The 3 Models of Real Estate Teams
Today I'm joined by my friend and respected business entrepreneur, Jose Medina. Jose runs a highly successful real estate team with Keller Williams, owns 3 different Keller Williams market centers totaling 750 agents and also has a partnership platform called Impact.
We joined together today to talk about the confusing world of real estate "Teams”. Together we want to define what the 3 models of a team look like.
Whether you are running a team, thinking about running a team or looking to join a team, I’m confident the information we share today will help you to get some clarification and some great advice.
Some Precursors to Understanding Team Models
Define what YOUR success looks like (It's not always about units and volume, and it’s definitely not about what other people are doing.)
Understand profit numbers
Whatever model you choose is just where you get to solve the problems… don’t be tempted to think the grass is greener on the other side.
3 Different Models of Teams:
1. Group Model:
-Large Group of Agents - Typically 30- 50+
-Higher commission splits to agents
-Operating on a small margin with higher splits, so can't offer a lot of value.
-Does not follow the MREA (Millionaire Real Estate Agent Model)
-Less overhead usually 2-3 admin to 50 agents
-Always need to be attracting new agents
2. Specialist Model:
-The team has separate Listing Agents and Buyer Agents
-Follows the MREA
-Large administrative staff and Inside Sales Team for team leads and leverage
-Average production per team member is high
-Need to have highly productive agents
-Agents are supported with value and resources and team leads
-High agent retention if done well
3. Realtor Partner Model
-Agents work with BOTH buyers and sellers
-Part of their business comes from their sphere, the other part comes from team leads
-High Leverage
-Average production per team member is high 25+
-Large admin support staff, ISA, marketing team
-High value proposition and agent retention if done well
-Culture is very important due to team size
Jose's shares his advice for agents running teams, agents thinking about running a team and agents looking to join a team.
The most important piece of advice he gives is: “Define what your own unique success looks like!”
Amen to that!