create predictability and make informed decisions. He emphasizes that without proper systems and processes, a business cannot be considered a sellable product or one that can operate without the owner's constant involvement.
💰 Integrating Ancillaries for Increased Profitability
Joshua Smith discusses the concept of ancillaries as a means to increase revenue streams beyond traditional commission splits. He suggests exploring strategic partnerships and additional services that can provide extra profits without adding extra work. The speaker advises on the importance of timing when integrating ancillaries and ensuring that they enhance the overall client experience while contributing to the business's profitability.
🤝 Partnering for Superior Service and Profit
The speaker talks about the benefits of partnering with excellent vendors to provide superior services to agents and clients, which in turn can lead to additional profit centers within the business. He uses the example of a joint venture with a mortgage company, where both parties have specific roles to ensure the service provided is top-notch. Joshua emphasizes that while profit is important, the primary focus should be on the quality of the partnership and the service provided.
🚀 Scaling a Profitable Real Estate Business
In the concluding paragraph, Joshua Smith reiterates the importance of the six fundamentals in scaling a successful real estate team or brokerage. He encourages those who are stuck or seeking to grow their business to take advantage of a free Zoom coaching call to map out a strategy for success. The speaker promises to provide tailored advice for agents at any level, from new to seasoned, to help them reach their business goals more efficiently and profitably.
Mindmap
Keywords
💡Real Estate Team
💡Real Estate Brokerage
💡Comp Structure
💡Onboarding Process
💡Ongoing Training and Support
💡Recruiting Strategy
💡Systems and Processes
💡Ancillaries
💡Strategic Partnerships
💡Autonomy and Freedom
Highlights
The six fundamental steps to building and scaling a successful real estate team or brokerage are identical, emphasizing the importance of foundational strategies.
Building a real estate business allows for financial freedom and autonomy, a key motivation for creating a team or brokerage.
A true business can operate without day-to-day involvement from the owner, a critical distinction from merely having a job.
The importance of having a sellable product in real estate, which involves building a business that can operate independently and yield a return on investment.
Offering a free Zoom coaching call to real estate professionals to diagnose business challenges and provide tailored strategies.
The necessity of a strong compensation structure and model that adapts to different levels of agent growth and needs.
Understanding the three main reasons agents leave a team or brokerage: internal conflicts, lack of production, and outgrowing the current structure.
The concept of reverse engineering compensation structures to ensure profitability and cover costs, rather than starting from a predefined split.
The importance of having a robust onboarding process to set new agents up for success and ensure they start producing deals quickly.
The need for ongoing training and support infrastructure to keep agents producing and achieving their goals within the team or brokerage.
Developing a strategic recruiting strategy for both agents and key staff members to grow and scale the business effectively.
The significance of tracking essential KPIs in the business to create predictability and measure the success of different initiatives.
Establishing systems and processes to ensure consistency, accountability, and the ability to replicate success within the organization.
Identifying and integrating the right ancillary services at the right time to increase revenue without adding extra work.
The importance of strategic partnerships for ancillary services to provide added value to clients and additional profit centers for the business.
Creating a business that allows for work-life balance, where one can enjoy life while the business operates successfully without constant personal involvement.
