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ULTIMATE TEAM GUIDE

YOUR COMPLIMENTARY GUIDE TO CREATING AND RUNNING A WINNING AGENT TEAM FROM SOME OF THE NATIONâ&#x20AC;&#x2122;S MOST ACCOMPLISHED TEAM LEADERS.

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RISMEDIA’S ULTIMATE REAL ESTATE TEAM GUIDE FOREWORD

INTRODUCTION 5 CHAPTER ONE - THE LEGALITIES OF FORMING A BUSINESS ENTITY 7

CHAPTER SIX - SUCCESSFUL MARKETING AND PROFITABLE ROI

DETERMINING THE BIGGEST NEEDS

FINDING A PRODUCT

CHOOSING A BUSINESS ENTITY

JUSTIFYING THE PRODUCT

BROKER-IMPOSED TEAM REGULATIONS

ADDRESSING ATTRIBUTION

INCORPORATING OUTSIDE EXPENDITURES

STAYING ACCOUNTABLE

STATE-IMPOSED TEAM REGULATIONS OVERCOMING LEGAL OBSTACLES

STAYING INFORMED ON CHANGES

CHAPTER TWO - SETTING EXPECTATIONS AND GOALS WITH CORE VALUES

NAR AND OTHER ASSOCIATION CORE VALUES

BROKER CORE VALUES

TEAM CORE VALUES

CHAPTER THREE - HOW TO TACKLE FINANCIAL CHALLENGES

BE FINANCIALLY SAVVY

HIRE FINANCE PROFESSIONALS

PLAN BY MONTH, NOT BY YEAR

CREATE ACTIONABLE STRATEGIES

INCORPORATE FLEXIBILITY

ENCOURAGE OPEN COMMUNICATION

CHAPTER FOUR - TAKING CHARGE OF DELEGATION

ROUTINE MEETINGS AND PRE-SET STANDARDS

INDIVIDUAL SKILLSETS AND STRENGTHS

MOTIVATION AND INCENTIVES

HIRING PRACTICES

STRONG LEADERSHIP

26 26

CHAPTER SEVEN - USING TECHNOLOGY TO BOLSTER YOUR BUSINESS

WHY TECHNOLOGY?

WHAT ARE TEAMS USING?

HOW TO SEEK OUT INNOVATION

THE END GOAL

CHAPTER EIGHT - BUILDING A PROFIT-POSITIVE SOCIAL MEDIA MARKETING SYSTEM 45 CHOOSING PLATFORMS

MAKING CONTENT STAND OUT

MAINTAINING A PROFESSIONAL REPUTATION

SOCIAL MEDIA MANAGEMENT

LEAD CAPTURE AND MARKETING ROI

CHAPTER NINE - GENERATING AND CONVERTING LEADS, AND DETERMINING PORTAL VALUE 53 HOW TEAMS GENERATE LEADS

PAYING FOR PORTAL LEADS

PORTAL-PURCHASED LEADS: WORTH THE INVESTMENT?

DETERMINING THE VALUE OF PURCHASED LEADS 57 HOW CONTACT INFORMATION ADDS VALUE

THE KEYS TO CONVERTING ONLINE LEADS

PROSPECTING FOR LEADS

SEEING RESULTS, DETERMINING SUCCESS

CHAPTER FIVE - CREATING A HEALTHY WORK-LIFE BALANCE

LEADING THE WAY

SETTING PERSONAL OBJECTIVES

ANATOMY OF A REAL ESTATE TEAM

SCHEDULING TIME OFF

ABOUT THE AUTHOR AND CONTRIBUTORS

SETTING EXPECTATIONS WITH CLIENTS

RISMEDIA’S PRODUCTS AND SERVICES

DOCUMENTING VACATION POLICIES

USING THE TEAM FOR SUPPORT DISCONNECTING

32 33

Copyright © 2019 by RISMedia Inc. and/or its affiliates. All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means without the prior written permission of RISMedia Inc. ISBN: 978-0-578-50751-4 THE ULTIMATE REAL ESTATE TEAM GUIDE 1

FOREWORD IT HAS BEEN TEN YEARS SINCE WE PUBLISHED “POWER TEAMS: THE COMPLETE GUIDE TO BUILDING AND MANAGING A REAL ESTATE AGENT TEAM.” And while many of the basics of forming a team have remained the same, the industry and the team segment have also experienced vast changes in that time. As the team format becomes increasingly popular, it’s important to lay the groundwork with these established basics while also balancing them with the new resources and methodologies that are making today’s real estate teams a growing trend. Remember, there is no one singular solution to forming a team. Each agent team has to craft its own core values and determine a preferred business model in order to create a genuine value proposition that will win in the local marketplace. However, rather than taking on too much or depending on trial and error, teams can learn by example. And so, by simply analyzing the guiding principles, financial structures, delegation strategies, and more, that leading teams from around the nation are implementing, agents will be able to better piece together the individual puzzle pieces that will create their own version of a real estate team—one that is expedient from the get-go, one that generates more revenue, and one that understands why balancing personal goals is just as important as building a career. RISMedia’s Ultimate Real Estate Team Guide expands on some of the most significant insights from “Power Teams” that veteran or aspiring team leaders can use to empower themselves and establish and maintain a thriving business. We’ve also taken recent advances in technology and modern business strategies to showcase alternative methods for reaching an elevated level of success, so you can choose from myriad solutions to help you quickly reap the benefits of the agent team format. With expert insights and real-word examples of the strategies that work, you can be on your way to building your own profitable team or expanding the one you already have. We hope you enjoy this guide and look forward to becoming your go-to source for information on real estate teams and beyond.

John E. Featherston CEO & Publisher

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INTRODUCTION LOOKING TO INCREASE YOUR REVENUE AND TRULY PUT YOUR REAL ESTATE EXPERTISE TO THE TEST? Forming a team can be a fruitful venture, but it requires the consideration of several factors. This colossal undertaking involves more than simply hiring a few members and creating a name for your newfound group. The team structure brings with it many high-level challenges, all of which can be tackled head-on with the proper tools and by taking the necessary steps to protect yourself, your team members and your brokerage. First up? Learning the legalese necessary to navigate the industry’s web of laws, whether they are implemented by your own brokerage or are set by associations or your state. Another set of laws, core values—while typically self-imposed—hold even greater meaning and are the glue that holds your team structure together. In addition, learn to maneuver through the financials of real estate in order to truly turn a profit and protect your assets. As a new leader within the team space, learn to share the load. Delegating smaller tasks will help free you up for more profit-building activities. Having a support system in place will give you the flexibility necessary for a healthy work-life balance, which can make your team business run more efficiently. Regarding long-term goals, keep up-to-date on changing technological trends, including marketing platforms, which will play a significant role in return on investment and how much you actually earn at the end of the day. RISMedia’s Ultimate Real Estate Team Guide covers all of the above, and more, through our research and the expert insights of top-performing teams across the country. Remember, in the world of real estate teams, there is no one-size-fits-all solution; however, the path ahead will be easier for those who educate themselves and thoroughly understand why it is best to structure your team appropriately or risk the consequences, which can manifest as a blow to your profits, accrued fees and suspension or, more severely, the loss of your real estate license and the dissolution of your team. Stay the course by managing expectations and obeying real estate law, however, and you will reach new heights with your real estate team.

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CHAPTER ONE

CHOOSING A BUSINESS ENTITY BROKER-IMPOSED TEAM REGULATIONS STATE-IMPOSED TEAM REGULATIONS OVERCOMING LEGAL OBSTACLES STAYING INFORMED ON CHANGES

The Legalities of Forming a Business Entity ACCORDING TO THE NATIONAL ASSOCIATION OF REALTORS® (NAR), a team is defined as two or more real estate salespersons who work together on marketing efforts, can offer specialist job opportunities (e.g., buyer agent, listing agent, etc.) and may also choose to have an administrative workforce. Forming a team can have myriad advantages for all agents involved, such as high-earning opportunities and the ability to develop more profitable leads than a single agent. It is, however, a complex process that involves a lot of legal consideration. Sara Guldi, REALTOR® and owner of The Guldi Group at Keller Williams Realty in Maryland and coach at Workman Success Systems, has worked in real estate since 2004 and now manages a team of eight, including her administrative and support staff. She provides some insight into the legal process, both when the team structure was still new, as well as working around newly enacted laws. “Specific team guidelines came after the fact in our state. When we formed the team, there were no real state guidelines, so we followed what we had learned from our broker, made sure we were in compliance with general real estate state laws and called the legal hotline for input whenever needed,” says Guldi. “When our state did issue guidelines, we had to make mostly small adjustments and easily did so.”

CHOOSING A BUSINESS ENTITY Before forming a team, agents must consider how they will register it as an official business entity, as it will not be legally valid until this is done. “At the time we developed the Linda Rudd Team, there were no additional requirements from the real estate commission other than setting up the team as a specific entity,” says Linda Rudd, advisor and team leader of the Linda Rudd Team at Engel & Völkers Hilton Head — Bluffton.

THE ULTIMATE REAL ESTATE TEAM GUIDE 7

There are various options, which can make a difference in how taxes are filed: • SOLE PROPRIETORSHIP – While not fully considered a business entity, this is the simplest way to operate as one because there is no separation between the business owner and the business. In this case, any income and losses are taxed on the business owner’s personal income tax return. If structured as a sole proprietorship, business owners are liable for the actions of their employees. In addition, in order to satisfy an employer-employee relationship, agents must meet the following conditions: • The employee and the business owner must have a fiduciary relationship, meaning that the business owner will have to act in the best interest of their employee. • The business owner must allow their employees to act on their behalf, but must still exercise control over them. There are two types of authorities the business owner can choose from: Actual Authority or Apparent Authority.

“I formed an LLC to run all of the real estate practices through, which is very affordable and does not take much time. I have owned companies in the past, so I was also very familiar with this process.” - MATT DITZLER BROKER ASSOCIATE, DITZLER GROUP, ENGEL & VÖLKERS In order to make details clear to all parties involved, a real estate partnership agreement should include the following: • The nature and purpose of the business, along with each individual’s roles • Amount of start-up capital each partner is contributing to the business and any reimbursement agreements • The reporting and accounting of profits and losses

While this is the simplest way to form a team, it can also be the choice that carries the most risk. Agents must carefully weigh their options before opening themselves to potential blame for fraud or negligence.

• How much authority each partner has, including signing responsibilities

• PARTNERSHIP – An association made up of two or more individuals who act as co-owners in a for-profit business is considered a partnership. When it comes to the IRS, this is not considered a separate entity, allowing profits and losses to flow through the partners, and saving the entity from having to pay taxes. Teams with a sole owner cannot be considered a partnership.

• Details of how to dissolve the partnership, which may be caused by the death of a partner or through a buyout

Having a written agreement in a partnership, while not required, can save agents the headache of solving conflicts according to the Uniform Partnership Act (UPA) and the Revised Uniform Partnership Act (RUPA). With this business entity, both partners are equally liable for any claims made against the partnership.

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• The potential of future partners and how the agreement changes

• A statement defining the agreement as a general or limited partnership, in which there are differences in how liability and management are shared • C CORP – This is an entity completely separate from its shareholders, and can sue and be sued. And while it is one of the more complex entities, it offers benefits such as favorable tax treatment for employee benefits packages and eligibility for employee health plans that can be claimed against earnings. It does, however, carry a higher tax burden than other entities and has many

restrictions. An elected board of directors must make the decisions for the entity and also select corporate officers to perform the daily functions of the corporation. • S CORP – This entity merges some characteristics of a C corporation and others from a partnership. For example, its owners are fully protected from liability as in a C corp, but the entity allows for pass-through treatment of profits as with a partnership. S corps are not, however, subject to the double taxation of C corps, with the exception of distributions. “We have been an S corp for the past 11 years, formerly an LLC. At the advice of our accountant, we switched to the S corp for a more favorable tax situation,” says Leigh Reed, senior vice president/partner of Heller Coley Reed at Long & Foster Real Estate. “Once the S corp paperwork was drafted, before it was filed with the state, we did have to pass it through the Long & Foster legal department to be sure we had their blessing, so they would be able to pay us as a corporation.”

“We used to have ‘Real Estate’ in our team name and a ruling was issued that it could confuse consumers into thinking we are a brokerage. Now, no teams in our state can have ‘Realty’ or ‘Real Estate’ in their [team] name.” - SARA GULDI REALTOR AND OWNER, THE GULDI GROUP, KELLER WILLIAMS REALTY ®

Reed has worked in the real estate industry for 30 years. Her team is made up of three partners, three staff members (client liaison, marketing manager and office manager), one assistant and 11 agents. Rudd also set up her team as an S corporation because it was more beneficial from a tax perspective. •L IMITED LIABILITY COMPANY – Many teams are structured as LLCs because of the combined similar advantages to partnerships and corporations, without the disadvantages. As with corporations, members of an LLC can make their own decisions without the personal liability incurred in other business structures. And, as with a partnership, LLCs include the pass-through tax benefits, without the eligibility requirements enforced for an S corp. Matt Ditzler of Engel & Völkers Minneapolis is broker associate of the Ditzler Group, which is set up as an LLC. “I formed an LLC to run all of the real estate practices through, which is very affordable and does not take much time. I have owned companies in the past, so I was also very familiar with this process,” he says. Agents should consult their accountants, as there can be offshoot options when it comes to taxation. For example, Guldi chose to form her team under an LLC that is taxed as an S corp after speaking with her CPA and business advisor. For her business, it was the most tax-savvy option.

BROKER-IMPOSED TEAM REGULATIONS In most cases, brokers enact their own team policies in order to protect themselves from liability. Real estate companies need to ensure that teams have restrictions on advertising and branding across the board so as not to confuse consumers into thinking the team is its own brokerage. Guldi says that when it comes to broker-imposed regulations, her team has not had any issues with the brand and logo guidelines the broker enforces. And while there are no contractual obligations that keep Guldi from starting her own brokerage, she states, “The value the broker provides—training, education, etc.—is enough to keep us from leaving. I like to look at how to give people a reason to stay, rather than leave, and our broker does as well.”

THE ULTIMATE REAL ESTATE TEAM GUIDE 9

“Our broker of record for the entire company sits on the Maryland Real Estate Commission, so we are fortunate that we have a direct line into legal changes, and they are disseminated in near real-time, so we can be compliant.” - LEIGH REED SENIOR VICE PRESIDENT/PARTNER, HELLER COLEY REED, LONG & FOSTER REAL ESTATE When it comes to teams that work in more than one state, the legalities of broker-imposed regulations can become a little more complex. Guidelines vary between states and are changing quickly as the industry adapts to growing teams. “In Maryland, we do have a few extra layers of broker supervision that do not yet exist in Washington, D.C., or Virginia,” says Reed. “Some of this has to do with advertising rules in Maryland relative to team disclosure, and some is the contract law that forms the legal chain from the individual agent in a transaction, to their team leader or associate broker, to the sales office manager, to the state broker of record.” Here is a prime example: Engel & Völkers Hilton Head requires that all new team members are approved by the brokerage before signing on. “This is to ensure that standards of the company are not diluted and that we operate in a cohesive way,” says Rudd. “Everything that is required of an individual advisor is required of a team and its members. Team leaders, I’d say, have even more requirements because we have a tremendous amount of responsibility and oversee strong production value.” Meanwhile, at Engel & Völkers Minneapolis Downtown, the brokerage provides a little more leeway, only requesting occasional check-ins. “My broker allows me to run the team as I wish; however,

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I consult with him on a regular basis to collaborate and get his perspective on ideas,” says Ditzler. “I oversee all of my team’s actions from their marketing to file management. We have a transaction coordinator and marketing assistant to help handle the workload and help with oversight. Having good people in place is the key to running a successful team.”

STATE-IMPOSED TEAM REGULATIONS States handle their disciplinary strategies differently when it comes to teams. Regardless of where agents are located, they should diligently follow team laws in order to avoid fines, penalties, the suspension of their license or even jail time. Here are some state rules and how organizations tackle the rogue agents: In 2017, the California Bureau of Real Estate (CalBRE) sent out a supplement to its “Disciplinary Warning to Real Estate Salespersons Who Act, Conduct Themselves, and/ or Advertise as ‘Independent’ Real Estate Professionals—and a Simultaneous Caution to Brokers Who Allow or Support Such Practices.” The State of California requires that all teams disclose (on all marketing materials) their ID numbers, broker’s name, surname of at least one of the licensee members of the team, and either the term team, group or associates tied to the team name. CalBRE states that failure to follow these rules can result in fines and a revoked license. According to NAR, Oklahoma requires that agents register their team with the Oklahoma Real Estate Commission. Meanwhile, in Ohio, all unlicensed individuals must be identified on advertisements. In New York, team names must include either the phrase “at/of [full name of broker/ brokerage] or the full licensed name of the brokers, associate brokers or salespersons on the team. Agents should also be aware of restrictions when hiring employees vs. independent contractors. Assistants without a real estate license cannot perform certain tasks, rules for which are defined by each state. And some state laws also protect brokers who fear the team structure is just another way to create more brokerages. In Maryland, for example, a licensed broker cannot be part of a team, according to the Department of Labor, Licensing & Regulation. In addition, all content put out

by a team needs to clearly display the full name of the brokerage to clear up any confusion that the team is its own broker.

OVERCOMING LEGAL OBSTACLES With hiring employees comes liability. Whether it is caused by disclosure errors, commission issues or employment law, the vulnerability is always there, and it is better to be prepared than to have to navigate the legalities of real estate when it is too late. Reed reports she did not have to deal with any legal challenges when it came to forming her own team. But with her business transactions being completed in three states, if anything does change, she is prepared to “tweak something along the way.” These legal road bumps are not always a detriment to the team’s business, but merely reflect how the industry is adapting to the growing popularity of the team format. While Guldi has had to make some changes to meet the restrictions of new laws, she has never experienced a major legal obstacle. “One big change we had to make was our team name. We used to have ‘Real Estate’ in our team name and a ruling was issued that it could confuse consumers into thinking we are a brokerage. Now, no teams in our state can have ‘Realty’ or ‘Real Estate’ in their [team] name,” she says. “We had to do all new signs and marketing and other pieces. It was a logical ruling, though, and it made perfect sense to be transparent to consumers about structure in that way,” adds Guldi.

STAYING INFORMED ON CHANGES While new teams should begin by ensuring they are in-line with current legal regulations, those who are industry experts and have long held a team format need to have systems in place in order to maintain an open line of communication when it comes to the changing legal landscape. In some cases, the brokerage can help in accomplishing this. “Our broker of record for the entire company sits on the Maryland Real Estate Commission, so we are fortunate that we have a direct line into legal changes, and they are disseminated in near real-time, so we can be compliant,” says Reed. “They send out plenty of reminders, as well, and

“The best approach we’ve found is ongoing communication with our brokerage leadership, as well as regular counsel with our accountant to ensure we continue to operate within regulations and as efficiently as possible.” - LINDA RUDD ADVISOR AND TEAM LEADER, THE LINDA RUDD TEAM, ENGEL & VÖLKERS HILTON HEAD — BLUFFTON

have training classes on changes.” Ditzler relies on a set of three sources—his accountant, attorney and broker—to make sure he is always up-to-date on team-related laws. Rudd uses a similar strategy. “The best approach we’ve found is ongoing communication with our brokerage leadership, as well as regular counsel with our accountant to ensure we continue to operate within regulations and as efficiently as possible,” she says. However, agents should not fully rely on anyone but themselves when it comes to the legalities of real estate. Upholding regulations can be the difference between a successful business or a suspended license. Being proactive is essential to staying ahead of a swiftly changing industry, especially when it comes to team regulations. Guldi keeps this in mind, stating that she is committed to staying on top of any changes by “doing legal update classes more than just as needed for CE, and also being committed to education and learning in general. “Ignorance is never an excuse, and the onus is on us to stay informed,” she adds.

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CHAPTER TWO

NAR AND OTHER ASSOCIATION CORE VALUES BROKER CORE VALUES TEAM CORE VALUES

Setting Expectations and Goals With Core Values ALTHOUGH NOT ALWAYS WRITTEN OUT, CORE VALUES ARE A SET OF GOALS AND RULES BY WHICH ALL COMPANIES RUN THEIR BUSINESS. This is no different in the real estate industry, which can be more complex when taking into account the different values set by local real estate associations, brokerages and agents or teams. Regardless, these values are essential to creating a business that is successful in both agent and client recruiting. And when forming a team, these values can be the glue that holds all members together through goal-setting and defined expectations, which should be taken just as seriously as real estate legalities. As such, teams should not only form their own values, but should also be aware of the standards set by their brokerage, any local associations they belong to and the National Association of REALTORS® (NAR).

