If you are a real estate agent who has been in business for a while, you may be contemplating hiring a team or growing your agency.\nAlthough it’s hard to give up control of your business, hiring other team members is beneficial.\nNot only can you share leads, but it allows you to collaborate on complex situations and each team member can specialize in their area of expertise.\nYou can better serve clients, and get more done.\nSo the big question is, where do you begin building a real estate team?\nForming your real estate team structure\nBefore you hire any team members, you’ll want to ask yourself some key questions:\n\nWhat are my goals?\n\nHow will it benefit me?\nWhat do I hope to accomplish?\n\n\nWho do I need to hire?\nWhat is my budget?\nHow will I manage my team?\n\nHere are a few tips to start building a successful real estate team and take your solo operation to a larger business.\n1. Setting goals\nThe first step is to determine your expectations and goals.\nThis will help you form your overall objectives and a purpose for your new team. Plus, formulating clear goals will help create an easy structure for paying your new team members.\nAsk yourself what your business has to gain by adding more team members, and what you hope to achieve through hiring.\nRemember to make your goals SMART (Specific, Measurable, Achievable, Relevant and Time-bound.)\nSome SMART goals might be:\n\nTo increase referrals by 10 percent by the fourth quarter of this year\nClose 20 percent more transactions each month of this year\nBuild marketing efforts by sharing four blog articles monthly via social media\n\nYour goals might also address your current challenges, which real estate agents can face once they get too busy. These goals might be:\n\nRespond to listing emails with 2-3 hours\nSchedule showings within 48 hours of initial outreach\nAdd 2 new clients each month\n\n\n2. Determining who to hire\nAfter you formulate your goals, the next step is deciding on the real estate team roles you’ll need to fill. Specifically:\n\nHow many people do you need in order to meet your goals?\nWho should you hire first?\n\nHere is a list of eight roles to consider, along with a suggested order for hiring.\nA personal assistant or virtual assistant\nThe first person to hire when building a real estate team should be an admin. This person can take the administrative duties off your plate so you can focus on client relations and selling.\nThis person could work from home, in your office, or remotely as a virtual assistant. What can they help with?\n\nResponding to emails and phone calls\nScheduling showings and booking meetings\nPreparing documents\nOrdering supplies\nUpdating listings\n\nAs you can see, the value of an assistant is huge for building your real estate team. Think of all the time you can free up for getting coffee with clients or showing houses when these tasks are off your plate.\nBuyer specialist\nSince buyers generally need more hands-on support than sellers, you should consider a buyer specialist when forming a real estate team.\nThis person can handle duties such as:\n\nSetting up a lender\nManaging negotiations\nHosting walkthrough\n\nManage real estate teams and VAsTime tracking, GPS location, and much moreSign up\nListing specialist\nSimilar to a buyer specialist, this team member can generate leads, manage existing leads, attend listing presentations, and track listing progress.\nTransaction coordinator\nA transaction coordinator can be another valuable addition when building a real estate team because they manage all tasks and paperwork involved in a transaction.\nIt’s time-consuming to prepare documents, process these documents, and load these into a multiple listing service (MLS), so an additional set of hands can only benefit you.\nMarketing director\nMarketing is vital to get your name out to new prospects and a marketing director can help you do this.\nThis person can oversee all communications like social media posting, running your blog, and reaching out to media on your behalf.\nWith how competitive markets can be, there’s never been a more crucial time to have a marketing presence as a real estate agency.\nListing coordinator\nAnother important real estate team role is a listing coordinator.\nThis person will work alongside the listing specialist to load listings into the MLS, promote listings, handle paperwork, and more. This person might take on more responsibilities than the listing specialist.\n\nShowing assistant\nWhile it’s great to build client relationships and drive new business, you can not be at all listings at once.\nHiring a showing assistant who can be present at these showings besides you is crucial.\nMake sure this person has trained with you so they know your preferred style and how you treat clients.\nSales manager\nThe larger your team becomes, the harder it may be to manage everything.\nOne of the ways to alleviate this issue is by hiring a sales manager when forming a real estate team. This person can oversee the productivity of the entire team, and make sure your goals are being carried out successfully.\nUnlike other roles, this person doesn’t need to have real estate-specific experience. You may find someone who has worked as an office or sales manager in another industry, widening your options for hiring.\nEasily pay your real estate teamAutomated payments based on hours workedTry it free\n3. Establish your real estate team compensation strategy\nAfter you’ve determined who to hire, you’ll want to know how much of your budget will go toward these employee salaries.\nIn order to figure this out, you need to look at two real estate team models. These include the employee model and the independent contractor model.\n\n\nEmployees\n\n\nIf you want your new hires to work set hours, follow your direction for the team, attend recurring meetings at set times, and hold open houses, then they are considered your employees.\nAs a result, you must withhold income tax, state taxes, social security, and report all earnings to the IRS. There may be additional responsibilities like healthcare, auto insurance, and providing office space.\n\n\nContractors\n\n\nIndependent contractors work when they want to work. Plus, they provide their own equipment and workspace. If you are structuring for contractors, you may pay them hourly or on a monthly retainer versus a yearly salary.\nSome roles are better suited for contractors or employees, so be sure to consider what your requirements are before posting your job listning.\nFor more information on real estate salaries, go to Glassdoor, type in the title you are hiring, and click to see estimated annual salaries.\nThis should give you a good starting point for compensation.\nManaging your real estate team\nOnce your team is in place, you’ll need to manage your new hires to optimize your success.\nThere are two great ways to do this: time tracking software and GPS tracking.\n\n1. Time management software\nTime tracking software is a great way to manage your real estate team compensation. Using software like Hubstaff, you can have each employee log in and track their time for the day. Then, you can set up payments so that each employee or contractor gets paid accurately and directly.\n2. GPS tracking\n\nA GPS tracking app is another tool that lets you track the movements of your team. You can see what houses they are showing and when. Plus, if you use the independent contractor model, this will show you how often and when your team members are working. This will better determine their compensation.\nDon’t wait to start growing your team\nBuilding a real estate team can be a great way to show more houses in less time.\nPlus, it can benefit your clients with more one-on-one attention.\nIf you’re feeling the pressure to work more just to meet client demands, now is a great time to invest in a team. It will be money well spent if you want to take your business to the next level.