Transcripts
all right what's up my peeps Joshua
Smithy with another GSD mode podcast
real estate tip and T I'm here to break
down the six overall steps to building
and scaling a massively successful real
estate team and or a massively
successful real estate brokerage and the
reason why I'm including both in here
talking about a team and a brokerage is
for this simple fact that the
fundamentals to building and scaling a
truly successful real estate team and a
truly successful real estate brokerage
are absolutely identical I get there's
some nuances to the models and really at
the end of the day a team is really just
a brokerage instead of a brokerage where
maybe you're going out there and
leveraging you know bricks and mortar
you're leveraging some liability maybe
you're leveraging a designated broker
but the overall fundamentals that we're
going to cover here today these six
fundamentals when it comes to scaling a
successful team or scaling a successful
real estate brokerage are absolutely
100% identical so before I jump into
these six fundamental steps though
because these are the steps that when
I'm working with team leaders and
brokerage owners on on like a one-onone
on a coaching basis and they're wanting
to go out there and scale into building
again a highly successful real estate
team more business these are these six
things that we laser focus on make sure
they get in place make sure that they
get right and make sure that they you
know do brilliantly that allows them to
massively scale on a huge front now the
first thing though is just you know
answering the question as to why you
might want to go out there and build a
team or brokerage and I'm not saying
that it's for everybody but look the
reality is this is if you want to create
a true business and buy a true business
I mean build something that allows you
to make the money that you want to make
but eventually allows you to have the
time the autonomy the freedom to go out
there and enjoy life okay it's going to
take you building some element of a real
estate business and the two most popular
ways to do that in our industry there's
other ways to go out there and do it but
the two most you know popular are
building a real estate team and or a
real estate brokerage now when I'm
talking about a business a business is
something that okay you built that you
can go disappear from for a month two
months two years years and it's
still running and operating without your
day-to-day involvement because otherwise
until you build that out you've got a
job you don't have a business you've got
a job when you stop it stops so if you
are somebody that wants to go out there
and build a a true business build a
machine that allows you to go out there
make the money that you want to make
again gives you that freedom and
autonomy to go out there enjoy life and
do the that you want to do and
eventually have some element of a
sellable products you're not just making
money as you're doing it and building it
but then okay you can go out there and
sell this thing for you know for a high
multiple
and get a big payday at the end of this
you know this podcast is 100% for you so
before I jump into these six actual
steps and again these six actual
fundamentals not just steps but these
actual fundamentals these actual
foundations where you got to nail all
six of these things and do this and do
this right if you want to go out there
and scale team or brokerage but before I
jump into those look real quick if you
are an individual agent if you are a
team leader or you are a real estate
broker jiner your business is not
exactly where you want and need it to be
it's like maybe you're operating down
here but you know your true potential is
up here and look your business might be
declining might be stagnant might be
growing just not growing at the exact
Pace that you want it to grow out if
that is you I invite you to schedule a
100% free 100% zero pressure Zoom
coaching call with me personally we're
on this one hour long Zoom coaching call
we're going to do a deep dive into your
business breaking down where your
business currently at what your 12-month
goals are what your long-term goals and
Visions are for your real estate
business what you're currently doing
what your biggest bottlenecks and
obstacles are then from there I'm going
to break down what my personal
recommended strategy is based on your
goals and your own unique situation
there's a lot of nuances that come into
play here when we're building our real
estate business so based on your own
unique situation I'm going to break down
what exactly what my recommended
strategy is to get you from exactly
where you're at to where you want to go
in the quickest most effective efficient
profitable manner possible so if you
want to room up all that guess work if
you want to have extreme Clarity within
under an hour period of time on exactly
what you must do to go up and get from
where you're at to where you want to go
in the quickest most effective efficient
profitable manner possible I invite you
to schedule a 100% free Zoom coaching
call with me personally you can do that
by going to
www.
gsd.red so when you book that you're
going to land on a quick video I highly
want like I encourage you I want you to
watch that whole video it's a quick
video but that will allow you to be the
most prepped for this call so we can get
the most out of it okay so now let's
just move forward here and jump on into
the six foundational steps to going out
there and growing and scaling your
overall real estate brokerage now with
this and this is you know sometimes with
coaching clients like we might spend a
year two years sometimes two months
depending on on what level that they're
out really nailing and getting these
dialed in so there's a lot that goes
into each of these so I'm going to be
covering these at a very high level but
the most important element is that you
know what these six steps are because
you want you know what you got to build
out know what to focus on then from
there you can figure out the how and so
forth from there right okay so number
one is you got to make sure that you are
nailing your comp structure and your
overall model now that can be different
based on whether you're team or
brokerage and look let's face a lot of