NAR AND OTHER ASSOCIATION CORE VALUES NAR has its own set of values titled the Organizational Alignment Core Standards. These values fall into six categories: 1. CODE OF ETHICS: All associations must train their new and continuing members on NAR’s Code of Ethics. Additionally, associations must provide arbitration and mediation as part of their member services in order to uphold a professional standards strategy. 2. ADVOCACY: Voluntary contributions for the REALTORS® Political Action Committee (RPAC) or the Political Advocacy Fund (PAF) must be included in associations’ dues billing to meet RPAC fundraising goals. Alternatively, associations can provide funds themselves through other means (i.e., a corporate contribution) to meet the requirement. They must also send out any NAR communications related to the benefits of RPAC contributions. Associations must also participate in NAR “Calls for Action” through marketing/outreach, and state associations must monitor the participation of local associations by using the REALTOR® Action Center Response Reports.

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3. CONSUMER OUTREACH: All associations are required to engage in four consumer engagement activities each year, two of which must demonstrate how they are the “Voice for Real Estate” in their market. Two must also focus on the association’s community involvement. 4. UNIFICATION EFFORTS AND SUPPORT OF THE REALTOR® ORGANIZATION: Each association needs to provide access to legal counsel; have corporate documents that meet local, state and federal laws; and host a yearly review of their business plan, which must include advocacy and consumer outreach. Other requirements include the proper reporting of dues and access to leadership development education. 5. TECHNOLOGY: All associations must have an interactive website and access to arbitration filing processes, and must promote member programs and services. They must also have an email or internet-based tool to communicate with members. 6. FINANCIAL SOLVENCY: Those with revenues over $50,000 are required to submit a CPA-crafted report of an audit opinion or an accountant’s review. Additionally, associations that are considering bankruptcy are required to obtain NAR’s consent to file. All local, state and territorial associations of REALTORS® must meet these requirements, regardless of their own standards, which can also vary. For example, the Ohio Association of REALTORS® (OAR) provides its core values as a strategic plan that includes its mission statement, vision and business goals—Property Rights & Public Policy Advocacy; Information Development, Technology & Communications; Organizational Development & Management; and Member Services & Professional Development—all of which are broken down into actionable objectives. Meanwhile, the DC Association of REALTORS® (DCAR) says its goals are to “advocate, protect and promote the interests of REALTORS® in the District”—objectives that are broken down into strategies on its website. While most REALTORS® on the agent level may not see a significant impact on a daily basis from their associations’

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core values, these ideals do trickle down to provide support to all real estate business models.

BROKER CORE VALUES Brokers abide by their own core values, which typically play a significant role in how that brokerage hires its agents. This is why including the business’ value proposition within these core values is essential to attracting members. Without it, agents will not be driven to relocate from their current brokerage and new talent will be difficult to draw and retain. When it comes to their broker’s core values, many team leaders state that they are unaware if they exist or what they are. Peggy Lyn Speicher, REALTOR® and co-founder of the Speicher Group at Long & Foster Real Estate, is not aware of her brokerage’s core values, but focuses on her own instead. She’s worked in real estate for the past 25 years, and formed her team (of now 16 members) in 2010 with her husband, Chris. “Our team is self-sufficient and we thrive because of what we believe,” says Speicher. “Not to say we don’t like our brokerage, because we do. We love it, but our beliefs and values are our own.” While Long & Foster’s website does not label its guiding principles as core values, the firm’s About Us page shares

“Each person on the team must uphold all of our standards. If not, they’re invited to leave the team. It’s role agnostic—across the board; we all live and breathe [our core values].” - PEGGY LYN SPEICHER REALTOR® AND CO-FOUNDER, THE SPEICHER GROUP, LONG & FOSTER REAL ESTATE

the company’s business goals, which focus on providing exceptional service to clients and support for their agents by being tech-savvy and digitally connected. Jeff Ruff, co-owner of Vutech | Ruff at HER Realtors®, formed his team in 1993 with his business partner, Marilyn Vutech. The team currently has 15 licensed agents and three admin staff. “While I don’t specifically know that the brokerage has language related to core values, I am sure they do,” says Ruff. “We are all bound by a code of ethics which is dictated by the Ohio Division of Real Estate, and from there, each agent/team sets values that they work and live by.” At HER Realtors®, these values are also summarized on an About Us page. The goals focus on delivering exceptional customer service and beginning real estate transactions with good relationships through personal attention and responsive service. When teams sign with a brokerage, they are also signing on to their business model and core values. That is why it is so important to be informed about what they are. After all, if the broker has a successful model, why not take some inspiration when creating a set of core values on the team side?

TEAM CORE VALUES While teams must keep the above core values in mind,

“We promote [our core values] through our team’s website and marketing, and through each other when we meet with clients. We always discuss the values of our team and the benefits of working with a strong team with an excellent work ethic.” - JEFF RUFF CO-OWNER, VUTECH | RUFF, HER REALTORS®

the ones that truly matter—and on which the success of their business hinges—are their own. These business goals should define success for the team, outlining everything from how to hire, how to stand out against the competition and how to manage client relationships.

HIRING ACCORDING TO CORE VALUES Most teams use their core values as a type of contract by which their agents must abide. These goals are not meant to gauge an agent’s or staff member’s skill level; they do, however, help to separate prospects by their personality, work ethic and moral beliefs—elements that must blend well if a team is to be successful. “Howard Hanna does not have any defined core values that are shared with the agents,” says Todd Crockett, partner of The Crockett Team at Howard Hanna Real Estate. He has worked in real estate for 40 years, 24 of which have been spent on a team. Currently, he manages a team of 20 agents, a marketing manager, a listing service manager and two closing coordinators with his wife, Judie, as his partner. Crockett believes that if a member is not a cultural fit, then they are not a good fit for the team. Core values also play a role in how Ruff hires for his team. “We look for team members with very good communications skills,” says Ruff, stating that these values are the same for each team member. “We are very specific about the personalities of our team members and their work ethic, as the reputation of each person is critical to our team’s reputation.” Speicher also takes her core values very seriously, and does not waste time if she believes an agent or administrative staff member does not align with them. “We hire and fire to these values. We hold each other accountable to them,” says Speicher. “Each person on the team must uphold all of our standards. If not, they’re invited to leave the team. It’s role agnostic—across the board: We all live and breathe [our core values].”

CREATING A COMPETITIVE EDGE A team’s core values can also be a competitive edge against other agents and teams. As with a brokerage, teams can include their value proposition within their core values to attract clients based on mutual goals.

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When it came time to deciding which core values would set his team apart from the competition, Ruff landed on keeping his clients’ best interests in mind, always. “We promote [our core values] through our team’s website and marketing, and through each other when we meet with clients,” says Ruff. “We always discuss the values of our team and the benefits of working with a strong team with an excellent work ethic.” When the Crocketts created their team, they didn’t have a set of core values drafted. The Crockett Team Core Behaviors were created as the team evolved, focusing around six guiding behaviors that set them apart from the competition: Collaboration, Innovation, Adaptation, Implementation, Clarification and Reiteration. “The Crockett Team lives and breathes the Core Behaviors that instill camaraderie amongst the teammates,” says Crockett. When forming her team, Speicher created a set of core values that includes her team’s value proposition—honesty, guidance, strong negotiation skills, short market time and fast response times—all of which are outlined within the team’s “Our Promises” document. Additionally, a separate “Core Values” document guarantees accountability, constructive feedback, respectfulness of personal time, and more. Consumers know what they want. Outlining the team’s beliefs, goals and expectations makes it easier for consumers to make a decision if they are on the fence between two teams or agents. The same can apply to prospective team members. These values must be able to attract new talent so the team continues to thrive.

SETTING EXPECTATIONS These values can also translate into a type of contract for clients. Team goals can be anything from helping achieve a homeowner’s dream to ensuring that all agent-client relationships are fruitful partnerships. While setting these fundamentals must be a personal decision made by the team leaders, both team members and clients must be given a set of objectives within these values. These objectives are essential to drawing a line with clients. While some flexibility is permissible, clients need to be told what is expected of them in order to ensure a successful real estate

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“The Crockett Team lives and breathes the Core Behaviors that instill camaraderie amongst the teammates.” - TODD CROCKETT PARTNER, THE CROCKETT TEAM, HOWARD HANNA REAL ESTATE

transaction based on honesty and communication. Speicher has a separate “Client Expectations” section in her core values, stating that all of her clients must be respectful, financially viable, open to guidance and responsive to contractual obligations. “If clients do not meet our standards or expectations, we do not work with them,” says Speicher. “Our team is crystal clear on what we promise and provide to our clients. Our clients also understand what we stand for when they work for us.” If there are conflicts during a transaction, these core values should also help point both sides toward a resolution. “For every challenge, the solution can be discovered in these Core Behaviors,” says Crockett.

REMAINING CONSISTENT AND UPHOLDING PROMISES It’s not enough to promote a branded “Core Values” document and include it within marketing pieces. Each element of a team’s core values should be represented in the way team members interact with each other and their clients, and in how they do business. A large part of this is accountability. If either a team member or a client is not upholding their end of the team’s core values, there must be repercussions. These can range in severity from a short conversation that clarifies any miscommunications to more serious discussions that iron out disagreements and, in the most severe cases, the dissolving of the relationship if the actions are blatantly going against the core values.

CHAPTER THREE

BE FINANCIALLY SAVVY HIRE FINANCE PROFESSIONALS PLAN BY MONTH, NOT BY YEAR CREATE ACTIONABLE STRATEGIES INCORPORATE FLEXIBILITY ENCOURAGE OPEN COMMUNICATION

How to Tackle Financial Challenges JUST AS LEGALITIES DEFINE WHAT A BUSINESS IS AND CORE VALUES OUTLINE A TEAM’S BUSINESS PLAN, the financials of real estate are what measure a team’s success. While elements such as marketing and lead generation individually contribute to this success, the overall numbers speak for themselves, identifying what works in a business and what doesn’t. As teams grow and their leaders seek out professional advice on how to manage their assets, the best thing they can do is be aware of what their numbers are. These figures should be transformed into strategies to increase profits and all number-related goals should be communicated to team members. Every team approaches financial strategies differently; however, when formulating a plan, all teams should have the following in common:

BE FINANCIALLY SAVVY Knowledge is power when it comes to numbers. Everything from compensation structure to accounting must be taken into consideration in order to safeguard the business’ profitability. The leader of a team is investing in the success of the team members. Juggling each member’s financial contribution and incorporating it into a full budget with profit-margin predictions can become complicated; therefore, it is imperative that team leaders stay up-to-date on finance language and the diverse options available for payroll, accounting, bookkeeping, etc. The National Association of REALTORS® provides a two-day course, “Analyzing Your Company for Profit,” that guides brokers in creating an annual budget and reviewing financial statements. Agents can also search local colleges and universities for similar offerings on a broader spectrum. Nick Waldner, president of the Waldner Winters Team at Keller Williams Realty Centre, advocates being financially-literate. His 15 years of experience in real estate, five of which have been spent with his team of currently 26 members, have taught him to be prepared for all facets of real estate finances. “The skills in running a team are different than in selling real estate. Running a team requires business and leadership skills,” says Waldner. “The first step is to become literate in the financials of business—P&L statements, expense reports, payroll, etc. Grow your accounting education (not become an accountant) and invest in the knowledge so you can speak intelligently with your paid professionals: accountants, bookkeepers, payroll companies, etc.”

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Being financially savvy also means becoming familiar with the different compensation structures offered by other teams. While determining salary configuration is the team leader’s personal decision, each option can have a different impact on the team member’s morale, motivation and loyalty. “We keep it very simple. Selling members are given a percentage of every deal and support members are paid hourly plus bonuses on each listing and each closing. This way, everyone has skin in the game and stays excited,” says Steve Abbe, co-team leader of Abbe/Mullinnix Distinctive Properties at Coldwell Banker Global Luxury in Florida. “The support members are paid as independent contractors, so we 1099 them each year.”

HIRE FINANCE PROFESSIONALS Part of being a team leader is knowing when to ask for help. Team finances are much too important to push to the wayside. Team leaders should prioritize financial planning by either outsourcing accounting and bookkeeping duties or hiring licensed and trained professionals in-house—either way, these individuals should have experience with real estate finances.

Teams have different approaches to tracking their finances. Many newer or smaller teams prefer to take on more responsibility themselves. Abbe prefers to take on a portion of the financial tracking as it is manageable for his team of three selling agents and two support staff members; however, he delegates the accounting responsibilities to a professional. “We hired an accountant in the beginning for the yearend tax filing, but handle the other expenses ourselves,” says Abbe. Others, like Collette McDonald, president of Collette McDonald & Associates at RE/MAX Around Atlanta, have learned through experience and expansion that taking on too much accounting responsibility can lead to careless reporting. With 17 years of experience in the industry, McDonald began working on a team four years ago and currently has two buyer agents, an office/listing manager and a closing coordinator. “I have a bookkeeper and a CPA that I meet with, at a minimum, four times per year. I hired my bookkeeper 10 years ago to keep my expenses correctly tracked,” says McDonald.

Specialized Certified Public Accountants (CPAs) can provide myriad advantages, including: • Determining the best option when forming a business entity • Recommending accounting systems that work with teams • Managing payroll and forms for employees and independent contractors • Advising on appropriate compensation packages for individual team roles • Advising on retirement plans, heath plans, medical funds, etc. • Providing tax-related strategies to increase after-tax earnings • Monitoring business growth and offering profitable suggestions

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“The first step is to become literate in the financials of business—P&L statements, expense reports, payroll, etc. Grow your accounting education (not become an accountant) and invest in the knowledge so you can speak intelligently with your paid professionals: accountants, bookkeepers, payroll companies, etc.” - NICK WALDNER PRESIDENT, WALDNER WINTERS TEAM, KELLER WILLIAMS REALTY CENTRE

Cleve Gaddis, broker/managing partner of Gaddis Partners at RE/MAX Center, had a similar experience. His 15 years in the real estate industry, which have been spent on his team (with currently six agents and seven administrative employees), have taught him that it is necessary to seek professional help in some components to ensure the business stays profitable. “We have a part-time bookkeeper/accountant who also keeps the books for our property management company,” says Gaddis. “My wife handled the bookkeeping/accounting for the first five or six years and then we hired someone to help her. We have a regular schedule for providing reports, which I try to review every single month. “I had owned several businesses in the past myself, so setting up payroll and other financial systems wasn’t really different than other businesses,” says Gaddis. “We used a payroll service for the first few years and now we handle payroll in-house (using QuickBooks’ payroll software),” he adds. Waldner, in addition to seeking out a bookkeeper, decided that hiring a tax accountant, tax attorney and payroll specialist was the best choice for his business. “I have a bookkeeper with whom I review the books every month,” says Waldner. “I have a tax accountant who helps me plan my year and future spending and I have a

tax attorney that helps me identify the financial strategies for running my business as tax-efficiently as possible. I also have a payroll company to manage my payroll and the taxes associated with it.”

PLAN BY MONTH, NOT BY YEAR The real estate industry can be unpredictable at best when it comes to making sales throughout the year. During certain months, real estate agents can expect a flurry of activity, while other months prove more difficult and bring in less revenue. In order to set profit objectives and form budget strategies, a team’s business plan should include analyzing the numbers every single month. The financial landscape changes too quickly to rely on quarterly budget monitoring. Most teams in the industry are committed to monthly business tracking that includes the following: • Cash flow monitoring • Noting receipts and reimbursements • Tracking financial statements • Checking a balance sheet • Monitoring a Profit & Loss statement • Observing individual team member spending “It’s not a yearly plan; it’s a monthly plan. We need to

“We keep it very simple. Selling members are given a percentage of every deal and support members are paid hourly plus bonuses on each listing and each closing. This way, everyone has skin in the game and stays excited.” - STEVE ABBE CO-TEAM LEADER, ABBE/MULLINNIX DISTINCTIVE PROPERTIES, COLDWELL BANKER GLOBAL LUXURY

know exactly what we are projecting per month and what we have actually closed,” says McDonald. “My company holds a minimum of six months of operating expenses so that we can adjust when market conditions fluctuate.” Some teams do, however, have a set time every year to go over the numbers in more detail. This is perfectly acceptable as long as teams are also tracking on a micro scale, looking at how their budget is affected on a monthly basis. “We start our business planning for the next year in October of each year. We use our monthly P&Ls as the basis for budgeting,” says Gaddis. The P&L statement is a great way to break down business triumphs and challenges by activity, strategy and timing. “I incorporate my P&L into the following month’s plan. By constantly analyzing our P&L, I am able to identify

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where we are wasting money, where we are making money and where we might have a problem in the future,” says Waldner. “For example, if my salaries dropped to 8 percent, I know my employees are in need of more help to handle the volume.”

CREATE ACTIONABLE STRATEGIES Of course, determining what the numbers are is not enough. Once spending and revenue are tracked on a monthly basis, teams must formulate budgets and business plans based on the trends they see in their financial history. “We try to use percentages as much as possible in setting budgets. As an example, we want our marketing, lead generation and conversion costs for buyer clients not to exceed 25 percent of the company dollar (the amount remaining after splits with buyer specialists),” says Gaddis. “Using percentages in setting budgets and also in judging our financial success has been very helpful.”

INCORPORATE FLEXIBILITY In addition, ensuring that numbers can be turned into actionable strategies is key to a successful business—and adjusting to changes in the market and in the team’s spending should be part of everyone’s business plan. A rigid strategy will fail; flexibility is what breeds success. “Real estate is a little bit different because one year can have very little to do with the next year,” says Abbe. “For example, in 2017 we had a 41 percent increase over 2016, and then other years we had 20 percent decreases. We found that we are constantly adjusting our budget.” He adds, “In real estate, the budget has to be a living document.” With more experience comes increased elasticity in business planning and budgeting, with the foresight to preserve strategies that have been successful in previous years. “My budget evolves with the market,” says McDonald. “I know exactly what I have to close in order to pay the bills based on the last four years of expenses. Expenses change, but from experience, I know the range we have to make in order to stay at the level we are at and grow 5 percent per year.”

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“We encourage our team members to set up a separate business entity and accounting system for their real estate income. We have had CPAs and other business specialists come in to present to the team several times in the past to help our team agents determine the best structure for their business.” - CLEVE GADDIS BROKER/MANAGING PARTNER, GADDIS PARTNERS, RE/MAX CENTER

ENCOURAGE OPEN COMMUNICATION Lastly, team leaders should not keep the success of their business to themselves. Sharing financial figures with team members increases morale and acts as an incentive to work harder and continue on the path to success. Additionally, by presenting everyone’s numbers, team members can provide constructive criticism to make the business more profitable, and praise those who helped the business thrive. “Our team is more of a family than a business, so we advise each other just through daily conversation,” says Abbe. “As far as team spending, we are small enough that we are able to quickly check with each other about spending anything unusual. All expenses are simply split among selling team members based on their percentage splits.”

PROVIDE PROFESSIONAL GUIDANCE Team leaders must remember, however, that they are not accounting or tax professionals. Just as they should never advise clients on financial matters, team leaders should also step aside and allow professionals to guide their employees when it comes to finances.

MEET REGULARLY

“[We have] yearly top-level goal meetings and biweekly meetings to review their projections and stay on track with personal and professional goals. We stay on top of our numbers.” - COLLETTE MCDONALD PRESIDENT, COLLETTE MCDONALD & ASSOCIATES, RE/MAX AROUND ATLANTA

“I am proactive with my team and with their personal budgets. We bring in accountants to talk to them about forming their own S corps and how that benefits them as a tax strategy and as a liability reduction tool,” says Waldner. “My team knows that I only win when they win. My goal is their goal.” Gaddis takes on a similar approach to ensure that both his team and its members are as successful as possible. “We encourage our team members to set up a separate business entity and accounting system for their real estate income,” says Gaddis. “We have had CPAs and other business specialists come in to present to the team several times in the past to help our team agents determine the best structure for their business.” These meetings also ensure that his team members are prepared when it comes time to file taxes. “Everyone should pay their fair share of taxes, but nobody should pay a penny more. Also, there are many ways for independent businesspeople to save for retirement. Oftentimes, they are able to save substantially more than if they were an employee instead of a business owner,” says Gaddis. “Everyone should be aware of these programs and try to take advantage whenever possible.”

Meetings throughout the year are a great way to hold team members accountable to financial objectives while also adding a sense of camaraderie. In order to incentivize team members, leaders should: • Set production goals • Encourage goal-setting • Recognize achievements • Reward excellence “[We have] yearly top-level goal meetings and biweekly meetings to review their projections and stay on track with personal and professional goals,” says McDonald. “We stay on top of our numbers.”

