In Episode 32 of the Wandering But Not Lost Podcast, co-hosts Matt Emerson and Jan O’Brien combine this week’s WBNL 52 tip and the Reach Your Peak segments and begin their series on Team Building with #1 – Know Your WHY for Building a Team, then Matt heads to the Pacific Northwest’s Olympic Peninsula to bring you a 5-part series that will help you make the most of your visit to Olympic National Park – and why it should be on your list!
Real Estate Team Building Strategy #1: Think and Act Like a Business Owner
How do you answer this question … What do you do for a living?
We have asked this question 1000’s of times over the years and if you are like most real estate agents your answer will be similar to one of these responses:
- I sell real estate
- I am a Realtor
- I help people find their dream homes
- I am a real estate salesperson
Make the Mindset Shift Now to….
I Own a Real Estate Business!
When you truly internalize this principle, you will experience a shift in the way you operate. It is more than a mindset shift. You will become that business owner who thinks and operates from a different level. Most real estate agents operate in a sales only mode where the business is generally running them.
Make this one of your daily affirmations: I Own A (Successful, Profitable) Real Estate Business or I am a real estate business owner
If you decided to purchase and successfully run any franchise business (like a Subway or Planet Fitness) you would have a budget, know your facilities and labor costs, product costs, and how to create and maintain a P&L statement.
Thinking & Acting Like a Business owner means:
- You have a business plan, budget, and forecast for revenue generation
- You track your actuals vs. projections/forecast
- You maintain a Profit and Loss statement, and other financial and business metrics
- Your business is organized as a corporation (LLC, PC, S corp for tax purposes – whatever is best for your unique scenario and as advised by an attorney or CPA)
- You have all of the essential business and real estate systems in place
Why Build a Real Estate Team?
- Increase revenue and overall profitability
- More time – ability to delegate tasks and specialize
- Convert more buyer leads into closed transactions
- Higher rankings and market share
- Enhance your professional credibility
- Exposure and reach of your brand
- Build a more valuable asset and eventual exit strategy
- Expansion of satellite offices in other markets
- Frustrations if you build a team before you are ready
- Are you a Manager? Trainer? Mentor?
- People drama & Turnover
- Finding the right fit
Are You Ready for a Team?
Is your own house in order?
- You have your core real estate systems in place
- Your brand & value proposition is clear
- For clients
- For agents (Think WIIFM: What’s In It For ME?)
- You have adequate financial resources to pay for employee(s) or to purchase or upgrade software, hardware or equipment if needed
- Structure and organization of your desired team is clear
Your Team Goals & Outcomes
- What are your desired outcomes for building a team?
- Production or Commission Income Goals
- What type of team?
- Rainmaker – are you going to sell/focus on listings?
- Leads Team with an Inside Sales Agent?
- Do you want to manage the team or hire a team manager?
- How many admins?
- Marketing manager
- Listing coordinator
- How many Team Associates?
- Buyer agents only or agents who work with buyers and sellers
- Do you have a Specialty / Niche Market?
- Are you interested in geographic coverage for your market area?
- What are your 1-year primary goals?
- Where do you see yourself in 3 years? 5 Years?
- What is your optimal target date for exiting the business?
Take the Self- Assessment – Where are you now?
- Complete the Real Estate Business System Assessment available to download at RealEstateTeamBuilder.com (just join our mailing list and you will get the free download)
- Identify areas that need refinement
- Create a list and prioritize
- Schedule time weekly to work on action items
- You must have your house in order first before you even consider building a team!
Wandering Zen – Olympic National Park
If you are a follower of Wandering But Not Lost you are keenly aware that we have an affinity for our National Parks. They truly are America’s Best Idea and it is our mission to bring you information, the lay of the land, and insider tips of as many as we can. Olympic National Park has been on the radar, yet has eluded this wanderer for years. Until now. Anyone that you talk to that has been there raves about the incredible diversity and beauty of the park and after a recent visit, I can attest that is one of the biggest understatements EVER. We love to do research prior to a visit and honestly, Olympic proved to be a challenge. It’s large and there is much to see. Lodging and food options are limited and it can be an easy place to miss gems if you aren’t prepared. In this series, we’ll explore Olympic National Park. We’ll share our travel log, the hits, the misses, the missed, and the reasons we can’t wait to go back again.
First things first, let’s get acquainted with the numbers. You can never beat the National Park Service website for stats, so here’s Olympic by the numbers:
876,669 acres (95% of the park) are Congressionally-designated wilderness
73 miles of wilderness coast
over 3,000 miles of rivers and streams
60 named glaciers
over 1,200 native plants
at least 16 kinds of endemic animals and 8 kinds of endemic plants
20 reptile and amphibian species
37 native fish species
300 bird species
56 mammal species, including 24 marine mammal species
22 species listed as Threatened or Endangered under the Endangered Species Act
1 National Natural Landmark (Point of Arches)
50 – 70 research permits issues annually
over 650 archaeological sites
4 certified and 27 potential cultural landscapes
130 historic structures
nearly 500,000 museum objects
over 160,000 archival pages
1 archeological site eligible for National Historic Landmark status (Ozette site)
16 developed campgrounds
611 miles of trail
168 miles of road
175 outdoor wayside exhibits
4 overnight concession-operated lodges
2 day-use concession facilities
1 concession-operated downhill ski operation and 1 concession-operated river rafting operation
70 Incidental Business Permit holders who conduct a variety of guided hikes and trips in the park
As previously mentioned, Olympic NP is huge and you need to plan ahead so that you can make the most of your time. US 101 circles the park and is the main artery that will lead you to the many adventures which await you. All of the roads are two-lanes and the speed limits vary from 25 to 60, however, you should be prepared that it simply takes a little more time to get around here. It is always a good idea to check road conditions ahead of your planned expedition, thankfully, the NPS has you covered so you don’t get caught in a closure or construction: Road Conditions
Up next: Mountains, Beaches, and Rainforests…stay tuned
Lake Crescent Lodge
Lake Quinault Lodge
Mentioned in the Episode (Resources & Links)
- Complete the Real Estate Business System Assessment available to download at RealEstateTeamBuilder.com
- Learn more about our Real Estate Team Builder Program (Agent Team Building in a Box)
- Join the Wanderers Club for real estate business systems, social media training and more (only $197/year)
- Get travel tips & insights at Wandering But Not Lost
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