brokerages operate as teams and have
different levels in there um and a
couple things to think about here
whether your team or whether you're
brokerage you know one thing that I
highly encourage you to consider one of
the big mistakes I made early on in my
journey is not understanding the the
three reasons why agents will leave you
over time right number one the number
one reason and these aren't any specific
order so number one is actually the
least number reason why agents leave you
but number one okay somebody internally
does something to piss them off now that
can be minimized based on building a you
know strong culture and whatnot but that
can happen because it could be agent to
agent or another staff like there there
can be some element of that that's out
of your control but number one you know
somebody does something internally to
piss somebody off okay number two your
agents are not producing agents that are
producing making money hitting their
goals tend to be happy retention you
know uh uh tends to be very strong
you're able to retain them for a long
period of time and turnover rate tends
to be very low okay then number three
your agents eventually outgrow you where
you don't have and this is one of the
mistakes I made very early on when I say
very early on was about the you know
first six seven years of of building my
team um is I'd get these agents up to
kicking ass and producing you know
between 10 and20 million on an annual
basis for with their own gross volume
sales but they'd get to the point where
they wanted to go out there and start
building their own teams and I didn't
have a place to grow so they had no
choice but to leave me so I you know
with those top producers eventually you
know all of them end up leaving because
I didn't have an Adaptive model so
something to be considering when you're
thinking about okay what is your model
going to be and within your your model
what is the different comp structures
that you're going to have so with me
personally you have three different
models you know when I say this I have
you know really three different paths
that they can take inside our
organization you know we run the you
know typical kind of team you know uh uh
style division where it's okay we're
providing a lot of opportunities
providing a lot of leads providing all
the systems and that's going to be a
specific split you right then from there
we have what we call a full service
division you know which is in there you
get pretty essentially everything that
you get as part of the team but you
don't get leads so you get you know all
the equ equipment all the systems all
the coaching all the training all the
equipment everything but leads okay and
that is a different split so because the
agents get to the point where maybe they
want the support they still need the
systems they still need the guidance
they still need the very high level of
mentorship but they're able to go out
there and self- procure Deals they built
up their book of business so that's kind
of our second tier then we've got you
know what we call entrepreneur model
which is more of like a traditional
brokerage model right where you know as
they evolve and they have their own
systems and they you know have their own
staff and they want to go out there and
start building up their own teams okay
then boom you know they can progress up
in that model or we could recruit them
in that model so I have different tiers
that allows them to continue to grow
with us where I can continue to help
coach support Mentor them through the
different phases of their Journey so I'm
not saying that you got to follow my
model I'm understanding you need to
identify okay what is your model going
to be model Andor models and then within
there then identify what your comp
structure is going to be what your what
Your compensation structure is now my
recommendation when it comes to comp
structures is to reverse engineer this
you know so so many will you I see so
many I posts in Facebook groups and I
get these questions all the time too
like oh Josh what splits do you
recommend that I have right and that is
a wrong question to be asking I get why
you might be asking that question but
really you want to reverse engineer this
based on what the model is that you're
offering what what the level of support
what the level of systems are that
you're doing and then reverse engineer
what your comp structures are to ensure
that you are hitting the healthy profit
margins that you need to be hitting you
know number one rule in business is
don't lose money you know number two
rule is okay make sure that you're
making money always but number you know
number one rule is make sure number one
that you are not losing money then from
there hopefully not that you're just not
losing money um you're offsetting all
your costs at least you know breaking
even you know but then from there
hopefully you're making money and start
thinking about this and really reverse
engineering this this is again mistakes
that cost me millions of dollars on my
overall Journey you know the 20 years
that I've been you know building my real
estate company that didn't think through
early on I Didn't Have You know when I
first jumped in this game there there
was no podcast like this so you know I
didn't have some of this guidance you
know so I had to learn some of this
stuff the hard way you know but not
think you know one of my big mistakes
was I didn't think through certain
scenarios I didn't think through certain
things like as an example okay you bring
on an agent because it's gonna happen
you bring on an agent they're with you
they never sell a single deal they end
up getting out of the business like it's
just going to happen you're in this
business long enough that's going to
happen and probably happen more than you
think it's going to happen right um
there's there's a lot of people that say
they want it that they say they're
committed words are Hollow action show
it they truly value we all know what the
failure rate is inside this industry so
thinking about that okay if I bring on
somebody I recruit somebody and I bring
them onto my organization and they never
close a deal how can I ensure that
number one I don't lose money off of
them but then number two how can I