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CHAPTER FOUR

ROUTINE MEETINGS AND PRE-SET STANDARDS INDIVIDUAL SKILLSETS AND STRENGTHS MOTIVATION AND INCENTIVES HIRING PRACTICES STRONG LEADERSHIP

Taking Charge of Delegation LEADING A TEAM REQUIRES A VARIETY OF SKILLS, SUCH AS BUSINESS EXPERTISE AND MANAGERIAL ABILITIES. The most powerful? Delegation. A successful team uses the strengths of its individual members in order to perform as a collective, seamless operation. There are many variables that team leaders need to work around before implementing a delegation strategy, including individual members’ personalities, skill levels and strengths, along with garnering team-wide support of the company’s predetermined objectives and core values. Every team handles delegation differently, but the distribution of responsibilities is essential to running a successful business. Creig Northrop, a 2019 RISMedia Newsmaker and president and CEO of Northrop Realty, a Long & Foster Company, a brokerage he formed from his top-ranking Creig Northrop Team, relies on delegation daily. With over 30 years of experience in real estate, 18 of which have been spent with his team of currently 135 members—co-run with his wife, Carla—he is aware of just how large a role delegation plays in the team structure. “Delegation has helped immensely. It allows me to focus on what I am best at and allows the experts on my team to do the same,” says Northrop. “I’m a ‘now’ person. That means I like to get back to my clients as quickly as possible. By delegating some tasks, I can better focus on the needs of my clients. One person can’t do everything as well as a group of skilled experts can. It takes a great team made up of individuals committed to doing their best.” Team leaders often get overloaded with tasks when they are afraid to trust others with the responsibility. This typically leads to the loss of important information or confusion in the shuffle to get everything done. “Without delegation, other business tasks get in the way of my main areas of focus, which are my clients and growing the business,” says Northrop. An increase in business is the most common result derived from delegation because of how much time is saved, allowing team leaders to go on more appointments and lead-generate without interruption. Rob Zwemmer, president and chief energizing officer of the Zwemmer Realty Group at Luxury Homes by Keller Williams, began his real estate career in 2005 as part of a team. In 2011, he formed his own team, hand-picking local REALTORS® that shared his vision, goals and work ethic. Currently, his team is made up of nine members, including support staff and marketing/creative

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specialists. “My business has grown exponentially with the delegation of tasks and assignments carried out by my team members—it has helped our business sales volume increase,” says Zwemmer, “…not to mention the valuable time saved that could be better spent generating leads, closing deals, etc. This has allowed me to have a personal family life and a business worth working and living for.” The National Association of REALTORS® (NAR) recommends that industry professionals should consider the following when delegating: • Don’t expect everything to be done as you would do it. Instead, focus on the positive results. • Take learning curve into consideration when delegating and assigning deadlines. • Assign jobs based on skills and experience level. • Discuss workload to ensure you are not overburdening your team. • If possible, delegate tasks that interest individual team members. When it comes to assigning tasks to administrative staff, NAR recommends delegating the following:

ROUTINE MEETINGS AND PRE-SET STANDARDS An open line of communication is essential to the delegation process. Leaders should host formal meetings frequently, not only to set expectations and determine which team member is better suited for a task, but also to hold individuals accountable to their assigned duties. Galand Haas, principal broker of the Haas Team at Keller Williams Realty Eugene and Springfield, is a big proponent of regular meetings. He has worked in real estate for 29 years, 26 of which have been spent managing his team of currently six agents: three homebuyer specialists, a marketing specialist, an escrow specialist and himself as the listing specialist. “Each member has a specific description and they know exactly what their role on the team is,” says Haas. “Most of the delegation is done by this. Lead generation is delegated to the appropriate team member and we do weekly accountability at our team meetings.” Additionally, these meetings should serve as an open forum for any strategies that need to be modified. Delegation should be an adaptive process from which all members learn and react. “Our regular meetings are rarely missed each week, and we share our experiences and the outcome of any delegated tasks assigned,” says Zwemmer. “There is constant follow-up and a measure of accountability expected. Delegat-

• Personal Marketing • Prospecting • Listing Support • Closing Coordination • Website Maintenance • Managing Calls • Event Planning • Company Volunteer Efforts • Administrative Duties In order to ensure that delegation is carried out properly, teams should form strategies around the following elements:

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“By delegating some tasks, I can better focus on the needs of my clients. One person can’t do everything as well as a group of skilled experts can. It takes a great team made up of individuals committed to doing their best.”

- CREIG NORTHROP PRESIDENT AND CEO, NORTHROP REALTY, A LONG & FOSTER COMPANY

ing is sharing, and it communicates to the individual that they are fully capable of handling the project at hand.” To ensure that all team members are wholly committed to the success of their team, these meetings should also be a place to openly discuss individual and team goals: what they are, in what timeframe they should be accomplished and what the rewards are once completed. “Our weekly meetings serve as a communicative touchbase and motivational outreach to one another; therefore, delegating is easy, as everyone is on the same page and understands what the current and future goals are, and how our systems and procedures are conducted,” says Zwemmer, stating that once a task is delegated, that team member knows what is expected of them. Team leaders should also inform members that the line of communication remains open even outside of scheduled meetings. Less informal, one-on-one meetups provide an added layer of comfort, allowing team members to discuss their individual strengths, workload and compensation. However, both achievements and challenges must be on the table for discussion if a team leader is to delegate fairly and successfully.

INDIVIDUAL SKILLSETS AND STRENGTHS Regular meetings need to be accompanied by realistic expectations. Setting goals that are impossible to attain, or delegating tasks that are not well suited for a specific individual, will not have the desired results. Delegating incorrectly can lead to halted business practices, blurred procedural lines and unhappy clients—elements that can have a negative impact on the business’ profitability. While team members must be held accountable for an assigned task, if the responsibility is ill-suited for the team member, the team leader is partly to blame for assigning it. A member’s strengths and weaknesses should be determined before assigning them additional tasks. “The largest challenge has been follow-through,” says Haas. “The team members know their roles and their duties, so if something is not done or not done correctly, it is the fault of the team members. I have found, though, that if I really follow the DISC personality test and match team members’ positions to their DISC personality profile, then I rarely have issues with delegation and follow-through.”

“Delegation is the key to running an efficient and profitable business. This works due to the fact that with delegation, we are allowed to focus our time and efforts on those duties that are dollar-productive for us.” - GALAND HAAS PRINCIPAL BROKER, THE HAAS TEAM, KELLER WILLIAMS REALTY EUGENE AND SPRINGFIELD In some cases, a team member may not feel comfortable telling their leader that they are not equipped to perform a specific task. It should be made clear from the day they are hired that they are expected to either perform or communicate any challenges to the team. This also applies to workload. While team members may take on more responsibility to show initiative and leadership skills, too much stress on a single individual is detrimental to the team’s delegation process. Experience and skill level also need to be weighed. Haas believes duties can be broken down by monetary value to determine if they need to be delegated. “Delegation is the key to running an efficient and profitable business. This works due to the fact that with delegation, we are allowed to focus our time and efforts on those duties that are dollar-productive for us. Specialization is the key to efficiency with a real estate team,” says Haas. “For instance, if my dollar-per-hour value is $300, I have no business placing signs and lock boxes on listings when I can delegate this task to another team member who may have a $15-per-hour value.” However, team leaders should be wary when expressing their reason for delegating. Assigning a dollar value to a task can make an employee feel dejected. When assigning tasks, team leaders should take the needs of their employees into account. Are they being challenged? Do they feel satisfied with their workload and the activities they are given? Do they feel valued?

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“My business has grown exponentially with the delegation of tasks and assignments carried out by my team members—it has helped our business sales volume increase.” - ROB ZWEMMER PRESIDENT AND CHIEF ENERGIZING OFFICER, ZWEMMER REALTY GROUP, LUXURY HOMES BY KELLER WILLIAMS

MOTIVATION AND INCENTIVES Team members are more apt to follow through on delegated tasks if they are motivated or feel a sense of pride for the company. Leaders must not rely on these feelings to automatically materialize when a member is hired. Employees will form an opinion on how valuable they are to the team’s success according to the tasks they are assigned, as well as their leader’s management style and ability to trust that delegated tasks will be completed without constant check-ins. When Zwemmer does not delegate sufficient tasks, he says a lot of valuable time is wasted and more ends up on his desk. It also affects team morale, as members may believe the team leader is not sharing the workload because there is not enough trust. According to Zwemmer, delegation allows team members to take ownership and buy into the company’s vision. “Failure to delegate only places barriers between people with the lack of communication and trust. It excludes team members in the daily processes and becomes detrimental in the continued success of everyone individually and as a whole,” says Zwemmer. “Proper delegation is a skill that takes a long time to master, such as knowing how to motivate while avoiding micro-managing and setting realistic timelines to complete assigned tasks.” Once a task is delegated, team leaders must learn to let go and allow their employees to take the lead. Constantly monitoring and micro-managing them can lead to a demoralized team. If the employee was chosen for the skills they offer in relation to the assigned task, team leaders

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must trust they made the right decision. “Delegation only encourages employee development. If you have hired the right person, the trust you need to feel before you delegate comes faster, and the concern to hold back on delegating diminishes,” says Zwemmer.

HIRING PRACTICES Delegating should be a crucial part of the hiring process and the team’s core values. Before adding on new members, team leaders should consider what the responsibilities will be and what type of personality will thrive in the new role. Everything should be clearly outlined before the new team member is hired to ensure the individual is clear on what is expected of them. “We would not add a new team member if we did not already have their job description as part of their business plan,” says Haas. “If this is the case, the systems that this team member will be using are already in place, and the addition should be seamless if we also hire the correct personality for that particular position.” Adding on members that can contribute to the business’ success is a great investment; however, if team leaders are not patient and thorough with their hiring, they risk adding on members that slow the team down and, in the end, lose the company time and money. “We strive to attract the best and brightest, which means positive results for our team and our clients. Adding the right person only strengthens the process,” says Northrop. “When we add team members to our team, we strive to put the right person in a role that aligns with their strengths. By doing this, I am afforded more time to focus on my clients and on building the business.” Once a new member is hired, there should be delegation strategies in place that outline who will be available for training and what resources are accessible for the new employee.

STRONG LEADERSHIP Finally, delegation cannot be successful without a strong leader at the helm. When delegating, team leaders may need to make difficult decisions, such as removing responsibility if a member is struggling or delegating tasks that a member may not want to take on initially. In cases where

tasks are not being completed in a timely manner or below expectations, leaders must feel comfortable in stepping in and enforcing disciplinary policies. Strong leadership also trickles down to members, instilling confidence and motivating individuals to progress within the team. A leader who expects success must first be able to deliver success through ownership of their own tasks, open communication and the ability to delegate.

“I consider myself lucky to have a strong executive team and administrative staff, many of whom have worked closely with me over the years,” says Northrop. “I lead by example, so they have come to understand how I think and what I want to accomplish. This has kept any challenges to a minimum.”

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THE ULTIMATE REAL ESTATE TEAM GUIDE 27

CHAPTER FIVE

LEADING THE WAY SETTING PERSONAL OBJECTIVES SCHEDULING TIME OFF SETTING EXPECTATIONS WITH CLIENTS DOCUMENTING VACATION POLICIES USING THE TEAM FOR SUPPORT DISCONNECTING

Creating a Healthy Work-Life Balance REAL ESTATE AGENTS CAN BE CREATURES OF HABIT, often working late hours and booking clients on the weekend simply because that is what they have done their entire careers. For many, taking Sundays off or ending the work day at five o’clock is akin to a dream scenario—wishful thinking that never manifests itself. There are, however, seasoned agents who turn to the team format in order to free up time and distribute some of the responsibility they’ve been shouldering for far too long. That’s where the elements discussed in previous chapters—delegation, core values, legalities and financials—all come into play. These dynamics allow a team to run smoothly and build profits, but most of all, they introduce the opportunity for relaxing, enjoying time with friends and family, and re-energizing—factors that shape the success of a team through the personal fulfillment and balance of its members. According to a “Feeling Overworked: When Work Becomes Too Much” study by the Families and Work Institute, a non-profit organization that researches the changing landscape of work and family life, 54 percent of respondents said they felt overworked at least sometimes, while 28 percent felt overworked often or very often. Additionally, those who are overworked, according to the study, are more likely to find less successful relationships with their spouse or partner, children and friends, and often experience more work-life conflict. Personal and work lives must be balanced, or both can suffer. Without a fulfilled personal life, team members slog through their work days, content to get by without being incentivized to pursue challenging tasks that make them feel accomplished. It is the same in the opposite scenario: Even a rewarding career cannot truly take off if personal goals are tossed to the wayside. Balancing the two creates a motivated team that supports its members and works together toward a common goal. Cara Pierce, team leader of the Cara Pierce Team at Fonville Morisey Realty, a Long & Foster Company, says the team structure helps her enforce a healthy work-life balance. She has worked in real estate for the past 11 years, four of which have been spent on a team. She currently oversees two broker agents and two assistants. “My family and I plan between 3 - 4 weeks of vacation each year. More times than not, those plans stay intact, mainly thanks to the teamwork between our agents: Elisabeth, Brian and myself,” says Pierce.

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When it comes to real estate teams, work-life balance can be achieved by doing the following:

LEADING THE WAY Often, team members will not feel comfortable taking time off if their team leader does not use their own personal time. By showing it is acceptable to use the allotted personal time, leaders are setting an example to members that vacation time is not only allowed, but encouraged. It also demonstrates that team leaders trust their members to continue conducting business in their absence. Team leaders that encourage taking personal time will find that they attract a certain demographic of agents for hire. Millennials often look for employers that offer a healthy work-life balance. A report by PWC, “Millennials at Work: Reshaping the Workplace,” states that the millennial generation is committed to their personal learning and development. Surveyed participants ranked work-life balance over flexible working hours and cash bonus benefits.

SETTING PERSONAL OBJECTIVES Most successful real estate agents will say that their job cannot be completed in part-time hours; however, this does not mean members need to overwork in order to achieve success. The biggest mistake team leaders make is taking on too much responsibility and making real estate the only focus of their lives. A study by the Department for Business Innovation & Skills, “The Fourth Work-Life Balance Employee Survey,” found that 24 percent of employees did not use their full entitled leave. Gusty Gulas, team leader of the Gusty Gulas Group and president of Brik Realty, has difficulty separating work from his personal life even on the weekends, let alone during vacation. He has worked in the industry for the past 12 years and started Brik Realty in December 2014. His team currently has 15 agents and five support staff members. “In real estate, you’re always ‘on,’” says Gulas. “Every event and most conversations end up being real estaterelated. I am working toward finding a balance, but cannot say I have ever had that balance in 12 years. I have made the mistake of putting work over family too many times and my attitude has changed about that.”

30 THE ULTIMATE REAL ESTATE TEAM GUIDE

Because of this realization, Gulas is committed to setting objectives related to personal time off. “My goal is to be home by 6 p.m. during the week and to be home on the weekends,” says Gulas. “Granted, I work a good bit from home after hours, but I am still home. In 2017, I only worked a few days on the weekends and made it home after 6 p.m. a few nights.” As with any other objective, it comes down to forming an actionable strategy. Team members must identify what makes them feel the most fulfilled in their personal lives, and these hobbies, events or activities must be prioritized at the same level that their business is. Bruce Soli, owner of Team Soli at Engel & Völkers Lake Tahoe—a team of three co-run with his wife, Sandy—says that his personal objectives allow him to recharge. “We each have a couple of passion points that we try to take care of. For me, in the winter time, it’s skiing—I have set a personal goal to ski my age in number of days this season,” says Soli. “For Sandy, she is fanatical about fitness and is out the door well before the sun comes up. She’s at the gym for a couple of hours every day before anything else.” Of course, simply recognizing the importance of these personal goals is not enough, as busy schedules and

“If you ask me, I still say we work way too much and do not reach our personal timeoff goals, but that is why we are building a team. Someday, I want to be the poster child for leisure time, but there’s a lot more work to be done.” - BRUCE SOLI OWNER, TEAM SOLI, ENGEL & VÖLKERS LAKE TAHOE

work-related events will always take priority if allowed. “If you ask me, I still say we work way too much and do not reach our personal time-off goals, but that is why we are building a team,” says Soli. “Someday, I want to be the poster child for leisure time, but there’s a lot more work to be done.” Once these objectives are identified, a plan needs to be put in place to ensure each member of the team meets their personal requirements throughout the year. This begins with time-blocking.

SCHEDULING TIME OFF A crucial element for lead generation, time-blocking should also be part of the team’s strategy for committing to personal time. If vacations are not scheduled, they will likely remain passive ideas that never transform into fullfledged plans. Once buyer consultations or listing appointments are taking up the time instead, those vacation ideas are put off yet again. If allowed, this series of events will repeat itself, transforming productive team members into overworked and stressed employees. “If we don’t block out time in advance, our days always get filled with work. We live in one of the most amazing places in the world, which is a scenic outdoor playground;

“When I first meet with clients, I do let them know that I have a family and I am human. That means I need time in the morning to ready the kids for school and time in the evening to eat dinner and have family time.” - CARA PIERCE TEAM LEADER, THE CARA PIERCE TEAM, FONVILLE MORISEY REALTY, A LONG & FOSTER COMPANY

however, it is hard to relax and enjoy our surroundings because we are too accessible to our spontaneous real estate clients,” says Soli. “That is why we have to leave town to actually relax.” By scheduling personal time off in advance, the team can prepare itself by implementing a delegation strategy that covers all bases during the team member’s absence. From client follow-up to attending inspections and closing, the team is able to pick up the slack so that business continues on as usual and the vacation time can be truly enjoyed. “It’s also critical to put fun things that make you truly happy in the calendar, and stick to that schedule,” says Soli. “This is when having bulletproof systems in place is vital, so you can rely on others to help without sacrificing the service experience.” With a plan in place between team members, it now needs to be communicated to clients.

SETTING EXPECTATIONS WITH CLIENTS Transparency is the key to a successful vacation policy. When signing on a new client, team members should explain that they are available for any real estate-related questions within a set timeframe. Any queries submitted after that time will be addressed the next day. For many agents, including Soli, the biggest challenge is saying “no” to clients. “It’s easier said than done, but we’re working on it,” says Soli. “Trying to set boundaries with clients, including when you can meet with them so it works for both parties, is difficult, but important.” Team members need to maintain these restrictions. A few calls taken after 8 p.m.—when 6 p.m. is the end of the business day—signals to the client that these rules are not enforced, welcoming more distractions and a disproportionate work-life balance. “One challenge I find difficult is taking business calls during personal time. Oftentimes, those calls are urgent and I really need to step away from the birthday party or family dinner to handle the phone call,” says Pierce. “However, when I first meet with clients, I do let them know that I have a family and I am human. That means I need time in the morning to ready the kids for school and time in the evening to eat dinner and have family time.”

THE ULTIMATE REAL ESTATE TEAM GUIDE 31

Of course, emergency situations are the exception to the rule; however, the level of urgency that requires an after-hours phone call should be consistent across the board. Team members should communicate to their clients what constitutes an emergency and what can wait until the next business day. “I promise them that if there is a pressing issue then I will answer their call, but that sometimes I will need to call them back,” says Pierce. As long as clients’ needs are met throughout the relationship, teams will not need to worry about scheduling conflicts, as they can be easily communicated and worked through. “If the client truly wants to work with you, they will also work with your schedule,” says Gulas.

DOCUMENTING VACATION POLICIES Having the team’s vacation policy in a document that is accessible to all members safeguards against potential miscommunication. This document should outline how many vacation days are permitted and how much notice the employer needs. Team leaders should restrict time-off requests to a certain amount of days before the planned vacation—this can be anywhere from a couple of months out to a few weeks before the planned leave. Short notice impedes the opportunity to put a delegation plan in place. If team members regularly plan their vacations during a specific time of year, the earlier a plan is formulated, the easier it will be to conduct business during that time. “We take at least one significant family vacation each year and multiple shorter trips with the kids,” says Soli. “I find it difficult to set a specific goal, such as taking Sundays off,” says Pierce. “Due to my client’s specific timing needs, I try to be flexible with availability; however, I do try to go away with my family once a month for a weekend.” A vacation policy also introduces the opportunity for discussing personal goals. If provided this policy upon hire, team members can communicate their personal objectives from the beginning of their employment, boosting morale and helping with team-building. “We need to constantly communicate with team members so that we know their needs are being met professionally and personally. The work they do should allow them to

32 THE ULTIMATE REAL ESTATE TEAM GUIDE

“If the client truly wants to work with you, they will also work with your schedule.”

- GUSTY GULAS TEAM LEADER, GUSTY GULAS GROUP; PRESIDENT, BRIK REALTY

enjoy their personal lives,” says Soli.

USING THE TEAM FOR SUPPORT When forming a delegation strategy, team leaders must consider the business’ vacation policy. Members should be able to depend on each other during an absence due to illness, personal emergency or planned vacation time. “I believe [the team structure] helps,” says Gulas. “Being on a team allows me to rely on others for their different jobs. Whether it’s our listing or client care coordinators handling the listing or closing process, or our logistics coordinator handling courier duties, leaning on staff allows you either to close more deals or finds you a better worklife balance.” Although this may mean that team members need to take on tasks they are not accustomed to completing, having a delegation strategy ensures that members are cross-trained and prepared to take on any of their colleagues’ duties. “There are several strategies that I have employed to create more personal time. The first is to have teammates who are willing to help with showings, listings and closings when I am out of town or taking personal time. They are very willing to assist or sub-in in order to allow me more personal time,” says Pierce. Team leaders should not remove themselves from this responsibility. Although delegating these tasks in the first place is what frees up time for a team leader, assisting in coverage during a colleague’s absence instills a sense of solidarity in the team and ensures other members are not overworked.

“One way to ensure my teammates have a healthy worklife balance is to cover their business clients as well at times,” says Pierce. “If a team member needs to be out of town or attend to a family affair, they know they can ask me to help. Really, we all work well together to be sure that our clients are taken care of.”

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DISCONNECTING A real estate agent can be on the other side of the world, but if they’re still conducting business regularly, it cannot be defined as vacation. Personal time should be just that—personal. It is a time to clear away any stress induced by a demanding business in order to return energized and more productive. The modern real estate agent has access to many technological tools that make it difficult to simply unplug. “That is the funny part though: Whenever we leave town, we are still writing or negotiating offers from the road or hotel,” says Soli. “Technology has allowed us to be extremely efficient from anywhere in the world, but it also prevents you from ever really getting away. It’s a blessing and a curse at the same time.” Team members can disconnect by setting vacation responders on their emails. The message should include an alternate contact that clients can reach if they have any questions or need assistance. They can also update their voicemail greeting to reflect the same message, transferring the responsibility to a colleague who can assist the client in a timely manner. Teams should feel comfortable in letting their colleagues take the lead on matters left behind, unless urgent. If a team successfully implements a delegation strategy, there should be no question of whether responsibilities will be covered during an absence—and, allowing other members to take on a role of leadership and collaboration instills a sense of trust and loyalty within the team. It is also advantageous from a customer-service point of view; clients deserve the undivided attention of an agent they can physically meet with, instead of the partial communication they would receive from someone who is on vacation.

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CHAPTER SIX

DETERMINING THE BIGGEST NEEDS FINDING A PRODUCT JUSTIFYING THE PRODUCT ADDRESSING ATTRIBUTION INCORPORATING OUTSIDE EXPENDITURES STAYING ACCOUNTABLE

Successful Marketing and Profitable ROI EVERY NEW MARKETING PRODUCT HAS A LEARNING CURVE, not only to use the service, but also to determine how many leads it generates and if those leads turn into profits. The real estate industry heavily relies on lead generation and conversion, and so marketing sources must be analyzed carefully or business owners risk losing money and time—two of the most valuable assets for a real estate team. How is the value of a product determined? There are many factors, but return on investment (ROI) is the most significant. The ROI formula is expressed as follows: ROI = (Gain from Investment – Cost of Investment) / Cost of Investment Sounds simple enough, but in reality, it becomes much more complex when additional spending, lag time and attributions are considered. So, to calculate the most accurate ROI number, teams must focus on the following:

DETERMINING THE BIGGEST NEEDS Teams can vary in almost all aspects: size, roles, management styles, etc. This is just as true with marketing methods. Each team has to determine which products work best for their unique format and business style. In order to do this, they must first identify their team’s sources of business—what makes them run and what drives profits. Whether that be lead generation, referrals or database follow-up, there are services that work to enhance the various business segments of a real estate team. For most teams, including the Auslander Kasindorf Group at Keller Williams Prestige Properties, success stems from some type of lead generation. Jeannie Kasindorf, who has worked in the industry for 18 years and now manages a team of six with her partner, Todd Auslander, has primarily looked at online buyer and seller leads as her team’s chief source of profit potential. “We focus most of our marketing dollars on our buyer and listing leads because clients look at the amount of homes we sell and our reviews drive traffic to us,” says Kasindorf. “We use Zillow and we love it. It really works with all members on our team: our buyer agents and my partner, Todd and I, as listing agents.” Other teams take a different approach to determine their sources of profit, using marketing dollars sprinkled across a variety of platforms in order to catch leads from varying locations. THE ULTIMATE REAL ESTATE TEAM GUIDE 37

“We use a variety of marketing tools, including for-sale signs; open houses; ‘Just Sold’ postcards; personal Facebook posts and paid business page Facebook posts; 9,000 farming emails every other month; SEO with my worldclass website; obtaining testimonials on Zillow, Trulia, realtor.com®, Yelp, Google and Facebook; email blasts; and a variety of print advertising directing people to my website,” says Mike McCann, an associate broker and founder, owner and team leader of The Mike McCann Team with Keller Williams Philly, who is known as “The Real Estate Man” and has worked in real estate for over 30 years. “Our marketing expenses incorporate so many different products, systems and tools that are all necessary to invest in,” adds McCann. “In this day and age, you have to be everywhere. You can’t hone the market on just one site or by using just one tool. You have to dip into your pockets on every source of possible lead generation.” Lindsey Gudger—co-founder, with Jason Gasbarra, of The Every Door Team at Every Door Real Estate—has worked in real estate for four years, and lead generation sticks out clearly as his team’s most successful marketing venture. “Lead generation, hands down,” says Gudger. “We spend the vast majority of our marketing budget on generating online opportunities—around $80,000 per month.”

the task to her team manager. Often, the best research comes in the form of recommended services that have been successfully implemented by other teams. “Most of the new products we look at come to us through private social media groups where top performers share what’s working for their teams,” says Gudger. “When it comes to evaluating the vehicle, it’s all about the consumer experience.” Of course, this is not a one-stop solution—teams’ marketing needs vary, and one marketing product may not have the same effect on any two teams. Before calculating ROI for a specific marketing service, teams need to determine their sales baseline to establish what sales and profits would have been without the added marketing strategies. This can be done by looking at historical data and projecting them into the future.

JUSTIFYING THE PRODUCT A trial period is necessary to determine whether a marketing product is providing the necessary results, not only to generate leads, but also to pay back all expenditures. These trial lengths vary by team, lasting anywhere from a few weeks to a year. “We determine a marketing product’s success pretty quickly,” says Kasindorf. “We do a three-month review

FINDING A PRODUCT Once a profit source is identified, teams must find a vessel that works alongside it to create efficiency, streamline the process and provide results. This can be found in a third-party product or in technology offered through the brokerage. Whether the need is a CRM, a dialer, a social media presence or an online lead profile, it is imperative that team members research all possible avenues before deciding on a product, as one company might streamline three necessary tasks into one product while another only really works for two. “I have trusted team members who bring the innovation to me when they hear of products they think can benefit our team,” says McCann. “Often, I will try new things to see if they generate leads.” In some instances, marketing research is assigned to a specific team member. For example, Kasindorf delegates

38 THE ULTIMATE REAL ESTATE TEAM GUIDE

“In this day and age, you have to be everywhere. You can’t hone the market on just one site or by using just one tool. You have to dip into your pockets on every source of possible lead generation.” - MIKE MCCANN ASSOCIATE BROKER; FOUNDER, OWNER AND TEAM LEADER, THE MIKE MCCANN TEAM, KELLER WILLIAMS PHILLY

and then another six-month review. If it’s successful, we will continue with it. We constantly monitor our money monthly. We have to readjust where our marketing dollars are being spent because real estate changes so quickly.” Because of the changing landscape, there may be a lag time for many real estate-related marketing products. For example, lead generation products may be producing contacts who are not yet ready to buy, but in six months to a year, that lead may convert into profits; therefore, teams must consider that three-month trials are not telling enough, depending on the product. Remember, long-term benefits may outweigh short-term sales—and in terms of lead conversion, scale may play a role in timing, as well. “Scale is a separate issue—does the vendor have enough consumer traffic to generate enough leads? We feel that a sixmonth trial is the only real way to assess this aspect. So, when we start something, we budget for a six-month test,” says Gudger. “You’ll have leading indicators (warmth of the leads, percentage being shown, etc.) in as little as three months, but a test less than six months isn’t going to give you a big enough sample size to truly evaluate a new vehicle.” Gudger also believes that trial length should depend on the marketing method being used. “To take it a step further, you need to understand the cash-on-cash conversion cycle of different vehicles. For example, Zillow and realtor.com® leads convert in half the time our pay-per-click (PPC) leads do,” says Gudger. “Eval-

“You need to understand the cash-on cash-conversion cycle of different vehicles. Evaluating PPC on too short a timeframe will result in an ROI that appears too low.” - LINDSEY GUDGER CO-FOUNDER, THE EVERY DOOR TEAM, EVERY DOOR REAL ESTATE

uating PPC on too short a timeframe will result in an ROI that appears too low. Look at that same set of leads in six months and the result is different. This last issue results in teams cutting a potential winning vehicle before they understand its potential.” Because there are costs associated with management and conversion, lead generation is not the only element that needs to be assessed when measuring the success of a marketing product. “Lead count is simply not a measure of ROI, and it’s a point of confusion for many teams and individual agents. Look at the general consensus you see with Facebook leads: low-cost, low-conversion, but tons of leads per dollar,” says Gudger. “This doesn’t translate into a good lead source without introducing the associated revenue data.”

ADDRESSING ATTRIBUTION Teams may decide to test multiple products in a calendar year in order to determine which is most successful. Careful analysis is required to clearly delineate the success and failure of each product, as leads and profits can become tangled if using similar services or even sub-products within a single marketing vehicle. For example, Zillow sells marketing space on various ZIP codes in a team’s market. When analyzing whether these ZIP codes are successful, teams must carefully separate leads according to their initial source to determine which area is the most profitable in order to continue spending on that ZIP code and stop spending on others. “To analyze lead generation-based ROI from Zillow, we break down clients by ZIP code to determine where each lead is coming from and which ZIP code is better suited for our business,” says Kasindorf. Gudger follows a similar process, addressing the need for labeling a lead’s origination before tracing it back to ROI. “The way in which a lead is generated (forced registration versus consumer-initiated) is easily the most critical component. Once we have a feel for how the leads are created, we can make some assumptions on potential conversion rate,” says Gudger. “From there, it’s a simple equation using data we’ve collected from similar vehicles.” However, for more general internet-based marketing platforms, such as social media, attribution may not be as

THE ULTIMATE REAL ESTATE TEAM GUIDE 39

simple. According to a study conducted by Simply Measured, a social analytics firm, that surveyed nearly 1,000 ad agency employees, the most common challenge that social marketers are facing is measuring return on investment. Engagement was used as the most popular metric by 57.8 percent of respondents, while 23.6 percent focused on conversion and revenue metrics instead. Big data is now playing a more significant role in the real estate industry. Some teams rely on software with proprietary algorithms that help determine this attribution so that ROI data is as precise as possible. “We currently have a program called Follow Up Boss, which tracks and routes leads and provides a large number of reports that are crucial to knowing which service is bringing us the most—and also the highest-quality—leads,” says McCann.

INCORPORATING OUTSIDE EXPENDITURES The goal? To end with a positive number—not a simple task when supplementary spending is taken into consideration. Teams should reflect on the following: • Were there any challenges that added time constraints, such as time on the phone with a service representative or delays in training? Teams should also calculate the amount of daily use the marketing product required. • Were there costs for creative development if the product worked alongside marketing materials the team had to create, such as flyers, emails, signs, etc.? • Were any costs incurred on the media or customer-facing side? Teams must also determine the customer lifetime value associated with the marketing product. Not all leads are equal when it comes to lifetime value—one marketing service may be producing more leads that transform into return clients and referral business when compared to others—so this must be taken into consideration.

40 THE ULTIMATE REAL ESTATE TEAM GUIDE

“We take a look at every marketing dollar that we spend and we look at what that ROI is. If it’s not up to our standard, we analyze what we can do differently, or we don’t use it anymore. We are very data-driven.” - JEANNIE KASINDORF PARTNER, AUSLANDER KASINDORF GROUP, KELLER WILLIAMS PRESTIGE PROPERTIES

STAYING ACCOUNTABLE Investing in marketing products and analyzing ROI needs to be a commitment, not only to continue using the product if successful, but also to halt use if the level of ROI generated is insufficient. This needs to be a strategy, rather than a reaction based on product use and emotion. “It needs to be a standardized process based on a good chunk of data—several years in our case,” says Gudger. “The equation, though, is simple when it comes to our cash outlay on leads. How much did we spend to create this set of leads during this time period and how much revenue (after agent split) did that spend create?” Marketing strategies should be discussed at recurring team meetings and adjusted accordingly to adapt to changes in the industry. “We take a look at every marketing dollar that we spend and we look at what that ROI is,” says Kasindorf. “If it’s not up to our standard, we analyze what we can do differently, or we don’t use it anymore. We are very data-driven.” In addition, teams must remember not to mistake profit generation with lead generation. “A busy inbox of incoming leads does not mean you have a strong ROI. We’d happily use a vehicle that provides just a handful of leads per month assuming the return on investment is there (we do this currently with a few vendors),” says Gudger. “You can’t feed a team off a vendor like this, but if you have the right systems in place, a handful of providers with this profile can absolutely build a strong business.”

CHAPTER SEVEN

WHY TECHNOLOGY? WHAT ARE TEAMS USING? HOW TO SEEK OUT INNOVATION THE END GOAL

Using Technology to Bolster Your Business EVERMORE, TECHNOLOGY IS BECOMING AN INTRINSIC SEGMENT OF THE REAL ESTATE INDUSTRY, especially within the team format. In fact, according to a recent RISMedia survey, “Anatomy of a Real Estate Team,” 40 percent of respondents said that technology offerings for transaction and office support played a significant role in their decision to align their team with a specific brokerage. With advances in innovation occurring at dizzying speeds, brokers and agents are in a race against each other to stay abreast of swiftly changing trends and the new technologies that are becoming not only essential to transaction and client management, but also expected by consumers as part of their customer experience. How are real estate teams approaching an industry in which technology becomes an overwhelming and everlasting decision track? Each business puts forth a different strategy—some of which toe the line between traditional and modern, while others lay clearly on either side of the spectrum. Industry professionals Sherri Howe, co-owner of Team Howe at Zephyr Real Estate; Jeffrey Sibbach, team leader and co-owner of the Sibbach Team at Exp Realty; and Ellen Grubert, co-owner of the Ellen + Janis Real Estate Team at Compass, share their insights on how technology is impacting their business, which tools have proved successful, and why their strategies are leading to profits.

WHY TECHNOLOGY? Each team has a different view on technology. With varying strategies for delegation, budgeting and managing a transaction, teams need to select tech products that work for their specific situations in order to streamline processes. “Technology helps us work more efficiently, communicate more clearly with our clients and make our client interactions more consistent,” says Howe, who has worked her entire career in real estate (over 10 years) and helps manage a team with two other full-service agents. Consistency across the board is vital. “No matter which team member is taking the lead on a particular client, that client receives the same level of service and experience as all others, thanks to our highly organized processes. Technology allows us to set up processes/systems that work, tweak them as needed and repeat our successes,” says Howe.

THE ULTIMATE REAL ESTATE TEAM GUIDE 41

WHAT ARE TEAMS USING?

“Technology allows us to be more efficient. Because of this, we can add more value to our clients throughout the buying or selling process. This creates a happier client that is more likely to refer us.” - JEFFREY SIBBACH TEAM LEADER AND CO-OWNER, THE SIBBACH TEAM, EXP REALTY

Innovative, digital tools can improve the real estate experience on all sides of a transaction. According to Sibbach, who has grown his team to No.1 in Maricopa County, the end goal is the consumer, and technology helps create a smooth and more efficient process, which, in turn, leads to superior client experiences. “Technology allows us to be more efficient. Because of this, we can add more value to our clients throughout the buying or selling process,” says Sibbach. “This creates a happier client that is more likely to refer us. Leveraging technology is the basis of why we’ve grown to be the No. 1 team in Maricopa County. It allows us to scale our best business practices and provide a greater value to our agents and clients.” For Grubert, who began selling real estate in 1988 and now helps manage the Ellen + Janis Real Estate Team, implementing a variety of technological solutions is the key to client satisfaction. “Clients deserve a real-time response and want to be able to submit offers and manage their transactions without taking time away from work and family,” says Grubert. “Compass technology allows us to provide a frictionless experience for our clients.”

While there are all-in-one platforms that allow agents to amass all of their products into one service, there are myriad companies and products to choose from. Depending on the team and their priorities, these products could help tackle anything from office and listing management to lead generation and conversion. RISMedia’s survey shows that teams are primarily using technology for the following:

LEAD GENERATION Curbside Lead-Generation Lead Generation/ Referral Services

31%

56%

CRM

11% Dialer

LISTINGS Artificial Intelligence Aerial Photography

10% 57%

61%

Mobile Apps

52% 3D Rendering

OFFICE MANAGEMENT

Task/Time Management Tools

Scheduler 35%

33%

27% Auto Responders

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Additionally, teams are largely using a team website (63 percent), a broker-provided website (66 percent) and a listing portal profile (67 percent). “While it goes without saying, a mobile-friendly website is essential for attracting new business and marketing listings,” says Grubert. “With the Compass app, we’re able to curate collections of homes for each client and communicate with clients in real-time.” The difficult part, for most teams, is deciding on which tech to invest in. There is a slew of solutions for every challenge imaginable within the industry: marketing listings, managing transactions, elevating a social presence, etc. It’s typically a matter of determining an individual team’s unique workflow obstacles before deciding how technology can assist in streamlining tasks and helping a team perform at 100 percent. “We use different technology for listings depending on whether we’re marketing or tracking,” says Sibbach. “We use professional photos, including drone pictures, videos and Zillow 3D Home Tour. We use the Adobe suite for flyer creation. For pre-marketing, we use Facebook Ads, Instagram Stories, Twitter, Sibbach.com, Zillow Coming Soon and MailChimp to communicate with our database of 18,400.” Sibbach also uses technology to drive internet traffic through his website, get leads—which also come in the form of referrals—and maintain accountability. Above all else, however? Data needs to be tracked.

“We mainly use Google Drive. We have several spreadsheets and forms built for management and accountability,” says Sibbach. “We track our listings from pre-list through to close and share the docs with the necessary staff. We also track our team members’ appointments, lead counts, closings, etc., with spreadsheets.” For management tools, Sibbach uses Evernote, ShowingSuite, ShowingTime, Supra e-key, Google Drive, Boomtown and e-blasts. While Grubert also uses a mix of varying products, she likes to keep things simple, especially when it comes to streamlining technology for photo and video. “Buyers expect professional, high-quality listing photography and video. We have received good feedback on Matterport 3D videos that really bring listings to life and give busy buyers the feeling of a self-guided virtual open house,” says Grubert. For Howe, it all depends on the task at hand. If she’s looking for a cloud-based fix, Dropbox is her go-to. For listing-related challenges, Matterport 3D is the solution. For managing an endless barrage of paperwork? Dotloop. For simple file management and scheduling? Google does the trick. “Using Google Calendar, all three of us have access to each other’s calendars, so we know what is going on at all times, and we can schedule appointments on each other’s calendars, see when they are available, etc,” says Howe. Additionally, her brokerage provides the following tools: • Inkswitch for the creation of ad marketing materials (no cost) • Contactually for CRM systems (steep discount)

“While our company does a great job at introducing new trends to us, I also ask other agents what they use and attend REALTOR® conferences to stay on top of tech trends.” - SHERRI HOWE CO-OWNER, TEAM HOWE, ZEPHYR REAL ESTATE

• DocuSign for electronic signatures (steep discount) • Disclosures.IO for disclosure management (steep discount) • Google Drive for file management and email (no cost)

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“We use a new system—Disclosures.IO—to compile and distribute our disclosure packages, and to track who is viewing and downloading them. It’s a fantastic new tool that saves us a lot of time,” says Howe, adding that DocuSign and Basecamp, however, have received the most positive feedback from clients—and Basecamp (an all-in-one style product) has proved highly beneficial. “All of our transactions live in Basecamp. Our clients can connect to their listing and/or escrow, see their own to-do list and what we’re working on, and they can access their calendars, see our Open House report and Disclosure Package Request list, etc.,” adds Howe. “Being able to have buyers sign offers remotely is critical. Basecamp keeps everyone sane by having a shared calendar and task lists. Clients can check in any time day or night and know exactly what’s going on and what’s coming next.

HOW TO SEEK OUT INNOVATION How did Howe come to choose a third-party, non-brokerage-provided solution like Basecamp? Sometimes it’s about seeking out what works for others, testing it out and sticking with it once it proves useful, comfortable and, most of all, profitable. “While our company does a great job at introducing new trends to us,” says Howe, “I also ask other agents what they use and attend REALTOR® conferences to stay on top of tech trends.” As Sibbach also uses various third-party services for his tech needs, it’s essential to stay on top of changing tech trends in the industry. For this, Sibbach relies on podcasts, social media influencers and the Arizona Association of REALTORS® State Conference. In many cases, brokerages provide a strong foundation of tech products for their agents. Grubert, for example, rarely has to seek out third-party services because of her brokerage’s comprehensive tech offerings. “Compass provides a wide variety of technology solutions for print and digital marketing that are streamlining the way that we do business” says Grubert.

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“While technology changed the way people buy and sell homes, real estate is a very personal, high-touch business. When evaluating new technology, we look for applications that streamline workflow and allow us to continue to provide a high level of customer service. You can’t replace the human touch.”