ensure that I'm profitable through that
you know through that ideally you know
profitable in that situation so this is
where again taking the time to reverse
engineer what your compensation
structure is going to be be based on the
value ads that you're offering and
whether you're off running a team or
brokerage and then even that within the
style of team and The Brokerage that
you're running if you're giving leads if
you're providing full support staff all
the equipment you know and all that
obviously that splits are going to have
to be much more you know intense for me
to go out there and coverage uh uh you
know cover all of my hard costs into
that and ensure that I'm hitting the
margins that I need to hit you know um
versus okay if I'm running more of a
traditional brokerage I'm not providing
all those things and the agents are
responsible for a lot of their own
equipment responsible maybe for their
own business cards like essentially
they're just a place to hang their like
you know most brokerage are with a place
to hang your real estate license they
don't really give you a you know
right just you know cut your commission
checks when they come in okay that might
be a you know a Lower Split structure
you know write your margins you know um
um but anyway you know enough on that
but hopefully you can grasp that concept
of I'm saying there is make sure that
you're running the math on this running
through different scenarios and reverse
engineering what your comp structures
need to be based on the margins that you
want to and need to hit inside your real
estate business that will save you an in
insane amount of future pain okay so
then from there so number one is nailing
your comp structure in your model number
two then is making sure that you are
nailing your onboarding process right so
so many of team leaders and broker
owners do this ass backwards no
different than most agents do in their
own business and what I mean by ass
backwards okay what do most agents do
they go out there and they start trying
to go out there and generate clients
they go out there and do all this lead
genin you know um but before they do
that and they start generating all these
leads before they have a conversion
machine in place okay before I'm going
to go out there and start generating any
leads I'm going to make sure that I've
got the right follow-up protocol I've
got the right systems in place and the
right tracking system in place to ensure
that I have a place to feed those leads
to and I have that conversion machine so
I can go out there and get the cost per
acquisition the conversions that I need
to out there so I'm not just wasting an
abundance of of time and energy you know
have that Lead Gym which is what the
vast majority of Agents do I talked to
so many agents they're like oh I got a
Lead Gym problem that's my biggest
obstacle in my business I've I I can't
even think of a time where I met one
single agent that actually had a lead gy
problem right the the problem almost
always every almost every single time as
we do a deep dive and break down their
business is their inability to convert
those leads into appointments they have
no follow-up protocol or or you know a
hardcore lacking follow-up protocol they
don't have a CRM or they've never logged
in they haven't taken the to master
their CRM they haven't fed the right
instructions in their CRM they don't
know tonality they don't know scripting
they don't know like they have no idea
how to go out there and follow up with
the right process with the right skill
set to convert these leads into
appointments so it doesn't matter how
many leads they go out there and
generate they're just going to do a
shitty job with this so thinking of that
in this way okay before you go out there
and you start recruiting to your
organization your team or your brokerage
okay let's make sure that you have the
Fulfillment piece in place you know and
this is what I look at okay your product
as a team or a brokerage really boils
down to okay your ability to facilitate
the experience that your agents want
need to get them from where they're at
to where they want to go that is our job
as team leaders and brokerage owners our
job the reason that we exist solely in
those our agents you know lives and
Worlds at the highest level is to get
them from where they're at to to where
they want to go AKA accomplishing their
goals in the quickest most effective
efficient profitable manner possible so
I want to reverse engineer this before I
start stacking an agents because you
start stacking in agents you're just
going to let them down you're going to
have high turnover rate and you're just
going to exhaust a bunch of time and
energy there so we want to make sure
that we got that conversion machine in
place so step number one of the
conversion machine um so this is you
know step number two of the fundamentals
but step number one of the conversion
machine here is getting that initial
onboarding protocol in place so when you
think of your onboarding protocol so an
example my real estate company I have a
14-day onboarding uh protocol onboarding
process now the 14 days that's a Target
date look if I've got agent maybe that's
part-time or that has a lot going on in
their life and they don't have a lot of
time to devote to it might take them 30
days I'm not saying if somebody takes
more than 14 days I'm like peace out see
you later and then look if somebody's
full-time and they got a bunch of time
allocation they might get it done in
seven days you know but the goal is to
get everybody as much as we possibly can
to encourage them to get this done
within the first 14 days now what are we
walking them through in that first
14-day onboarding process not going to
go through my whole protocol because
that would take too long here for this
podcast but overall I'm looking at okay
what are the essentials I'm not looking
to over train them because then we're
going to have part two of this which is
the ongoing you know training and
support So this initial onboarding
though is just what are the essentials
what are the essential tools the
essential systems the essential pieces
of information knowledge that we need to
get them that they need to have to go
out there and start Pro procuring deals
and producing deals ASAP like my my
whole obsession with my onboarding is
okay making sure that everybody that
gets through that is putting deals on
the board in 90 days or less so with
that now for me going through my onboard
and protocol there's five things that we
really hone in on focus on there getting
their tracking system set up getting
their CRM fully set up and dialed in
making sure that they know how to
utilize it effectively to go out there
and convert right tracking system and
CRM systems are most two important
systems as agents that we're using
inside of a real estate business okay
then making sure that their buyer
consultation listing presentation is
dialed in making sure their past client
s influence strategies dialed in then
making sure that we identify the right
client acquisition strategy AKA their
lead gen Le fall protocol to go out and
start generating customers ASAP and that
is obviously going to we got to have
walking through goal setting and
business planning it claring what their
goals are what their strengths are what
their weaknesses are what their
immediate goals are long-term goals are
all of those things come into place of
putting together that right strategy for
them because every agent is different
right people have different strengths
and different weaknesses and you know
different targets that they want to go
out there and hit different ways that
they want to grow in their business you
know real estate is that one one siiz
fits-all you know so for me I really
cater that to the agent that we bring on
and make sure sure that we have them
focusing on the right things in the
right ways that's allowing them to
accomplish what they want to accomplish
but that is all I'm laser focus on that
14-day onboarding strategies again what
are the tools knowledge resources what
are the things that they need the
essentials that they need so they can
start stacking deals as soon as possible
okay so that's number two is nailing the
onboarding process step number two okay
fundamental step number three then is
nailing the ongoing training and support
infrastructure in side of our team or
brokerage what is that going to look
like ongoing we got the onboarding the
immediate so we we can get them to start
putting deals on the board right away
right how you on board somebody how you
bring somebody on really sets the
momentum for the rest of their career
and the rest of their experience with
you but then what do ongoing look like
yeah right so we can continue keeping
them producing get them producing and
making sure that they're achieving their
goals so coming up with that what is
your ongoing infrastructure what is your
ongoing training what is your ongoing
support ongoing meetings you know right
um um there's a lot that goes into that
but making sure that you have that
ongoing support you know with that um
for those different phases so then we
can keep them going out there and
ensuring that they're because I know I'm
being repetitive here but this is so
damn important and and success happens
through
repetition us as team leaders and
brokerage owners we exist in our agents
Minds to get them from where they're at
to where they want to go in the quickest
most effective efficient time uh uh
possible right so the most effective
efficient Prof way possible to get them
from where they're at to where they want
to go that's all they want you right is
like okay like here's where I'm at
experiencing these pain points there's
where I'm at it's why they come join us
because we're hopefully articulating
that we have a better path to get them
from where they're at to where they want
to go their current brokerage their
current team their current environment
got them to where they're at but isn't
getting them to where they want to go
right so we this is the whole point of
recruiting we sell them now okay we're
the best environment to get you from
where you're at to where you want to go
now the Fulfillment piece with on you
know initial onboarding and then the
ongoing is to ensure that I'm fulfilling
on that now I can't execute for them
look there's a lot of people that talk a
big game you know there's so many people
in our industry that talk a big game and
oh I'm so good I did I'm such a hard
worker well words are Hollow actions
show what you truly value right we all
know the stats out that the average
agent would make more money working at
McDonald's full-time than they would in
the real estate business you know not
what's it 7% of agents make 93% of the
income 93% of the agents in our industry
are broke as a joke you know can barely
just sustain in this industry they just
figure out a way to kind of repeat the
same mediocre year for the rest of their
career that's the majority of our
industry you right so I'm not going to
sit there and say that's my job to get
them from where they're at to where they
want to go no they got to execute they
got to commit they got to do the work
it's my job it's your job it's our job
as Leaders to facilitate the best
environment for those that choose to do
the work and that choose to plug in to
get from where they want to where they
want to go so my job is to eliminate the
guess my obsession when it comes to my
onboarding and my ongoing training and
support is that okay there's never a
situation where an agent can come join
my organization and ever come to me and
say Josh you know I didn't succeed
because I didn't know what to do I
didn't succeed because I didn't have the
training I didn't have the road map I
didn't have the support I didn't have
the resources all they can ever self-
admit you know if they're willing to not
be a victim and not be a whiner and and
actually you know take responsibility
here but all they can do is self admit
that hey I didn't succeed because I
chose to not show up and do the work so
that's my obsession is making sure I'm
eliminating any excuse or Reason outside
of the fact that they choose to not
execute and do the volume of execution
that they need you know I want to make
sure that they have the training the
resources the equipment the systems the
support everything that they need where
if they choose to plug in they can get
from where they're at to where they want
to go in the quickest most effective