- ELLEN GRUBERT CO-OWNER, THE ELLEN + JANIS REAL ESTATE TEAM, COMPASS

THE END GOAL Technology should be used by teams as a way to supplement their existing strategies for success, not as a crutch that replaces significant in-person interactions and valuable, more traditional relationship-building approaches. “Our best leads are referred to us from past clients. We use old technology to keep in touch with them: a mailbox,” says Sibbach. “We also leverage email and social media, but the actual post office mailing of gifts and market updates is gold. Also, it’s nice that they can’t unsubscribe from the post office.” Additionally, technology is constantly changing. What is trending one day may not be effective the next. The constant? The relationship between the agent team and the consumer. “It’s easy to get distracted by apps and gadgets,” says Grubert. “We have a very energetic and tech-savvy team that’s eager to try new technology when it adds value for the customer. While technology changed the way people buy and sell homes, real estate is a very personal, hightouch business. When evaluating new technology, we look for applications that streamline workflow and allow us to continue to provide a high level of customer service. You can’t replace the human touch.”

CHAPTER EIGHT

CHOOSING PLATFORMS MAKING CONTENT STAND OUT MAINTAINING A PROFESSIONAL REPUTATION SOCIAL MEDIA MANAGEMENT LEAD CAPTURE AND MARKETING ROI

Building a Profit-Positive Social Media Marketing System ONCE A TOOL MERELY USED FOR STAYING CONNECTED WITH FRIENDS, SOCIAL MEDIA HAS TRANSFORMED, taking over online communications and being utilized as a pedestal from which individuals can create brand awareness and market their business. It is also the perfect landscape for building a real estate team’s online persona and formulating a profitable social media marketing strategy that includes automated content creation and distribution. The biggest hurdle in social media marketing comes with the masses that crowd today’s most popular platforms, rendering marketing efforts inadequate unless the team can offer a value proposition that gives them an edge. In the United States alone, there is an estimated 196 million people who use social media, according to Statista. Worldwide, social media users are in the billions, expected to grow to 20.95 billion by 2020. That’s a lot of competition; however, narrow down that overwhelmingly large number to just local real estate agents that use social media, and teams will find the obstacle is more manageable. Of course, that doesn’t mean they should simply post a few articles or photos and leave it at that. To truly elevate their online presence and outshine the competition, teams will have to discover how to make their content stand out, how to humanize their posts and profiles, how to build and maintain their online reputation and how to leverage varying platforms to fulfill these goals. Most importantly, teams will need to learn to track success and manage time, using automation to make the process effortless and efficient—but also powerfully effective. Here, real estate leaders in the technology and social media marketing spaces share their insights on how to build an advantageous and profit-positive social media marketing system. These industry professionals include a select few of RISMedia’s 2019 Real Estate Newsmakers—Andrew Finney, REALTOR® and leader of the Andrew Finney Team at King Realty Group; Tami Halton Pardee, founder and CEO of Halton Pardee + Partners; Andrew Duncan, founder, CEO and co-owner of The Duncan Duo of RE/MAX Dynamic; and Mor Zucker, broker/associate and operating partner of Team Denver Homes, Kentwood Real Estate—as well as RISMedia ACESocial user Michelle Heinlein, team leader of The Heinlein Home Team at RE/MAX Alliance.

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CHOOSING PLATFORMS To build a social media marketing strategy, team leaders and members need to understand the benefits of each site. The most vital question should be, what platforms are most commonly being used? A 2018 Pew Research survey found that Facebook and YouTube rank at the top for most-used platforms by U.S. adults. At the younger end of the spectrum (those aged 1824), users tend to go for variety—78 percent use Snapchat, 71 percent use Instagram and 45 percent use Twitter. The primary platform, however? A whopping 68 percent of U.S. adults are Facebook users, three quarters of who use the platform at least once a day. And according to a 2017 RISMedia study—Anatomy of a Real Estate Team—which surveyed 350-plus real estate teams…

case listings, as well as a team’s latest activities. Teams don’t have to focus too much on the text here; instead, they can use trending hashtags to capture more eyeballs, as well as insta-worthy pictures and videos. Of course, they’ll want to be careful of misrepresentation if planning to use filters when marketing listing photos. YouTube: This platform has been gaining ground quickly over the past several years as video proves to be an engaging way to get marketing messages across without coming off as salesy. Teams can create individual videos or series that tie into a larger theme. This is another platform in which tone can vary depending on what is being discussed. Lifestyle-oriented videos can be a little more laid back; meanwhile, educational videos can focus on providing valuable insights, helping to establish the team as a wealth of real estate knowledge.

• 98.37 percent of teams use Facebook • 64.23 percent use LinkedIn • 58.54 percent use Instagram • 50.95 percent use YouTube • 47.43 percent use Twitter • 24.12 percent use Pinterest • 12.20 percent use Snapchat Today’s most prominent social media platforms include: Facebook: The most versatile platform of the group, Facebook continues to claim the top spot as the most popular application used by real estate agents today. With Facebook, teams can switch up their tone to fit the content they are posting. If looking to post listings, teams should include a call to action, add some flourish to the description and keep the post professional. With personal posts, however, team members have a little more freedom to exhibit their personality and can focus on showing their audience that they can be relatable. Instagram: Photo and video forward, Instagram is a close second behind Facebook. Since this application uses imagery to capture attention, this is the ideal location to show-

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Twitter: Clear and concise is the name of the game for Twitter. While many downplay the benefits of this platform, Twitter is a great way to connect with a team’s clients. Teams can share short, insightful tidbits followers may find useful—whether real estate-related or some other tip they can apply in their everyday life. Team members can also follow clients and leads, retweeting or replying to their Twitter posts to start a conversation and keep the team top of mind. LinkedIn: The professional networking version of Facebook, LinkedIn can help teams nurture their referral relationships. By sharing insightful information that can help fellow agents, teams can set themselves up as the experts of their local marketplace and become the go-to agent for those looking to refer out their relocation business. Snapchat: Although primarily used by younger generations, Snapchat is the perfect tool for showing off a team’s personality. If looking for an avenue that is primarily personal and all about connecting with followers, this is a great marketing solution. Pinterest: An easy going, lifestyle-based platform, Pinterest is the digital form of a bucket list, broken down into

as many categories as users want. This provides a great opportunity to showcase the individual features of a home. If a team is selling a property with a beautifully updated kitchen, for example, they can post the photo on this platform with the proper description and hashtags, and users can save it onto their boards. This is yet another avenue for showing followers how they can relate to a team. Team members can also post anything from favorite recipes and DIY home improvement projects to add more value instead of having a purely real estate-related profile.

WHAT ARE OTHER TEAMS USING? For many teams, being active on all, or a varied selection, of social media platforms is essential to creating an effective and wide-spread online marketing strategy. Finney, who leads a team of four and serves the Greater Las Vegas market area, primarily uses YouTube, while he leverages Facebook, LinkedIn and Instagram to cross-promote content. “What makes our social media pop is the use of vivid, relevant thumbnails with accurate titles of what a viewer can expect from the videos posted on YouTube. Our channel currently has 6,000 subscribers and is growing,” says Finney, who believes YouTube is the ideal platform for

“What makes our social media pop is the use of vivid, relevant thumbnails with accurate titles of what a viewer can expect from the videos posted on YouTube. Our channel currently has 6,000 subscribers and is growing.” - ANDREW FINNEY REALTOR® AND LEADER, THE ANDREW FINNEY TEAM, KING REALTY GROUP

engaging consumers on topics such as responsible homeownership and how to buy, sell and invest. Duncan co-founded his team—which serves the Tampa Bay MSA—of currently 50 members with his wife, Angela, and agrees that participating on a multitude of platforms is the way to make a lasting impression. “We use all of them—Twitter, Instagram, YouTube, Facebook, Snapchat. You need to incorporate all of them as every generation is going to differ in terms of what they want. We are weak on Snapchat, but it’s what our kid uses, so we know it will get more and more traction,” says Duncan. Duncan is also increasingly using his YouTube channel to showcase team members’ personalities, focusing on the founders to create a positive presence that customers can find through a quick search on social channels and other forms of advertising. Halton Pardee, who founded her team of currently 70 members that serve Venice, West Los Angeles and Coachella Valley, Calif., uses Instagram for “eye candy”; Facebook for listings, blogs and personal posts, or information about her brokerage and the Life Change Warriors Foundation; Twitter for blogs and any press or awards recognition; and LinkedIn to share stories that are relevant to her and her team regarding real estate and philanthropic endeavors. “We always try to be conversational, clever and, most importantly, engaging and fun! We tailor our content depending on the social media platform. We always try to show a different side of us this way,” says Halton Pardee. “For example, on Instagram, we show our best and most beautiful imagery for our listings. We use Facebook for our listings as well, but we also post our blogs and event videos such as our participation in the Abbot Kinney Festival. On LinkedIn, I use it to personally tell a story about what’s going on in real estate or about what our brokerage is doing.” Zucker, who has a luxury team of six, also recognized as a 2019 RISMedia Newsmaker, likewise utilizes a variety of platforms to market her team. “We are strong believers in visually engaging content on social media. We encourage the use of multimedia, such as video, podcasts, live video, Instagram Stories, etc., across all types of platforms,” says Zucker. Heinlein posts on her preferred combination of Twitter,

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LinkedIn and Instagram, as these platforms make it easy for her team of three in the Metro East area of Illinois to regularly post, upload content and engage with consumers.

SHIFT THE TONE Each platform runs on its own set of socially-accepted guidelines that give each application its own unique feel. While the rules are not formal, some social media sites are better suited for lengthy posts, others for interactive media and some for captivating brevity. And even within the same platform, tone of voice should shift to best match the content that is being posted. Halton Pardee, for example, tailors her team’s voice depending on the post, and tends to utilize Stories and Live to balance professionalism and personality. “A luxury listing is more serious, yet Instagram can be more fun and clever with the copy,” says Halton Pardee. “Twitter we usually use to thank a press outlet who recognized us for a listing and we’re very gracious in tone. We always want to be approachable, friendly and welcoming with our content.” Part of that includes using hashtags where appropriate, such as on Twitter, Instagram and Facebook. These keywords can help followers track down specific information and can help a team’s content reach new heights if properly associated with trending phrases that are going viral. “We try and add hashtags to our content so that the material is found easier,” says Heinlein.

POST CONSISTENTLY RISMedia’s survey shows that 38 percent of agent teams typically post three to six times per week, closely followed by less than two posts per week (36 percent). In terms of marketing-specific activity on social media, however, at least half of the teams surveyed spend two to five hours per week on their online advertising, while 25 percent spend less than one hour per week on their social media marketing. But how often should teams actually be posting? It largely depends on the social channel. According to a CoSchedule report, in order to increase awareness and engagement, businesses should post: • Once per day on Facebook between 1 p.m. and 4 p.m.

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“We use all of them—Twitter, Instagram, YouTube, Facebook, Snapchat. You need to incorporate all of them as every generation is going to differ in terms of what they want.” - ANDREW DUNCAN FOUNDER, CEO AND CO-OWNER, THE DUNCAN DUO, RE/MAX DYNAMIC • Fifteen tweets per day on Twitter between the hours of 2 a.m. and 10 p.m. • Eleven pins per day on Pinterest between the hours of 2 a.m. and 11 p.m. • Once per day on LinkedIn between 10 a.m. and 11 a.m. • Once or twice per day on Instagram between 8 a.m. and 9 a.m. and at 2 a.m.

MAKING CONTENT STAND OUT Posting listings and nothing else won’t expand a team’s online presence. To make an impact, teams need to have their own narrative—a compelling story; one that includes the team as a whole, as well as its individual members. Additionally, this story will help to humanize content, so followers can relate to the team and build a bond. Halton Pardee utilizes her team member’s individual traits and strengths to create this connection. “We leverage our agent’s individual personalities to customize our content and expose our company culture,” says Halton Pardee. “I love finding out new things about my agents and promoting them.” What does it mean to utilize personalities? Teams can use interests and demographics as a tool to connect with followers. If they have younger agents on their team, they can utilize that voice to reach the millennial and Gen Z consumers who consistently use social media as a resource for information.

“Every now and then, we incorporate postings that fit a particular team member, such as our son who’s 23 and appeals to a younger crowd,” says Heinlein. “We try and use age-appropriate material for some of the things he is tagged in or is posting.” And in terms of promoting company culture, teams can use their values and business models to further create a bond with followers and establish an identity. Finney says his videos stem from his team’s passion to help people make sense of real estate, “keeping our core values—Honor, Integrity and Performance—front and center of all we do.”

had to share our Facebook page, like our page and tag two friends to be added into the drawing. We plan to do one drawing per month with our audience having to get involved. Then, we also pose questions online such as ‘tell us your favorite holiday movie’...non real estate-related, but our real estate followers love it,” says Heinlein. To create a steady back-and-forth, teams should frequently respond to comments and post on others’ content. Creating a conversation will help them associate the team’s name with a positive memory of the service the team provides, so when the time comes to buy, sell or rent, they know who to call.

ENGAGE WITH FOLLOWERS

STRIKE A BALANCE

Part of helping a team’s content stand out means welcoming participation and being involved. Teams need to ensure their posts are engaging followers. While more interactive formats such as photos as videos work well, introducing strategies that require input and a set of steps keeps followers interested. Duncan, for example, hosts contests and showcases events. Additionally, Heinlein has giveaways on her social channels to provide an incentive for staying in touch, announcing them live to add urgency and a sense of exclusivity. “We did one for a Pilates class giveaway and followers

The same goes for hobbies, skillsets and activities. If a team member has a particular hobby that might be of interest to followers and clients, teams can use it as a talking point on social media to create a conversation and elevate their social engagement. Or if a team or team member specializes in a certain niche in real estate, they can incorporate that into their online persona and make it known on social media. “Ask great questions, do fun contests, tie yourself to successful brands,” says Duncan. “We are the official real estate agents of our hockey team and, therefore, lean on that a lot in social, and that’s fun.” Halton Pardee agrees and says that being relatable and positive is important. “For example, on Election Day, I posted a picture of my kids and myself in front of the place where I voted and made a simple comment to ‘get out and vote,’” says Halton Pardee. “I also posted it on our brokerage’s Facebook page. It shows I’m engaged but keeping it high level on the idea of voting and supporting your right to do it.” The more teams can enhance their value proposition by setting themselves up as the local real estate experts, along with a personal tie-in such as “the agent team who sponsors the city’s hockey team,” the more they become relatable on a different level than simply, “another person on Facebook with a real estate license.” According to RISMedia’s Anatomy of a Team survey, the majority of agents who use social media (96 percent) post real estate-related content. While relevant and beneficial,

“We leverage our agent’s individual personalities to customize our content and expose our company culture. I love finding out new things about my agents and promoting them.” - TAMI HALTON PARDEE FOUNDER AND CEO, HALTON PARDEE + PARTNERS

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teams will want to strike a balance as others have—56 percent also post personal content, 53 percent post local news, and 20 percent post national news. “The way we make our online posts stand out is by visually using team members in the majority of our content. People that are in the process of searching for a home to purchase or sell rely heavily on easily accessible real estate technology that they find on search engines like Google. But on social media, we aren’t necessarily hoping to pick up a lead. Social media is mostly for top-of-mind brand awareness,” says Zucker. Heinlein advocates the 2-1 rule: “two ‘fun’ posts then a ‘business’ post. This way, Facebook and LinkedIn followers do not get annoyed.”

MAINTAINING A PROFESSIONAL REPUTATION When working on a real estate team, members not only represent themselves online, but also represent the team as a whole, the brokerage and the entire real estate industry. And with today’s social media pages buzzing with controversial topics, it is more important than ever that team members post with a level head, and with the assumption that everyone will read the content. “We never talk politics online or in-person with customers and clients... this is a dangerous slope and one we will not engage with our database, followers or general public,” says Heinlein. Halton Pardee always tells her agents to think before posting, reminding them to show themselves in their best light. Duncan agrees, and frequently advises his team members to stay away from discussions of politics and other polarizing topics, as it can harm the business. “We focus on positive, engaging and supportive stories that still tie back to real estate,” says Duncan, who states that team members can humanize themselves without being controversial. A tip from social media expert Finney: Teams should always remember they are still dealing with people. Individuals and teams alike can be swayed by a false sense of anonymity when posting on social media. Social media users become forgetful that there may be millions of people reading their posts, and all of those people can have a unique perspective on what is being shared.

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“The way we make our online posts stand out is by visually using team members in the majority of our content. Social media is mostly for top-of-mind brand awareness.” - MOR ZUCKER BROKER/ASSOCIATE AND OPERATING PARTNER, TEAM DENVER HOMES, KENTWOOD REAL ESTATE “By first understanding that we are all much more similar than we are not by virtue of just being human, it’s far easier to provide the respect, dignity and integrity our clients deserve. It’s simply a matter of perspective,” says Finney. “We all have one—who’s to say whether it’s truly right or wrong? What’s right for one is wrong for another. As long as one can lay their head down at night with a clear conscious, that’s what counts.” “So, let’s give everyone our very best of who we are and focus on providing exemplary service to the families we represent. In doing so, we ourselves remain focused on the tasks at hand, our clients feel great, and everything progresses efficiently within an atmosphere of understanding, compassion, respect and peace,” Finney adds. Of course, that doesn’t mean authenticity should be sacrificed, according to Zucker, who says there is a fine line between that and liability. “We expect each of us to conduct ourselves [professionally] in our day-to-day lives, in a respectful and positive manner,” says Zucker.

SOCIAL MEDIA MANAGEMENT If possible, team leaders should delegate social media management to ensure it is being done consistently while they focus on more short-term business building, such as taking out buyers and meeting with sellers. There are various options for delegation, such as hiring an in-house social media marketer or a virtual assistant. This, however, can be pricey. According to Upwork, businesses can expect

to pay $400 - $2,000 per month for an admin that manages two channels (with a surcharge for additional platforms) and a separate $400 - $1,200 per month for blogging with social shares. Who manages social media for most teams? The RISMedia survey found that 43 percent of teams have a dedicated member (or various members) on staff for social media management; meanwhile, 57 percent do not. Halton Pardee, for example, delegates most social media-related tasks to her in-house marketing team, with the exception of posting on her personal account, which she does herself. To protect against liability, Finney takes on much of the posting himself. “I manage our YouTube channel and Facebook to ensure real estate compliance is achieved. I also teach agents how to ensure they are compliant with the posts they make, advising them not to post their views on others’ or their respective business pages,” says Finney. Zucker, like many other agents, utilizes a combination of team efforts and outsourced technology to help achieve a powerful social media marketing strategy. “We manage our own social media; however, we work closely with BOOJ digital for content marketing,” says Zucker.

AUTOMATION If teams are not looking to add onto their existing set-up, preferring to save on hiring and staffing costs, they can use automated services that do the work for them, such as RISMedia’s ACESocial. These can also be used to supplement an in-house or outsourced social media management staff to ensure posting consistency and to provide added value through varied and comprehensive content creation. For Duncan, the merging of both social media staff and marketing technology is ideal. On his team, three members have social media responsibilities, while he oversees the general management to “measure the effectiveness and business growth,” and also subscribes to automation platforms. Heinlein finds this strategy to be lucrative as well, and partners with RISMedia’s ACESocial for content that is not only valuable, but helps her achieve her 2-1 posting ratio through her pick of real estate- and lifestyle-oriented arti-

cles that supplement her posts. “All three of us post items online or share information,” says Heinlein. “Typically, I do most of the posting as I’m the team lead, but I encourage Scott and Brent to post, as well. ACESocial is one of our contributors, and we love the material [RISMedia] provides.”

What Is RISMedia’s ACESocial? RISMedia’s automated content engagement platform, ACESocial, can deliver branded content to teams’ individual (or the group’s) Facebook, LinkedIn and Twitter pages. Once followers click on ACESocial posts, they are directed to a landing page that can be customized for the business, featuring contact information, a headshot, links, logo, and more. With ACESocial, users can set up automated daily posts, ensuring their feeds are proactively supplementing existing social media strategies to increase profitability and brand awareness. Additionally, teams can measure their results to gauge reach, engagement and impressions with ACESocial’s metrics and reporting tools. For more information, please visit www.rismedia.com/acesocial.

LEAD CAPTURE AND MARKETING ROI Once a system is in place, teams should track their posts and social media activity to determine which strategies are the most effective, which are simply taking too much time and effort with little or no reward, and which could use more investing in. “Social media and content marketing strategies often do not show a definitive and direct correlation to higher ROI. However, their conversion for more business should be seen as the overall whole brand marketing and top-ofmind strategy,” says Zucker. “Our clients and their referral business is where we can actually quantify a higher ROI due to marketing and social media content. This being said, it should be known that we additionally receive between 10 to 15 online leads from Facebook per day.” Duncan agrees, stating that social media tends to keep

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“All three of us post items online or share information. ACESocial is one of our contributors, and we love the material [RISMedia] provides.” - MICHELLE HEINLEIN TEAM LEADER, THE HEINLEIN HOME TEAM, RE/MAX ALLIANCE

leads warm rather than generate them. We have generated leads on social media with sponsored ads, but with our massive radio and TV spend, we’ve found that most of our potential customers Google us, and we want social channels that support those messages to help compel someone to want to do business with us,” says Duncan. Halton Pardee, however, has seen a direct correlation between social media marketing and incoming business, particularly when utilizing platforms’ advertising tools to extend the team’s reach. “We notice the best lead capture so far is doing ads on Instagram and Facebook. In fact, this past fall, we advertised a home to a targeted audience for a week and received over a dozen calls regarding interest in the home, which was then put into escrow and sold,” says Halton Pardee, who has an in-house web manager running social media analytics for the team. “We definitely noticed an uptick in showings and interest once we created a targeted ad spend for that listing.” Finney has also seen an increase in his team’s business as a direct result of his social strategy. “So far, our YouTube video strategy has resulted in roughly seven additional closings in 2018 and roughly 100 people reaching out to us this past year. In 2019, we expect this number to grow significantly. It plays into lead capture by using robust CRMs like Follow Up Boss that can easily route contacts into our CRM for immediate follow-up using our preset action plans specific to what

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a prospective client is seeking,” says Finney. “Our videos are repurposed into our follow-up content for our local folks. Each video message builds off the last message, resulting in an extremely happy homebuyer and seller that never agonizes about what’s coming next. They get answers to all their questions from direct follow-up and indirectly through the videos.” “This has proven to be very powerful in the mid- to longgame follow-up campaigns. We’ll notice people are clicking on the emails and watching our videos every now and then and, all of sudden, they reach out when they’re ready to take the next step. Meanwhile, a wonderful relationship was being formed long ago through our constant and thoughtful follow-up,” Finney adds.