efficient profitable manner much more so
than any of our competitors in the
marketplace so that is nailing that
ongoing that onboarding and that ongoing
okay so number three is your ongoing
training and support okay so step number
four here then is nailing what your
recruiting strategy is going to be now
your recruiting strategy is going to be
twofold right because you're going to
need two different types of recruits as
you're growing your your highly
successful team or scaling your highly
successful brokerage we're talking about
agent recruiting which is what where
probably most of your thought processes
are going right now we're talking about
recruiting strategy you know um and I'll
break down and elaborate on that a
little bit here but then you also we got
to recruit the right key staff members
inside your organization right as you're
bringing on staff and continue grow and
scale this where eventually like I said
with a business what we talked about the
very beginning of this podcast
eventually your your objective is to
fire yourself and Place yourself out of
every position in the organization so
then now that you have this machine and
you got people running the machine for
you so you are no longer necessary
inside your own organization when it
comes to DayDay operations and
production and all these different
things so recruiting is going to be twof
full right like we got to have the you
know acquisition component of amazing
staff and and you know your leadership
personnel and so forth but then also on
the agent side now when it comes to
agent recruiting look when with this
business the reason I'll bring this up
is because look if if you're a team
leader a brokerage owner aspiring team
leader broker owner you guys all
understand this component here of going
out there and recruiting buyers and
sellers right recruiting agents is the
same thing right in this business you're
either recruiting buyers recruiting
sellers recruiting agents or eventually
recruiting your leadership team to go
out there and do those things for you so
no different than if I'm going for
buyers and sellers what am I going to do
I'm gonna go out there and identify you
know my two three or four different uh
uh consistently genin
strategies um um then from there I'm
going to make sure I have a CR RM I've
got my presentation I've got my
follow-up protocols you know right so I
have those in my business and then from
there you track the numbers and you you
you you you know you know how to go out
there and play the game so based on my
average agent productivity you know um
if I want my business to grow by X
percentage well now I can reverse
engineer that my business planning know
exactly how many agent recruits that I
need to go out there and recruit over
the next 12 months to hit those targets
I know what my turnover rate is so I
know exactly you know how many agents I
need to recruit after that turn you know
prior turnover to make sure I'm hitting
those numbers so then from there I can
start just like in our our going for
buyers and sellers let's just say okay
you're converting one out of 42 with
your Facebook leads and and you know
exactly how many dials combos
appointment set and so forth with that
okay now you know exactly what you got
to do to win every day every week every
month to hit your recruiting targets and
and inside your business so you want to
treat the same way have that intentional
game plan to go out there and do that
right but then the secondary component
of this is making sure that you have
your you know recruiting staff and
recruiting your your um uh eventual
leadership team right like eventually
okay you're going to need somebody to
you know handle all the day-to-day
operations you're going to need somebody
you know be that designated broker you
know if you're doing a brokerage or
depending on what your leverage
component piece is there with it's a
team more brokerage but then eventually
gonna have to have somebody do in the
agent recruiting and all the onboarding
and all that support all those things
for you if you want to create a true
business that doesn't need your
involvement on a day-to-day basis you
know so you can go out there and and
make the money you want to make but
enjoy life and have the autonomy of
schedule and and all of those things you
got to be able to nail these so you got
to have the ability to go out there and
hire identify the and know when and
identify okay when do I hire the right
people like who to hire when to hire
them and really go out there and master
the hiring process and I know I've
recorded many podcasts on on hiring
staff and and hiring leadership team so
you can go watch on that I'm not gonna
you know spend an hour walking through
out of hire staff or recruit agents in
here but making sure that you're honing
in this step um and really mastering it
one of my biggest mistakes throughout my
whole Journey here wasn't mastering that
early enough on in the overall process I
mean I spent years and years and years
just winging the agent recruiting and
winging hiring staff and it's one of
these things that again cost me millions
of dollars throughout this journey it
was a massively painful lesson for me to
go out there and learn okay so then it's
step number five so just to repeat here
okay step number one is nailing your
comp structure and model step number two
is nailing your onboarding protocol step
number three is nailing your ongoing
training and support step number four is
recruiting you uh or nailing your
recruiting strategy recruiting for
agents and recruiting for staff okay
step number five is making sure that
you're honing in and dialing in your
systems processes and tracking so
everything we talked about just this far
I got to make sure each element of of
this is tracked right every essential
kpi inside your business so when it
comes to recruiting agents you should be
tracking all that per lead Source you
know so you know how much energy and
effort it takes to to go out there and
and gain one recruit so you can create
that into a predictable you know you
know create predict ility there um then
from there okay when when somebody signs
on with you till they start contributing
average agent productivity so that would
be classified as your quote unquote
onboarding status okay you should be
tracking that how long people are
averaging your onboarding status okay
then you should be tracking things like
your average age of productivity what
your average company dollar is per per
closing unit how an agent along long as
an agent with you before they leave so
you know your overall you know retention
rate overall turn rate you know what
your lifetime value is of every single
agent all important essential things
that you need to go out there and track
plus them making sure that that your
agents have the trackers that they need
you know right so you got to track each
element of this game I mean so much of
success happens in spreadsheets I know
it's the unfun unsexy thing you know but
you got to have that dial and then from
there you need to make sure that you
have a system and process based business
you will never create a machine you will
never have a highly valuable sellable
product you'll never have something that
you can really you know step away from
if you don't nail the systems and
processes component of this so processes
is just step-by-step documentation of
everything a toz when it comes to our
overall strategies so anything done more
than once inside your organization needs
a documented process then those
processes live inside your systems the
systems then ensure that our processes
are executed on the same way each and
every single time right so we get the
same replicatable results the same
experience every single time and I don't
care how good your your you know like
people are that you hire you don't have
worldclass systems of process to plug
into it's very difficult for you to show
them their great their greatness then
from there as a leader okay if you want
to be able to inspect what you expect
and make sure that your people are doing
their job and winning yeah right you
don't you don't want to have to
micromanage your people you want to
manage the systems that manage the
people the systems manage the people
hold your people accountable and your
job is to inspect what you expect
through the systems so you got to make
sure that you're nailing component
number five and have everything inside
your organization documented process
around it have that process live inside
of a system so now you're system based
business and then from there every every
cenal kpi in your business is being
tracked and measure okay so then step
number six once you nail those first
five steps right then boom your business
starts to take off you start to grow you
know greatly scale from a productivity
standpoint agent count standpoint step
number six is being able to know when to
plug in the right ancillaries inside
your business first thing is just to
understand ancillaries but then you got
to know okay at what point does it make
sense to plug in what specific ancillary
so your ancillaries and this is how you
go out there and you get paid you know
five times per transaction versus just
once one of the biggest mistakes that
teams and brokerages make is they try to
just make money off of you know
commission checks just off company
dollar that's just one Revenue Source
like with my coaching clients I want to
get them as far as team leaders and
Brokers owners I want to get them up to
five Revenue sources as quickly as
possible so okay your your your agent
splits would be one Revenue Source then
from there okay doing strategic
Partnerships with like an example
mortgage doing a strategic partnership
with title maybe it's Insurance maybe
you're opening up a property management
leg maybe you're buying the you know bu
building and then leasing out office
spaces in there that's not just covering
the the cost of the building and
offsetting that cost but it's a profit
Center for you you know there's a lot
maybe you know doing a strategic
partnership with the home warranty and
you know there's a lot of different ways
to go out there and do different
ancillaries in your business but
thinking of this like a movie theater
okay you go to the movie theater you buy
your box office tickets you know you buy
the movie tickets okay that's one source
of revenue for for the movie theater but
it be very very difficult for a movie
theater to get rich off of selling movie
tickets after they got you know margins
are very thin they got to go you know uh
share those with the box office you know
and and whatever but then from there
okay same
building same staff same point of sell
software all same vertical now what are
they doing they're up selling you soda
they're up selling you popcorn they're
up selling you candy they're up selling
you all these other services that make
your experience a better more enjoyable
experience that they know that you're
going to want and need as you go through
that experience they're up selling you
those you know these are just add-ons
ancillary Services if you will that
become instant profit you know
profitability money makers for them the
quickest way to more Revenue isn't more
transaction is by increasing ticket item
per transaction right so then from there
and the key here is as you're adding
these ancillaries is to not add other
jobs to your plate right this is why you
know I I you know specifically said that
strategic Partnerships so maybe this is
like an ad joint venture with mortgages
like let's just use mortgage as an
example because it's one of the most
popular okay so now your agent is you
know you're making X after this split
with that that commissions on this deal
but then on top of that let's just say
they use your mortgage company now after
you know because you're a 50% owner in
that mortgage company so after all a
sudden done you net another 2800 bucks
let's just say then maybe they use your
title company and after all a said done
you another 700 bucks on that you right
so now you got paid three times off of
one closing Notch just once now the key
here again is making sure you're doing
strategic partnership so so I'll use
again the mortgage example there is okay
the joint venture I'm going to do with a
mortgage company their job and their 50%
of the partnership is to go out there
and do the loan right do the loan do the
underwriting provide all of that all of
that infrastructure right my job is is
you know the the joint venture partner
is to grow agent count and then