CHAPTER NINE

HOW TEAMS GENERATE LEADS PAYING FOR PORTAL LEADS PORTAL-PURCHASED LEADS: WORTH THE INVESTMENT? DETERMINING THE VALUE OF PURCHASED LEADS HOW CONTACT INFORMATION ADDS VALUE THE KEYS TO CONVERTING ONLINE LEADS PROSPECTING FOR LEADS SEEING RESULTS, DETERMINING SUCCESS

Generating and Converting Leads, and Determining Portal Value TODAY’S REAL ESTATE WORLD IS SATURATED WITH LICENSED AGENTS, SO STAYING COMPETITIVE IS HALF THE BATTLE. With about 2 million active licensed real estate agents in the U.S., according to the Association of Real Estate License Law Officials (ARELLO), the markets are flooded with competition. Although the number of real estate teams across the nation is currently unknown, the team format is rapidly growing in popularity. The National Association of REALTORS®’ (NAR) 2018 Team Survey states that 26 percent of respondents said they were part of a team—a statistic that is expected to increase in the years to come. So, creating an edge even as a team is essential. Many agent teams believe purchasing leads is a must if they want to lay claim to local business that might otherwise go to their competition. There are, however, multiple questions that arise when considering a lead generation strategy. What is the ideal avenue from which to access leads? Is it necessary to spend money on portals or other similar services, or are there better ways to capture this business? And are these services helping teams convert enough leads into transactions—what is the ROI? Opinions are split. Similar to all other team-related matters, there is no singular solution that works best across the board. Teams today have the ability to pick and choose their lead sources, and there is an abundance of programs and strategies available. For some, portal leads, which typically come with a hefty price tag, bring enough business to offset the costs. Others prefer to rely on more traditional lead prospecting, focusing on existing client relationships to increase referral and return business. And some teams are the most traditional of all, sticking to the door-knocking and cold-calling part of the business that others may find too cumbersome, challenging or intimidating. It highly depends on personalization, and how each team can most cost-effectively and efficiently convert leads into business. Of course, finding these leads is not the only obstacle. Another challenge, and where value proposition matters the most, is converting leads. The modern consumer is internet-savvy, able to search out other agent or team matches if they are unhappy. That first impression—and the second, and the third, and so on—is of the utmost importance. What are today’s agent teams

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doing to ensure they are converting leads, rather than losing them to the competition? Here, 10 of the top agent teams in the U.S. share their tactics with RISMedia for leading a profitable business that runs on a steady stream of leads.

HOW TEAMS GENERATE LEADS How can teams determine the best way to source their leads? The answer is not an easy one. According to HubSpot, 65 percent of businesses say generating traffic and leads is their biggest marketing challenge. There is a variety of technology available to today’s agents. With even the more traditional methods still being implemented successfully across the industry, the choices can seem endless. The truth, however, is that it is a personal choice. Not every strategy will work for every real estate team. Sometimes a tech-focused plan works best, while, for some, a referral-based lead-generation system is better. For others, it is all about balance, introducing a variety of systems that keep the others afloat.

A LITTLE BIT OF EVERYTHING Tech with a blend of tradition is the solution for Dan Lee, broker/owner of Valor Realty Group, who relies on a variety of different platforms to generate leads for his team of 23. “Being in the internet era, we use SEO, Facebook, Google and various lead-generation websites,” says Lee. “On top of that, the traditional aspects, such as open house and sign calls, are also an integral part of lead generation.” The same can be said for Nicole Lopez, team leader for the PR Group at Compass. The 2019 RISMedia Real Estate Newsmaker believes purchasing leads is part of a broader approach to staying competitive and maintaining her team’s status as one of the highest producers in the greater Houston area. “Honestly, in today’s market, the majority of platforms are pay-to-play. Our team generates leads through multiple sources. We incorporate old-school cold-calling, open houses, client referral programs, as well as more technology-focused lead sources like Zillow, Curaytor, our own MLS leads (HAR.com) and Facebook,” she says. Geoffrey Adams, founder of the All Arizona REO Team at Realty ONE Group, also looks to do it all, obtaining leads

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“Being in the internet era, we use SEO, Facebook, Google and various leadgeneration websites. On top of that, the traditional aspects, such as open house and sign calls, are also an integral part of lead generation.” - DAN LEE BROKER/OWNER, VALOR REALTY GROUP

from every source possible. “We buy them, have our own PPC, do retargeting, sign calls, referrals, sphere, client events, and many more,” says Adams. Jim Allen, president and CEO of the Jim Allen Group at Coldwell Banker Howard Perry and Walston—and a 2019 RISMedia Real Estate Newsmaker—subscribes to the same school of thought. His team sources leads from: • Builder community websites • Open houses • ArchAgent.com • Homes.com, realtor.com®, Zillow, ColdwellBanker.com, HPW.com • Sign riders on listings • NterNow • Social media paid and organic posts • Coldwell Banker HPW paid and organic posts • News & Observer and Triangle Home Design newspaper ads • Print advertising (New Home Guide, New Homes & Ideas, Homes & Land, Wake Living, Walter, Raleigh, 27587 Magazine, and more) • Targeted digital and geo-fencing campaigns • Television and radio campaigns • Parade of Homes and other event-related campaigns

A FOCUS ON THE TRADITIONAL For others, like Brandon Doyle, team leader of the Doyle Real Estate Team at RE/MAX Results, referrals are the key. Most of his team’s business continues to flow in through past clients. Linda Boehmer, a REALTOR® and team leader of The Boehmer Team at Berkshire Hathaway HomeServices Select Properties, relies on a similar business model, as well. “We generate our best leads by our sphere of influence and referrals...our best and strongest leads come from our families, friends and past customers,” says Boehmer, a 2019 RISMedia Real Estate Newsmaker. These are the leads that make the most financial sense for Melinda Estridge, too, founder of The Estridge Group, a Long & Foster company. “Most of our leads are coming from constant past client contact and geographic farming,” she says. “It has always been a huge return for us and not as expensive as paying for leads.” Alex Wang—principal of the Alex Wang Group at the Sereno Group, and who is also a 2019 RISMedia Real Estate Newsmaker—receives leads from past clients, as well, although his team does supplement with a few other sources, such as Facebook, Google Ads and Yelp. Dana Green—the CEO and owner of the Dana Green Real Estate Team at Compass, and a 2019 RISMedia Real Estate

“Most of our leads are coming from constant past client contact and geographic farming. It has always been a huge return for us and not as expensive as paying for leads.” - MELINDA ESTRIDGE FOUNDER, THE ESTRIDGE GROUP, LONG & FOSTER

Newsmaker—fully embraces word-of-mouth marketing and a referral-focused strategy, rather than purchasing leads. At the Z-Team of CENTURY 21 LeMac Realty, which is led by executive brokers Linda and Bob Zdora, they prefer the more conventional methods of lead generation but with an innovative twist, focusing on creative marketing.

PAYING FOR PORTAL LEADS A large percentage of modern buyers are starting their home search on the internet. In fact, according to the 2018 Profile of Home Buyers and Sellers report from NAR, 55 percent of surveyed buyers began looking for homes online before contacting a real estate agent. This is where real estate portals come in. For a fee, home-search websites such as Zillow, realtor.com® and Homes.com offer agents the chance to purchase the contact information (and, in some cases, the direct calls) of consumers looking to buy, sell or rent a home. In addition, these websites also provide marketing services to increase agents’ chances of leads being routed directly to them. These package details and pricing vary depending on the company, how much money agent teams are willing to invest, and the level of competition for the corresponding marketplace. Here are some of the lead generation services portals promote: • Increased online exposure • Zip code-specific advertising • Customized ads • Branded websites • Listing performance reporting • Lead qualifying • Pipeline management But where do these portals lie on the lead profitability scale? When it comes to purchasing leads, there is a clear consensus. While many agent teams buy leads to stand apart from the competition, the value of portals and purchased leads is subjective. Many agent teams have found success in a lead system with an emphasis on portal usage. Lopez’s team, for example, has been using Zillow,

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realtor.com® and social media as their primary lead sources. This could change at any time, however, depending on the results acquired. The PR Group says they are constantly monitoring the success of these avenues, measuring the ROI.

tried Zillow and other platforms without a lot of success,” says Estridge. “With these programs, you or your agent team need to carry a phone and respond instantly to achieve any real success.”

DIMINISHING RETURNS

The recent changes from Zillow, primarily its entrance into the iBuyer space with Zillow Offers, have also created a wedge between the portal and some of today’s real estate professionals. Lopez, for example, is considering ending her contract because of this. “The changes with Zillow seem to have detracted from the quality of leads, and we do intend on cancelling services...once our contract expires,” she says. Although her success with online leads has exceeded industry standards, reports Lopez, she has been happier with services provided through Espresso Agent and Curaytor—these focus on expired and FSBO leads, and website marketing, respectively. Other teams have had a stronger reaction to the Zillow news. Adams refuses to buy leads from this specific source. “Zillow/Trulia is a wolf in sheep’s clothing, using our marketing dollars to move into our markets and cut us out of our business,” says Adams. “It really is a tragedy for REALTORS® that we have laid down and let the MLS administrators sell our livelihood, and potentially our future as REALTORS®, to Zillow for pennies.” Instead, he prefers realtor.com® and his brokerage’s pay-per-click (PPC) offering because he considers them a partner in marketing. “As far as who we will use in the future, it really depends on the ROI for each service,” says Adams.

There may be a new trend emerging. More and more real estate professionals are diversifying the way they acquire leads, relying less on specific portals, or not utilizing them at all. Doyle has relied on portals for leads in the past, but is investing in them less after determining the ROI just wasn’t there for his team. “We pay for leads from Zillow and realtor.com®; however, due to increased cost and a diminishing return on investment, we will likely reduce our spend,” says Doyle. He has also found that, in many cases, these leads are being rotated through multiple agents and teams, making it more difficult to convert them. “Some leads get sold to many agents, and the consumers are not interested in speaking to anyone right away—those convert at lower rates and require much more additional follow-up,” says Doyle. Estridge agrees, having little success with portals due to the time commitment required to churn out business. “I have never been a huge fan of paying for leads. I have

DISRUPTION BRINGS REPERCUSSIONS

PORTAL-PURCHASED LEADS: WORTH THE INVESTMENT?

“Some leads get sold to many agents, and the consumers are not interested in speaking to anyone right away—those convert at lower rates and require much more additional follow-up.” - BRANDON DOYLE TEAM LEADER, DOYLE REAL ESTATE TEAM, RE/MAX RESULTS

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Every strategy should be driven by return on investment. Agent teams will find themselves unnecessarily spending if they stick with existing methodologies out of comfort or fear of failing at something new. With lead generation, the question should never be “How many leads?” but, instead, “How much?” How much are these leads bringing in every year in actual profits? The number of leads a team acquires is meaningless if those contacts never actually convert into business. So, with this in mind, are today’s agent teams impressed with portal-purchased leads?

“The changes with Zillow seem to have detracted from the quality of leads, and we do intend on cancelling services...once our contract expires.” - NICOLE LOPEZ TEAM LEADER, THE PR GROUP, COMPASS Allen’s team, for one, sees the value in these leads, especially because it increases the odds of a prospective buyer viewing his listings. Boehmer, on the other hand, sees value only up to a certain point before shifting her focus to nurturing leads, which she believes is where the investment truly makes a difference. “There is always going to be a bigger player in the lead-buying game. Someone is always going to spend more than you are by the thousands,” says Boehmer, who embraces her small team of eight and takes that size into consideration. “We are not going to try to compete with agents spending huge money (even if they co-op) on leads.” Lee believes it is all a matter of creating a competitive advantage—something that portals can help with, especially for agents who already have a steady reputation for converting paid leads. “...There can only be a finite number of leads per area. Competition definitely drives exclusivity,” says Lee. “I would say that for most lead generation companies, the most difficult aspect of their business is convincing an agent that they need leads, and retaining that agent in the future. Thus, agents that perform better on leads and can afford to renew their markets would be shown obvious favor over agents that do not convert their leads and do not renew their markets.” Estridge, meanwhile, considers their value in a more statistical sense, and is wary about the amount of effort it takes to convert these leads. “It’s a numbers game,” says Estridge. “You may need to speak with 50 people to garnish one qualified lead.” For other agent teams, such as Doyle’s, the answer is

no—portals are not worth the investment. “There are now many more leads than there are sales,” says Doyle. “The companies that sell leads will continue to maximize their profits, oversaturate the market and drive up the cost per lead.” Wang strongly opposes paying for leads, stating that he believes REALTORS® should instead be building relationships. Sometimes, however, it just comes down to the specific portal. Some agent teams have had success with one platform but not others. For example, Adams has not benefited from paying for Homes.com because he believes the portal focuses too much on impressions to increase visibility, rather than outright lead generation. “I am sure as the demand increases, these services can scale to some degree and increase their marketing budget to solicit more leads. With Homes.com, there is no way to track your results, as they sell ‘impressions,’ not leads, so I wouldn’t know if my money produced anything, let alone locked out any competition,” says Adams. “I’m not sure why anyone spends money with them. When it comes to competition, especially in a large market like the Phoenix and Tucson MSA where I work, I believe there is enough business for everyone who is willing to learn and work hard.”

DETERMINING THE VALUE OF PURCHASED LEADS Because value is so subjective, it can be difficult to determine what the appropriate cost-per-lead should be, especially between the varying lead-generation services. Every team assesses their worth in a different way. Many teams agree that today’s lead pricing is exorbitant. But depending on how many leads can be converted, it may ultimately be worth the investment. In order to determine a lead’s value, teams must analyze what they are currently paying, what they are making back on their investment and what value actually makes sense for the leads they are converting. “Right now, we pay around $12 per pay-per-click website lead, around $50 - $100 for third-party email and $500 $750 for a live connection,” says Doyle. “None of these costs are relevant if you’re not tracking your conversion rate and have a solid understanding of your cost-per-sale and lifetime value of a customer.”

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“There is always going to be a bigger player in the lead-buying game. Someone is always going to spend more than you are by the thousands.” - LINDA BOEHMER REALTOR AND TEAM LEADER, THE BOEHMER TEAM, BERKSHIRE HATHAWAY HOMESERVICES SELECT PROPERTIES ®

Some teams maintain that they find value in the current lead pricing of only some platforms. Other sources, however, have proved too expensive based on returns. “The fact that folks are paying $20 - $30-plus is crazy. I’m crazy—I’ve paid those numbers! Once we cracked Facebook, it’s been a solid ride in terms of the cost benefit,” says Lopez. “We have a campaign running right now in regard to a local grant program for homebuyers, and we are currently receiving 12 -18 leads per day at an average cost of 80 cents per lead.” Location must also be considered. According to Lee, there can be price deviations even from zip code to zip code. It all comes down to how much time was put in and what the profit return was. “Having worked the front lines of lead reception, I know from our collected data the percent of leads that typically respond via email/phone/text,” Lee says. “Knowing those numbers, my estimate for a fair price per lead would be $30 - $50 per lead in most markets.” This is a glaring difference from Lopez’s thoughts on fair pricing; however, these agent teams work in different market areas, and may also have drastically different strategies for generating and converting leads. “Each market is going to be different, and what works for one agent/team may not work for another,” says Doyle. “Marketing is an investment, not an expense; it needs to be monitored closely and held accountable to a return on investment that is acceptable to you.” That’s why Adams sees the value in any lead program as

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long as it provides adequate ROI based on time, effort and profits. “If I can buy 10,000 leads for $1,000 and, after the expense and time and effort of calling, nurturing and servicing all 10,000 leads, I get a return of one closing for a $10,000 commission, that would not be a good investment,” says Adams. “If I can buy four leads for $1,000 and I get a return of one closing for a $10,000 commission, that is a good investment to me. The price needs to reflect the ROI.”

HOW CONTACT INFORMATION ADDS VALUE When agent teams receive paid leads, contact information can be the difference between a consumer who is ready to buy or sell and someone who is just not interested in engaging with an agent. Today’s teams must be cognizant of what type of information these lead services are providing. Is it comprehensive enough, and consistent enough, to merit the cost? Not all leads are created equal, and contact information can be an easy way to determine the value of the leads being received. For example, while email may be a preferred method of contact for many consumers today, many will submit non-working or spam email addresses when filling out forms on portal websites or other real estate websites. With phone numbers, however, agents can quickly determine whether the lead is valid. If the phone number they have submitted is non-working or leads to a wrong number, agent teams can quickly assume this is not a lead worth pursuing instead of wasting time sending follow-up emails to a lead that will never manifest into business. In an ideal situation, according to Allen, team agents should strive to gather the following information: • Name • Phone number • Email address • Any comments or notes (what question does the customer have?) • Lead source (which inquiry the customer filled out, what was the call to action?, etc.) • Time and date of inquiry • MLS information, community and address of property of inquiry

• Showing times desired • Are they pre-qualified? • Are they already working with an agent? “Our leads come mostly by email and phone,” says Boehmer. “The leads that come in by phone are always the best leads. In addition, the leads that come through our website are solid. The information we receive varies by the source. On a buyer lead, we usually receive a name, phone number, email and a property that the client is inquiring about.” Doyle says most of his team’s leads come in the form of a phone call or email inquiry. “Getting a live connection and being able to schedule an appointment is by far the best way to receive a new opportunity,” says Doyle. “You absolutely need to receive a valid name, email address and phone number. Without all three, it will be difficult to convert them.” Of course, with lead-generation services and portals, this information is not always guaranteed. Adams says he’s received anything from only a name to full contact information and a backstory. “We receive leads in all types of formats,” says Adams. “The key is entering them in our CRM with as much data as possible, and as soon as possible.” Having this information streamed directly into a CRM can make the follow-up and lead nurturing much simpler. For example, Lee’s team typically receives a lead’s name,

“I am sure as the demand increases, these services can scale to some degree and increase their marketing budget to solicit more leads.” - GEOFFREY ADAMS FOUNDER, THE ALL ARIZONA REO TEAM, REALTY ONE GROUP

email, phone number and existing social media pages, and has this data sent directly to Follow Up Boss, a lead-management database. “I do suggest that other agents who currently do not have a CRM invest in one if their goal is online servicing,” says Lee. “I won’t get into details about each CRM, but I believe any CRM is worth using compared to none. And I do believe that incorporating a CRM involves understanding that particular system as thoroughly as possible.” Lopez does the same thing, using Zapier to integrate her team’s leads into Follow Up Boss, as well. “We are notified by text and email when these leads have been received,” says Lopez, who prioritizes Facebook leads because of the comprehensive information she receives from them. “Through Facebook, we receive name, number, email and profile ID information. All of this is provided by the consumer through their consent. With other platforms, it varies based on what is supplied by the consumer.”

THE KEYS TO CONVERTING ONLINE LEADS Once teams have obtained leads, there is a very small window of opportunity where these contacts can transform into clients. According to the Harvard Business Review, 35 - 50 percent of sales go to vendors that respond to leads first—within the first five minutes. This is much faster than the average response time of 42 hours. Today’s top agent teams agree: Speed determines success when converting leads. “I think everybody knows now that you have to contact online leads as soon as they are received,” says Lee. And that’s where the team advantage comes in. Solo agents must be available virtually 24/7 in order to convert these leads as quickly as their competitors. With agent teams, however, the load can be shared among team members, ensuring there is always someone available to potentially convert an incoming lead. “We utilize CallAction numbers on all of our marketing so that we know where consumers are finding us. CallAction broadcasts the calls to our entire team—our goal is that every call gets answered by an agent that is ready to help them out,” says Doyle.

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pointment and then an amount upon a closed transaction,” she says. “It has worked very well for us.”