encourage and get our agents carry the
flag if you will to get our agents to go
out there and start utilizing our
internal mortgage company you know so
then from there when it comes to doing
these joint ventures you know a mistake
that I see so many make is that just
thinking about profit but here's the
thing is in and profit is very important
do not get me wrong profit is extremely
important however you need to First make
sure that you are partnering with
absolutely amazing vendor partners that
do and execute on a brilliant job for
your agents and your your you know buyer
and seller clients inside your
organization the cool part is when you
have ownership in those companies you
can dictate what those processes are so
it's not just that you know we're
providing the service okay we're
providing like our agents and our our
agents clients and our team in brokerage
right that they already need mortgage
companies they already need title
companies okay well if I can make sure
that we are providing them a far
superior service you know through our
processes and being able to pick and
choose what loan officers and all of
this stuff that we want so that you know
not only is it these services that they
need anyway we're making sure that the
process is done right we're providing
them Superior Service it's a great
amazing experience for agents great
amazing experience for your buyer and
seller clients and then on top of that
the bonus is man you you get an extra
profit Center inside your business so
making sure that you're nailing those
aners because you're just trying to make
money off of company dollar meaning you
know whatever your comp structure is
with commission splits or whatever
you're charging there per transaction
fees or splits or whatever that is you
know um um that's going to be a very
difficult way to go out there and make a
bunch of money in this business right
like every smart operator understands
the power of the aners no different than
just just start breaking down every
business that you do business with they
all do this right like all smart
operators smart businesses do this you
know I don't know you go you go buy a
car okay now they're you know getting
you back in there for you know oil
changes and servicing and you know all
all of those other things right are you
go go buy an airline ticket okay then
now they're up selling you luggage and
then they're up selling you Wi-Fi and
then they're maybe buying a cocktail and
you know all those different things
right those end up being additional
add-on money makers that might make it a
better experience or be something that's
a necessary essential component of of
you know whatever is that you're doing
there okay I go by you know an iPhone
you right well like I dude Apple isn't
you know the I don't know if they still
are but you know the are close to the
wealthiest company to ever exist on the
planet because of selling freaking
iPhones right no they're selling all the
accessories and then they got iTunes and
then they got like all this other upsell
upsell upsell all this other
right you know within there so step
number six is being able to identify and
then know though because there's going
to be right times to do this stuff you
know right so you got to be able to
guard your focus and be a you know know
what what which ones to add at the right
appropriate times inside your team
inside your brokerage but you nail these
six fundamentals man you will scale a
massively highly profitable highly
successful real estate team or real
estate business that allows you to
create a true business where again you
can make the money that you want to make
but then have the autonomy and freedom
to go out there and enjoy life because
I'm not sure about you but you know most
people that I meet including myself we
don't live to go out there and work we
work so we can go out there and live and
create the lives that we want to go out
there and create for ourselves and for
our family and make the money that we
want to make but then go out there and
have those experiences and if you play
this right you do this right you 100%
can go out there and do this so I'm
going to end it with this I know I
talked about this early but I want to
end it with this just in case this is
you look if you are stuck inside your
real estate business and you do not know
exactly what you need to do to get from
where you're at to where you want to go
I encourage you and invite you to
schedule a 100% free Zoom coaching call
with me personally it's going to be a
60-minute call with you and I we are
going to do a deep dive in your business
I promise you this I got your back I
will get you dial then I'm not here to
waste your time I will make this an
amazing experience where you do not
leave this free Zoom coaching call with
not knowing exactly what you must do to
get from where you're at to where you
want to go and I don't care what level
you're at maybe you're brand new maybe
you're part-time maybe you're seasoned
individual agent maybe you're team
leader Mega team leader brokerage owner
Mega brokerage owner like I promise you
I'm gonna bring massive massive value
and and and get help you get your
business to that next level like I said
I'm going to make sure that we I'm
breaking down and mapping out based on
where your business is at where you're
currently doing what your goals are what
my recommended strategy is to get you
from where you're at to where you want
to go in the quickest most effective
efficient profit manner possible so if
you want to schedule that go to
www.gdcjobs.com
or it should be struggling I'm throwing
you the lifeline right now man I'm here
for it I will get you dialed in and even
if you're not struggling like may maybe
you're maybe you're maybe you're doing
well but look maybe there's a much
better efficient more profitable
effective way to go out there and do
this like you have nothing to lose but
everything to gain so again if you want
to sced that
www.gso.com
zooom call all right guys I gotta Jam I
gotta go jump on stage at a speaking
event here in Scottdale but I truly
appreciate you being here truly
appreciate watching this keep crushing
keep kicking ass I will see you next
time peace
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