‘RELENTLESS FOLLOW-UP’

Team members are responsible for initial outreach. “They email, call and text customers, ideally within the first five minutes.” - JIM ALLEN PRESIDENT AND CEO, JIM ALLEN GROUP, COLDWELL BANKER HOWARD PERRY AND WALSTON

DEDICATED STAFF AND AUTOMATED MESSAGING However, there should always be a back-up system in place should scheduling conflicts stand in the way. Doyle includes automation into his follow-up system to guarantee that leads have some type of team interaction once leads are sent over. “In the event that no one is able to answer, the system sends an automated response and will attempt to schedule a time for one of us to call them back,” he says. Other teams have staff dedicated to qualifying and converting leads. This way, the team’s agents can simply focus on meeting with fully developed client contacts that are ready to transact. Wang’s team has a receptionist that is employed from 9 a.m. to 5 p.m. for this exact purpose. This individual picks up the office line and qualifies leads. Alternatively, online contact forms on the team’s website are routed directly to Wang via his Slack application. The Estridge Group has a virtual lead manager on staff that immediately follows up with leads, as well as offers assistance to those navigating the team’s website. “He tells them he is not an agent,” says Estridge, adding that he keeps the leads warm while asking them to consider interviewing with the team when they are ready to buy. “These leads could be 2 - 12 months out. His timeliness and quick response pays off.” After the cost of the website and compensation for these services, Estridge says the team profits by 300 percent. “He receives a certain amount for scheduling a face-to-face ap-

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That is not where the process ends, however. Even after the initial follow-up, leads, especially for consumers who are not yet ready to buy, must be nurtured or teams risk losing their business. “It is very important to follow up quickly and multiple times until contact is made,” says Doyle. “Listen to their needs and offer to meet in-person to discuss further. When calling or emailing a lead, your only goal should be to gather more information and set up an appointment. You won’t be able to sell a home over the phone; you need to meet in-person to build rapport and establish a relationship.” Lee has seen a stark difference in profitability between teams that follow up constantly and those that do not. “The biggest difference that we’ve seen in conversion rates has to do with their contacts/follow-up with each individual lead,” says Lee. “Although there is a point of diminishing returns, from our experience, most agents don’t do anywhere near the follow-up as is required by most leads.” Boehmer agrees, stating that “relentless follow-up” is absolutely necesssary.

CUSTOMER CARE AND AGENT INVOLVEMENT While many teams have profitability in mind when nurturing leads, the real focus should be on the client relationship. Sincerity and a commitment to the community can go a long way in converting these leads. Adams says that the key is “honesty, competency and caring service paired with a keen ear.” That and a systematic follow-up plan is how the team brings value to consumers. Having a comprehensive lead conversion strategy in place is the best way to leverage a team’s resources to fully benefit from lead-generating services. Allen, for example, outlines the process for team members from start to finish, ensuring the entire team is on the same page to make the process as efficient as possible.

Here’s how the Jim Allen Group converts leads: 1. TEAM MEMBERS ARE RESPONSIBLE FOR INITIAL OUTREACH. They email, call and text customers, ideally within the first five minutes. 2. THE TEAM FOLLOWS UP with automated listing alerts on properties similar to the one the lead inquired about. 3. THE TEAM SETS A TARGET to email, call or text every day for the first seven days until they qualify them. 4. ONCE QUALIFIED, THE TEAM FOLLOWS UP every 14, 30 or 90 days, depending on where they are in the purchase process. “Learn to treat the leads you get as a precious commodity,” Boehmer emphasizes.

PROSPECTING FOR LEADS There is an entire segment of lead generation that does not involve directly paying a company for business leads. Through more traditional marketing avenues, some teams prefer to seek out business on their own.

• Spheres: Tapping into existing personal and professional relationships to capture business • Community: Volunteering or participating in community events to increase awareness and build a reputation as a team of local real estate experts • Referrals: Nurturing past client relationships to obtain repeat business or referrals through phone calls, handwritten notes, holiday emails, etc. • Events: Hosting gatherings for past clients and community members to build a team’s brand and capture business • Interests: Using hobbies and interests to connect with the local community and build contacts • Agent Referrals: Contacting other agents to create a reciprocal referral relationship (within the city, nationally or even worldwide) * *Agent referrals will turn into paid leads if the buyer/seller ends up transacting. Typically, a referral fee of around 20 - 30 percent of the commission is paid to the agent who referred the lead once the transaction has successfully closed.

A NOD TO THE CONVENTIONAL These are some of the more conventional strategies used by teams today for obtaining non-purchased leads: • Door-knocking: As an introductory greeting, or to share information about the market and neighborhood solds, etc. • FSBOs: Converting homeowners who have not had luck selling a property on their own • Expireds: Tracking down homeowners who didn’t sell with their previous listing agent by the contract expiration date • Farming: Canvassing neighborhoods or sending out mailers with market information to specific zip codes to capture leads • Website: Capturing leads from the team’s own website through listing interest, home valuation inquiries, etc. • Social Media: Implementing an automated social strategy, such as with RISMedia’s ACESocial, to capture leads

Green’s team sees more value in these methods than in obtaining purchased leads, believing that traditional marketing helps to better develop the brand, which can help a business skyrocket and receive a steady flow of leads. “We are unwavering and consistent in our brand image, voice and reputation, and very active in all areas of marketing—print, digital, social media, website, videos and blogs, to name a few,” says Green. “We are proactive in our public relations, building powerful and influential contacts in the media industry. Our marketing and PR constantly tells our story and draws in interest.” Additionally, Green’s team heavily relies on in-person interactions through events and activities to really build those relationships that have the potential to turn into business. “At open houses, we have meaningful conversations with those who walk in the door, often leading to new clients. We are active and involved in local events, and we sponsor and contribute our time to many non-profits that help build an amazing community,” says Green.

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“At open houses, we have meaningful conversations with those who walk in the door, often leading to new clients. We are active and involved in local events, and we sponsor and contribute our time to many non-profits that help build an amazing community.” - DANA GREEN CEO AND OWNER, THE DANA GREEN REAL ESTATE TEAM, COMPASS

INNOVATIVE TRADITION Even within these more traditional lead-generation models, today’s agent teams are looking for creative ways to source business and stand apart from the crowd. The Z-Team, for example, has entered the realm of broadcast marketing to capture leads. “Bob has done a [radio] show for the last 12 years on every Friday. It is now simulcast on six stations,” says Linda Zdora. Because of this, people in the area know him as a local expert, she adds. Additionally, the team sponsors a weather webcam on a local television program to create brand awareness and supplement the auditory marketing with a visual element. Doyle’s team, meanwhile, is leveraging virtual technology by adding a sign rider to their new listings that encourages consumers to text a code to have the 360-degree tour link sent to their cellphone. Estridge believes the effort put in to manually generate these leads can have more profitable results than simply waiting by a phone after purchasing leads. “It has a greater return in that when someone reaches out to sell or buy, it is much more likely you will get the business if they know you through your success in farming or if it is a warm lead due to being a satisfied past client,” she says. It is all about the intent, says Wang, particularly when

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it comes to more traditional avenues of lead generation. Today’s consumers are looking for the relationship aspect, rather than being sold on a brand. “REALTORS® have got to stop using interruption-based tactics to get in front of people and build a brand…When clients are Googling ‘Palo Alto or Los Angeles real estate agent,’ they are looking for a relationship,” says Wang. “It is much different than on Zillow or Homes.com or realtor.com® when they are just looking for the house.”

SEEING RESULTS, DETERMINING SUCCESS Paid or self-generated, leads determine a team’s success in the business. That’s why it is essential for teams to formulate a concrete lead-generation strategy that is based on a solid track record of profits. Through trial and error, today’s teams can begin implementing a customized plan that brings in the most business and for the least amount of effort. Lee has found success first and foremost through educating her agents on how to properly source and nurture leads in order to convert business. “I really believe that good lead conversion takes place on the training level. Most agents are looking for specific lead conversion training; unfortunately, that doesn’t necessarily exist,” says Lee. “What we have found, as a team, is that the best way to approach lead conversion is that the training has to take place at all levels of a real estate

“Bob has done a [radio] show for the last 12 years on every Friday. It is now simulcast on six stations.” - LINDA ZDORA CO-EXECUTIVE BROKER, Z-TEAM, CENTURY 21 LEMAC REALTY

“REALTORS® have got to stop using interruption-based tactics to get in front of people and build a brand…When clients are Googling ‘Palo Alto or Los Angeles real estate agent,’ they are looking for a relationship.” - ALEX WANG PRINCIPAL, ALEX WANG GROUP, SERENO GROUP transaction. Simply put, lead generation and conversion is a flow-through model. We see lead loss at every level of a real estate transaction. The best type of training that we have found is helping agents identify where those lead losses are in their own personal business and addressing them correctly.” For Adams, it is all about building a team in which members are accountable and can produce profits. He believes teams must be value-focused, constantly tracking their numbers and providing a safe environment in which members can freely communicate with each other and the leadership about anything at all. “This has been a super powerful approach and has contributed greatly to both our rapid growth and success, as well as maximizing our adaptability,” says Adams. “We went from five members in 2017 to 20 in 2018, and are ready for 90 in 2019. We have multiple agents closing four to five transactions a month, we just opened our third office and would love to talk with pliable, teachable and hard-working, experienced agents.” Of course, on the consumer side, it should always be about the experience, Doyle says. “Providing great customer service and continuing to follow up after the sale with value-added information— and organizing community events to reconnect with past clients—has led to a continuous stream of referral opportunities,” says Doyle. “We continue to monitor the client acquisition cost of all of our lead programs, and adjust our

marketing investments accordingly.” And Green’s blend of tradition-based lead generation has proven successful over the years. “This varied combination of activities helps build impactful word-of-mouth marketing and a referral network that we rely on for leads,” says Green. “We don’t just keep up; we strive to stay ahead and raise the bar for ourselves every year!” Lopez believes leveraging her network’s tools and resources has led to the most success. Her team leans on the Houston Association of REALTORS® for support with a lead-generating website and on Compass for its tech-centric model. “Our technology has its heels dug in on providing an exceptional, client-focused portal with great potential for [generating] leads in our market,” she says of Compass’ Coming Soon program. New leads aside, however, Boehmer and many other agent teams believe that profits can be more easily found within already-established relationships. “Treat your sphere of influence with the greatest of care. You have a far better chance of converting a direct referral than a purchased lead,” says Boehmer. “Learn the basic skills of marketing. Personally thank your clients. Do client appreciation events on a regular basis. Get out in your community and be present. Write personal notes and recognize accomplishments both big and small. A nice mix of online leads and personal touches has worked for us.”

THE ULTIMATE REAL ESTATE TEAM GUIDE 63

marketing for their team.

97% 97%

Anatomy of a Real Estate Team 78% of teams

14.0% 14.0%

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64 THE ULTIMATE REAL ESTATE TEAM GUIDE

48.0% Team Leader

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have 2-5 members.

11.0% THE ULTIMATE REAL ESTATE TEAM GUIDE 65

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Oﬃce Management 66 THE ULTIMATE REAL ESTATE TEAM GUIDE 12.6%

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Tools Used by Teams

Tools Used by Teams Tools Used by Teams

Housecall is the official blog of RISMediaâ&#x20AC;&#x201D;a one-stop shop for all of your real estate news and information. Brokers, agents and their clients will find everything from housing trends and business development tips to a look at the latest luxury listings. Covering the entire moving and shaking gamut of the industry, Housecall has your back on all things real estate!

Visit us at blog.rismedia.com.

RISMedia’s ACESocial is a comprehensive social media marketing platform that takes teams’ online advertising to new heights. ACESocial solves a major social media marketing setback that many across the industry encounter: a lack of access to relevant content. With ACESocial, teams can obtain a steady stream of valuable content, branded to their company and auto-posted to their social pages without having to do any of the legwork.

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Consider the Statistics With most buyers beginning their real estate search online, ACESocial is an invaluable tool for agent teams who are looking to maintain their competitive edge. According to the National Association of REALTORS® Real Estate in a Digital Age report…

71%

of brokers use social media

70%

of sales agents use social media

77%

of real estate businesses use social media

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We’ll track your social media marketing, so you can see your progress through…

Engagement

97% use Facebook

59% use LinkedIn

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HERE’S WHAT THE INDUSTRY IS SAYING “[ACESocial] posts provide relevant information for today’s consumer. My highest and best use of my time is working with buyers and sellers and not sitting in front of a computer posting. I allocate a certain amount of time to updating profiles and posting original content while allowing ACESocial to supplement my online presence. If I can’t get to posting on my own, I know ACESocial is filling in the gaps.” – PAM CHARRON

BROKER ASSOCIATE, BERKSHIRE HATHAWAY HOMESERVICES FLORIDA REALTY

“I love that ACESocial provides relevant content that is auto-posted and that I get a branded page— that is crucial when trying to convert visitors to customers. It brings visitors to all of my social media platforms more often because they know there is fresh content every day. This keeps my social media presence active and top of mind. It also lets them know that I’m around every day.” - ALEXIS HART MCDOWELL, ESQ. OWNER, ENTERPRISE ESQUIRE

“ACESocial is an integral component of our social media strategy. Every day, numerous members of our team and our corporate Facebook and LinkedIn pages have timely real estate posts that keep us front of mind. There is no doubt in my mind that ACESocial has led to more awareness and generates mind share and leads. It could not be easier to set up and works with no ongoing effort whatsoever. ACESocial gets an A+!” - KEN BARIS

PRESIDENT, JORDAN BARIS, INC., REALTORS®

ABOUT THE AUTHOR AND CONTRIBUTORS AUTHOR: LIZ DOMINGUEZ As RISMedia’s senior online editor, Liz writes for Real Estate magazine and RISMedia.com, reporting on breaking news and providing original coverage of significant changes impacting the real estate industry. In addition, Liz edits copy for RISMedia’s various publications, writes for the Housecall blog and collaborates on several content marketing initiatives. A journalist with previous licensing and team admin experience, Liz utilizes her industry expertise to craft compelling insights that today’s real estate professionals can use to build and advance their business.

GEOFFREY ADAMS

FOUNDER, ALL ARIZONA REO TEAM, REALTY ONE GROUP Geoffrey Adams has created multiple real estate businesses by looking for ways to bring value to his clients and the real estate industry. He founded three successful real estate groups under the Realty ONE Group umbrella. All Arizona REO, after 10 years, still continues to service bank-owned properties, Realty ONE Group Commercial brings value to the 2,000-plus residential agents within and outside of the Realty ONE Group network in servicing the commercial needs of their clients, and, most recently, the Agent Collective—a team of REALTORS® working together in support of each other’s professional success. All three of these businesses were built on the foundation of honesty, competence and caring.

CONTRIBUTORS: STEVE ABBE

CO-TEAM LEADER, ABBE/MULLINNIX DISTINCTIVE PROPERTIES, COLDWELL BANKER GLOBAL LUXURY Steve Abbe and Betty Mullinnix are the primary partners of the team Abbe Mullinnix Distinctive Properties. Steve is the only REALTOR® exclusively focused on finding and marketing Sarasota golf course properties in Southwest Florida. He has 20-plus years of experience as a Class A PGA professional and additional years of course construction and superintendent expertise. He has over 13 years of experience as a REALTOR® in Sarasota and Bradenton. Betty has over 30 years of experience in selling high-end golf and luxury waterfront homes. “Real estate is a little bit different because one year can have very little to do with the next year...We found that we are constantly adjusting our budget. In real estate, the budget has to be a living document.” - pg. 20, How to Tackle Financial Challenges

70 THE ULTIMATE REAL ESTATE TEAM GUIDE

“If I can buy four leads for $1,000 and I get a return of one closing for a $10,000 commission, that is a good investment to me. The price needs to reflect the ROI.” - pg. 58, Generating and Converting Leads, and Determining Portal Value

JIM ALLEN

PRESIDENT & CEO, JIM ALLEN GROUP, COLDWELL BANKER HOWARD PERRY AND WALSTON In Jim Allen’s world, his client is the most important person, and he has built the Jim Allen Group on that premise. Jim attributes his success to a continuing commitment to the marketing and selling of new construction and the dedication of his support team. The Jim Allen Group is leading the real estate industry and is currently recognized as the No. 1 Real Estate Team in the Triangle since 1996 by the Triangle Business Journal; TBJ Fast 50 No. 46 by the Triangle Business Journal in 2018; and No. 1 Coldwell Banker sales team in the U.S. A degree in Engineering has been especially beneficial in Jim’s real estate success story.

Team members are responsible for initial outreach. “They email, call and text customers, ideally within the first five minutes.” - pg. 61, Generating and Converting Leads, and Determining Portal Value

LINDA BOEHMER

REALTOR® & TEAM LEADER, BOEHMER TEAM, BERKSHIRE HATHAWAY HOMESERVICES SELECT PROPERTIES The award-winning Boehmer Team’s goal and focus is to provide unparalleled service and complete dedication when assisting their clients in achieving their real estate goals. Each member of the team utilizes their specialized skills to provide clients with the personalized service they deserve when making the important decisions involved in buying or selling a home. With 60-plus years combined experience in home sales, the Boehmer Team is dedicated to client satisfaction. “We generate our best leads by our sphere of influence and referrals...our best and strongest leads come from our families, friends and past customers.” - pg. 55, Generating and Converting Leads, and Determining Portal Value

TODD CROCKETT

PARTNER, THE CROCKETT TEAM, HOWARD HANNA REAL ESTATE A graduate of Lake Catholic High and Arizona State University, Todd Crockett was awarded his degree in real estate. Todd is an instructor in the nationally renowned Star Power University, which offers specialized education in topquality real estate service and marketing. In addition, Todd is a much sought-after speaker on local and national levels for conventions and business seminars. Todd utilizes his education and experience to incorporate innovative concepts that give his seller clients a major marketing advantage in selling their homes. “The Crockett Team lives and breathes the Core Behaviors that instill camaraderie amongst the teammates. For every challenge, the solution can be discovered in these Core Behaviors.” - pg. 16, Setting Expectations and Goals With Core Values

MATT DITZLER

BROKER ASSOCIATE, THE DITZLER GROUP, ENGEL & VÖLKERS MINNEAPOLIS Matt Ditzler has been selling real estate in the Twin Cities for over 15 years. During this time, he has worked in nearly every aspect of real estate, from traditional sales and property management to new construction and renovation. He is an experienced advisor who helps clients in both the residential and commercial real estate markets. For nine years, Matt served on the Minneapolis Zoning Board of Adjustments, where he received insight into commercial real estate and city planning that was invaluable to growing the commercial side of his real estate business. “I oversee all of my team’s actions from their marketing to file management. We have a transaction coordinator and marketing assistant to help handle the workload and help with oversight. Having good people in place is the key to running a successful team.” - pg. 10, The Legalities of Forming a Business Entity

BRANDON DOYLE

TEAM LEADER, DOYLE REAL ESTATE TEAM, RE/MAX RESULTS Brandon Doyle helps implement new technology into the day-to-day operations of real estate sales. In 2014, he was recognized in the local Star Tribune paper for use of aerial photography, video and 3D tours. He and his team continue to be on the cutting edge of technology, conducting the world’s first virtual broker open using VR goggles. The Doyle Real Estate Team is a secondgeneration family team of REALTORS® based out of Maple Grove, Minn., serving the greater West Metro and Twin Cities areas. With 25-plus years of combined real estate experience, the Doyle Real Estate Team is able to provide expert advice for all residential real estate needs. “We pay for leads from Zillow and realtor.com®; however, due to increased cost and a diminishing return on investment, we will likely reduce our spend.” - pg. 56, Generating and Converting Leads, and Determining Portal Value

THE ULTIMATE REAL ESTATE TEAM GUIDE 71

ANDREW DUNCAN

FOUNDER, CEO & CO-OWNER, THE DUNCAN DUO, RE/MAX DYNAMIC Andrew Duncan is the founder, CEO and co-owner along with his wife Angela of The Duncan Duo Team and RE/MAX Dynamic. His vision and guidance have led the team to numerous national rankings and awards, including Top 5 Teams for RE/MAX seven years running, INC. 5000 fastest-growing companies list five years in a row and thousands of five-star reviews from their customers. The Duncan Duo has garnered numerous local and national celebrity endorsements over the years and has surpassed $1 billion in historical sales. “Ask great questions, do fun contests, tie yourself to successful brands. We are the official real estate agents of our hockey team and, therefore, lean on that a lot in social, and that’s fun.” - pg. 49, Building a Profit-Positive Social Media Marketing System

MELINDA ESTRIDGE

OWNER & FOUNDER, THE ESTRIDGE GROUP, LONG & FOSTER Melinda Estridge, owner of The Estridge Group, is one of the highest-achieving agents in the Washington, D.C., metro market, but it took effort and a strong work ethic to get here. In her early years, she worked as a single agent, but eventually opted to start her own LLC and formed the Estridge Group, partnering with Long & Foster, the largest independently-owned real estate company in the country, which she has been with her entire career. The Estridge Group was voted No. 1 of the Top 100 agents in the D.C. metro area for 2016, 2017 and 2018. “I have never been a huge fan of paying for leads. I have tried Zillow and other platforms without a lot of success.” - pg. 56, Generating and Converting Leads, and Determining Portal Value

72 THE ULTIMATE REAL ESTATE TEAM GUIDE

ANDREW FINNEY

REALTOR® & LEADER, ANDREW FINNEY TEAM, KING REALTY GROUP The Andrew Finney Team of King Realty Group represents the region’s finest properties with exceptional skill using the most innovative technologies currently available. The team offers ultimate privacy and security, speed and efficiency. Andrew’s years of full-time experience have given the team a clear understanding of the mindset of homebuyers and sellers and a thorough understanding of the intricacies of the Las Vegas Valley’s real estate market. “By first understanding that we are all much more similar than we are not by virtue of just being human, it’s far easier to provide the respect, dignity and integrity our clients deserve. It’s simply a matter of perspective.” - pg. 50, Building a Profit-Positive Social Media Marketing System

CLEVE GADDIS

BROKER/MANAGING PARTNER, GADDIS PARTNERS, RE/MAX CENTER Cleve Gaddis is currently the managing partner and broker of Gaddis Partners at RE/MAX Center, one of the top 10 RE/MAX teams in the state of Georgia for eight consecutive years, closing an average of $20 million in sales volume annually. With 23 years of experience in sales and sales management, Cleve is well regarded for his knowledge and expertise and is considered a systems expert. Regardless of what his team is trying to accomplish, there’s always a system behind the plan to ensure the delivery of the desired results. “We try to use percentages as much as possible in setting budgets. As an example, we want our marketing, lead generation and conversion costs for buyer clients not to exceed 25 percent of the company dollar (the amount remaining after splits with buyer specialists). Using percentages in setting budgets and also in judging our financial success has been very helpful.” - pg. 20, How to Tackle Financial Challenges

DANA GREEN

CEO & OWNER, DANA GREEN REAL ESTATE TEAM, COMPASS Dana Green has been the No. 1 REALTOR® in Lafayette for the past 11 years (since 2008), No. 1 in Lamorinda since 2011 and No. 1 in Contra Costa County since 2010. She was recently No. 30 on the Wall Street Journal’s list of the Top 1,000 U.S. Agents and has proudly been ranked as the No. 4 REALTOR® in 2018 on the Luxury Marketing Council’s “The Leading 100 – Top Performers in Bay Area Real Estate” list. In addition, she was honored to be named the 2018 Business Person of the Year by the Lafayette Chamber of Commerce, and has been recognized as a Trendsetter on RISMedia’s list of 2019 Real Estate Newsmakers. As a native Lamorindan, Dana’s deep knowledge of the local community gives her a powerful advantage in successfully evaluating the area’s homes. She brings dedication, energy and passion to every client and every transaction.

“While it goes without saying, a mobile-friendly website is essential for attracting new business and marketing listings. With the Compass app, we’re able to curate collections of homes for each client and communicate with clients in real-time.” - pg. 43, Using Technology to Bolster Your Business

LINDSEY GUDGER

CO-FOUNDER, THE SEARCH IN SEATTLE TEAM, EVERY DOOR REAL ESTATE After 12 combined years at Zillow, Lindsey Gudger and Jason Gasbarra applied their sales and industry experience and forged a new partnership with the residential-focused real estate brokerage Every Door Real Estate. The duo had two main goals for the company: First, to streamline the broken and outdated consumer experience during the homebuying process; secondly, to provide a platform for their brokers to do more business while maintaining the elusive work/personal life balance and a high quality of life.

“We are unwavering and consistent in our brand image, voice and reputation, and very active, in all areas of marketing: print, digital, social media, website, videos and blogs, to name a few.” - pg. 61, Generating and Converting Leads, and Determining Portal Value

“Scale is a separate issue—does the vendor have enough consumer traffic to generate enough leads? We feel that a six-month trial is the only real way to assess this aspect. So, when we start something, we budget for a six-month test.” - pg. 39, Successful Marketing and Profitable ROI

ELLEN GRUBERT

GUSTY GULAS

CO-OWNER, ELLEN + JANIS REAL ESTATE TEAM, COMPASS Originally from New York, Ellen Grubert moved to Boston to earn a graduate degree in business communications at Emerson College. This knowledge, coupled with her undergraduate degree in psychology and teaching, has provided her with valuable skills that she uses daily in real estate negotiations, educating homebuyers and sellers, and effectively marketing the team’s listings. Ellen has been working in Boston real estate for over 30 years and is an Accredited Buyer’s Representative (ABR®) and a Senior Real Estate Specialist (SRES). Ellen’s clients often describe her as detail-oriented, proactive and fun to be around.

TEAM LEADER & PRESIDENT, GUSTY GULAS GROUP, EXP REALTY Gusty Gulas is the team leader of the Gusty Gulas Group, Birmingham’s No. 1 team in homes sold since 2012. The G3 Team also holds Birmingham’s only endorsement from Shark Tank’s Barbara Corcoran, and is also endorsed by Birmingham Mountain Radio’s Reg & Will, 102.5 The Bull’s Dollar Bill & Madison, and JT with WERC 105.5’s Alabama’s Morning News. Gusty’s team has sold over 850 homes. Gusty is the immediate past president for the Birmingham Association of REALTORS®.

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“In real estate, you’re always ‘on.’ Every event and most conversations end up being real estate-related. I am working toward finding a balance, but cannot say I have ever had that balance in 12 years. I have made the mistake of putting work over family too many times, and my attitude has changed about that.” - pg. 30, Creating a Healthy Work-Life Balance

“Each member has a specific description and they know exactly what their role on the team is. Most of the delegation is done by this. Lead generation is delegated to the appropriate team member and we do weekly accountability at our team meetings.” - pg. 24, Taking Charge of Delegation

MICHELLE HEINLEIN

SARA GULDI

REALTOR & CO-OWNER, THE GULDI GROUP, KELLER WILLIAMS REALTY Sara Guldi is a 15-year veteran of real estate. She lives in Florida and has a team of 11. The Guldi Group, co-owned with Chris Guldi, quickly grew with a focus on systems and coaching, and ranked among the Top 100 in the Wall Street Journal multiple years running. Sara is passionate about coaching and in addition to being a Master Coach with Workman Success Systems, is also a Board Certified Trainer and Master Practitioner of NLP, as well as certified in Hypnotherapy and MER. ®

“One big change we had to make was our team name. We used to have ‘Real Estate’ in our team name and a ruling was issued that it could confuse consumers into thinking we are a brokerage. Now, no teams in our state can have ‘Realty’ or ‘Real Estate’ in their [team] name.” - pg. 11, The Legalities of Forming a Business Entity

GALAND HAAS

PRINCIPAL BROKER, THE HAAS TEAM, KELLER WILLIAMS REALTY EUGENE AND SPRINGFIELD Galand Haas has been in the business for 30 years and is the founder and co-owner of Keller Williams Eugene and Springfield, as well as the co-founder of OMT Mortgage and Real Pro Systems. He’s had a team for over 26 years and speaks nationally as a real estate coach, primarily about technology and team-building. Galand decided to form a team because of the fact that real estate agents wear many hats. Having an efficient team enables him to offer first-class service, do a large volume of business and, at the same time, have a quality lifestyle outside of real estate.

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TEAM LEADER, THE HEINLEIN HOME TEAM, RE/MAX ALLIANCE Michelle Heinlein has been a licensed REALTOR® in Illinois for nearly 20 years, and has helped over 600 families close on a home or property. Michelle has a degree in Marketing and Communications from Southeast Missouri State University, a background that has certainly helped her in her career. Michelle’s husband, Scott Heinlein, joined her team in May 2015, and her son, Brent Heinlein, joined in July 2017. All three team members recently obtained the Real Estate Negotiation Expert (RENE) certification, recognized by the National Association of REALTORS®. Having a team has enabled Michelle to provide a higher level of service to both buyers and sellers. “We never talk politics online or in-person with customers and clients... this is a dangerous slope and one we will not engage with our database, followers or general public.” - pg. 50, Building a Profit-Positive Social Media Marketing System

SHERRI HOWE CO-OWNER, TEAM HOWE, CORCORAN GLOBAL LIVING Team Howe specializes in making the homebuying or -selling process a manageable and fun experience. They strive to guide their clients in making sound investment evaluations and decisions. With the vast majority of Team Howe’s clients coming from repeats or referrals, the team clearly has the pulse of the market at its fingertips. Sherri and her team are enthusiastic and proficient when it comes to comprehending the client’s needs and understanding the Bay Area market.

“All of our transactions live in Basecamp. Our clients can connect to their listing and/or escrow, see their own to-do list and what we’re working on, and they can access their calendars, see our Open House report and Disclosure Package Request list, etc.” - pg. 44, Using Technology to Bolster Your Business

JEANNIE KASINDORF

PARTNER, AUSLANDER KASINDORF GROUP, KELLER WILLIAMS PRESTIGE PROPERTIES As the second half of the Auslander Kasindorf Group, co-managed with partner Todd Auslander, Jeannie Kasindorf excels in business development and over-the-top client expectation fulfillment. She is also an expert stager and has an unbelievable eye for detail. The Auslander Kasindorf Group uses the individual strengths of each team member to provide exceptional and memorable real estate services. Having sold over 250 homes in the past few years, and with over $400 million in sales overall, Jeannie and Todd are no strangers to the real estate market. Their extensive knowledge of each individual neighborhood allows them to provide personalized service with in-depth research and comps. “To analyze lead generation-based ROI from Zillow, we break down clients by ZIP code to determine where each lead is coming from and which ZIP code is better suited for our business.” - pg. 39, Successful Marketing and Profitable ROI

DAN LEE

BROKER/OWNER, ELITE TEAM GA, VALOR REALTY GROUP Dan Lee is broker/owner located in Atlanta. From a husband-and-wife real estate team to a current brokerage of 23 agents, Elite Team GA is composed of people from all different backgrounds with the same dream of succeeding in real estate. Every year, Elite Team GA has seen growth double. With a strong foundation in training, the team and brokerage have seen an extremely high retention rate for its agents. Elite Team GA looks to continue with the core values that have led them to success to begin

with; implement a dedicated, proven training model that changes with the times; and stay at the forefront of technology to ensure the best possible systems for their agents. “I really believe that good lead conversion takes place on the training level. Most agents are looking for specific lead conversion training. Unfortunately, that doesn’t necessarily exist.” - pg. 62, Generating and Converting Leads, and Determining Portal Value

NICOLE LOPEZ

TEAM LEADER, THE PR GROUP, COMPASS Nicole Lopez is the team leader for one of the highest-producing teams in the greater Houston area. Although their team is new, it has amassed tremendous growth over 2017 and 2018. Nicole enjoys pushing her team to the limits to help them achieve their goals while creating an enviable culture. Her team deploys savvy marketing techniques to capture and maximize their marketshare. Last year, they gained national exposure with their delicious taco tactic, giving away $250 in free tacos with the sale of every home. Nicole is an NAR 30 Under 30 Finalist and a winner for the Houston Association of REALTORS® (HAR) 20 Under 40. Nicole served her Association as the 2018 Chair position for the Young Professionals Network within HAR and is a director for The Texas Association. She also proudly serves the latino community as a director for the National Association of Hispanic Real Estate Professionals, Greater Houston. “The changes with Zillow seem to have detracted from the quality of leads, and we do intend on cancelling services... once our contract expires.” - pg. 56, Generating and Converting Leads, and Determining Portal Value

CREIG NORTHROP

PRESIDENT & CEO, NORTHROP REALTY, A LONG & FOSTER COMPANY Creig Northrop has over 30 years of experience in the real estate industry, and as president and CEO of Northrop Realty, specializes in residential real estate throughout the greater

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Baltimore/Washington metropolitan area. In 2000, Creig and his wife Carla Northrop started the Creig Northrop Team, which went on to become the No. 1 team in the nation an unprecedented three times. The Creig Northrop Team received this honor for a third time in 2016, after the team achieved peak performance with the completion of 1,772 transactions resulting in a combined value of $765.5 million. Accomplishing the pinnacle of performance as a team, Creig and Carla sought new levels of success, and in Feb. 2018, it was announced that the Creig Northrop Team would become Northrop Realty, A Long & Foster Company. Today, Northrop Realty is a full-service brokerage that employs 175 energetic professionals.

COLLETTE MCDONALD

PRESIDENT, COLLETTE MCDONALD & ASSOCIATES, EXP REALTY A professional dynamo, Collette McDonald is widely recognized for her in-depth knowledge of the entire Metro Atlanta real estate market. Collette grew up in Wisconsin and moved to Atlanta in 1995. Her direct, engaged and charismatic personality shines through in her work as a REALTOR®, local community advocate, television expert and small business owner.

“We strive to attract the best and brightest, which means positive results for our team and our clients. Adding the right person only strengthens the process.” - pg. 26, Taking Charge of Delegation

“It’s not a yearly plan; it’s a monthly plan. We need to know exactly what we are projecting per month and what we have actually closed. My company holds a minimum of six months of operating expenses so that we can adjust when market conditions fluctuate.” - pg. 19, How to Tackle Financial Challenges

MIKE MCCANN

TAMI HALTON PARDEE

“I have trusted team members who bring the innovation to me when they hear of products they think can benefit our team. Often, I will try new things to see if they generate leads.” - pg. 38, Successful Marketing and Profitable ROI

“A luxury listing is more serious, yet Instagram can be more fun and clever with the copy. Twitter we usually use to thank a press outlet who recognized us for a listing and we’re very gracious in tone. We always want to be approachable, friendly and welcoming with our content.” - pg. 48, Building a Profit-Positive Social Media Marketing System

ASSOCIATE BROKER; FOUNDER, OWNER & TEAM LEADER, THE MIKE MCCANN TEAM, KELLER WILLIAMS PHILLY Mike McCann started in the business in 1986 and began forming his team in 1992 when he hired his first assistant, and then in 1996 hired his first buyer agent. Over the last 27 years, Mike steadily added more admin and agents to his team due to client demand and growth. Today, his team is comprised of 34 people, which includes nine admin, 23 agents and a team manager.

FOUNDER & CEO, HALTON PARDEE + PARTNERS Founder and CEO of Halton Pardee + Partners, Tami Halton Pardee has established dramatic new standards of success in real estate. She is the creator of a cutting-edge concierge brokerage model, using specialized teams to create lifechanging client experiences in buying and selling homes. Since its inception in 2004, Halton Pardee + Partners has sold over $3.8 billion worth of residential and commercial real estate and grown to four offices across California.

CARA PIERCE

TEAM LEADER, CARA PIERCE TEAM, FONVILLE MORISEY REALTY, A LONG & FOSTER COMPANY Cara Pierce obtained her license in 2006. Previously a licensed structural engineer, Cara had been looking for a change and was excited

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to be her own boss. For several years, she worked as an individual broker. Then, one of her past clients told her that he wanted to get his license. Before she knew it, she shifted from a solo agent to a mentor, creating a team so that they could work together and both benefit. Since that time, her team has shifted and changed, but she prefers to a keep a small team as to better manage herself and others. “One challenge I find difficult is taking business calls during personal time. Oftentimes, those calls are urgent and I really need to step away from the birthday party or family dinner to handle the phone call. However, when I first meet with clients, I do let them know that I have a family and I am human.” - pg. 31, Creating a Healthy Work-Life Balance

LEIGH REED

SENIOR VICE PRESIDENT/PARTNER, HELLER COLEY REED, LONG & FOSTER REAL ESTATE Leigh Reed loves working in the Metropolitan Washington area, which gathers a full spectrum of individuals. Heller Coley Reed has the market power, client-centric mindset and resources through Long & Foster and their exclusive affiliation with Christie’s International Real Estate that homebuyers and sellers need. With expertise in handling complex real estate transactions, Heller Coley Reed is uniquely equipped to steward clients smartly through transitions to new, first and second homes. “In Maryland, we do have a few extra layers of broker supervision that do not yet exist in Washington, D.C., or Virginia. Some of this has to do with advertising rules in Maryland relative to team disclosure, and some is the contract law that forms the legal chain from the individual agent in a transaction, to their team leader or associate broker, to the sales office manager, to the state broker of record.” - pg. 10, The Legalities of Forming a Business Entity

LINDA RUDD

ADVISOR & TEAM LEADER, LINDA RUDD TEAM, ENGEL & VÖLKERS HILTON HEAD — BLUFFTON Linda Rudd joined Engel & Völkers for their unparalleled global real estate network and world-class marketing. Linda brings over 15 years of experience in helping families buy or sell their homes in the Hilton Head Island area. She is the recipient of the Engel & Völkers’ President’s Circle award. Linda combines her enthusiasm for sharing the “wonders of paradise living” and her enjoyment for helping others. She enjoys getting to know her clients and actively listening to and helping them achieve their unique needs and goals. “The best approach we’ve found is ongoing communication with our brokerage leadership, as well as regular counsel with our accountant to ensure we continue to operate within regulations and as efficiently as possible.” – pg. 11, The Legalities of Forming a Business Entity

JEFF RUFF CO-OWNER, VUTECH | RUFF, HER REALTORS® Jeff Ruff is the co-owner of Vutech | Ruff at HER REALTORS®. Jeff and business partner Marilyn Vutech formed their team in 1993 and bring together over 40 years of real estate experience. The Vutech | Ruff, HER REALTORS® team is made up of highly experienced agents who specialize in working with buyers, sellers and investors throughout Central Ohio. 2018 reached a pinnacle for the team with an increase in the number of units sold, an increase in dollar volume and the highest number of buyer transactions throughout Central Ohio in. For five years in a row, Vutech | Ruff finished second in overall closed dollar value. “We look for team members with very good communications skills. We are very specific about the personalities of our team members and their work ethic, as the reputation of each person is critical to our team’s reputation.” - pg. 15, Setting Expectations and Goals With Core Values

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JEFFREY SIBBACH

PEGGY LYN SPEICHER

TEAM LEADER & CO-OWNER, SIBBACH TEAM, EXP REALTY Jeff Sibbach is the team lead and co-owner of the Sibbach Team at eXp Realty, a team of 30 agents and 18 staff members. He is the No. 1 team in Maricopa County, closing $223 million in sales in 2018. Jeff loves technology and people and hopes to leverage these passions to become the best agent team in the U.S. with the help of his business partner, Phil Sexton. The Sibbach Team prides itself in providing a better service for the consumer than what is currently being offered by other agents.

REALTOR® & CO-FOUNDER, SPEICHER GROUP, LONG & FOSTER REAL ESTATE Peggy Lyn Speicher co-owns and leads the Speicher Group of Long & Foster Real Estate, an award-winning real estate firm operating in Delaware, Maryland, Virginia and Washington, D.C. She is married to Chris Speicher, a successful sales and marketing executive who is also a broker with Hawai’i Life Real Estate Brokers and co-founder of the Speicher Group. Additionally, she is a broker with Hawai’i Life Real Estate Brokers, based in Kapalua, Maui. Both brokerages are exclusive affiliates of Christie’s International Real Estate.

“We use different technology for listings depending on whether we’re marketing or tracking. We use professional photos, including drone pictures, videos and Zillow 3D Home Tour. We use the Adobe suite for flyer creation.” - pg. 43, Using Technology to Bolster Your Business

“If clients do not meet our standards or expectations, we do not work with them. Our team is crystal clear on what we promise and provide to our clients. Our clients also understand what we stand for when they work for us.” - pg. 16, Setting Expectations and Goals With Core Values

BRUCE SOLI

NICK WALDNER

“If we don’t block out time in advance, our days always get filled with work. We live in one of the most amazing places in the world, which is a scenic outdoor playground; however, it is hard to relax and enjoy our surroundings because we are too accessible to our spontaneous real estate clients.” - pg. 31, Creating a Healthy Work-Life Balance

“I incorporate my P&L into the following month’s plan. By constantly analyzing our P&L, I am able to identify where we are wasting money, where we are making money and where we might have a problem in the future. For example, if my salaries dropped to 8 percent, I know my employees are in need of more help to handle the volume.” - pg. 19, How to Tackle Financial Challenges

CO-OWNER, TEAM SOLI, ENGEL & VÖLKERS LAKE TAHOE Team Soli has been selling homes in Incline Village, Nev., and North Lake Tahoe, Calif., since 2004. Both Bruce and Sandy, his wife and coowner, have extensive backgrounds in customer service, marketing and sales. They embrace technology as a tool to help them communicate with their clients and to add an extra touch and finesse to their business, while ultimately listening carefully to their clients’ wants, needs and concerns to ensure the best experience. Experience is key and, for the last several years running, Team Soli has been ahead of the pack, closing more transactions in the local MLS each year than any other REALTOR® since 2009. Last year alone, they completed over 74 transactions.

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PRESIDENT, WALDNER WINTERS TEAM, KELLER WILLIAMS REALTY CENTRE Nick Waldner has been selling real estate for 16 years. In the past four years alone, his sales jumped from 40 homes a year to over 400. With all of this growth, he was able to step completely out of production and recently starred in the hit TV series “Waterfront House Hunting” on FYI. He came back to Maryland with a renewed passion and dove back into his team. The team’s mission is “We are in the business of developing people, cleverly disguised as a real estate team.” When he isn’t working, Nick loves to travel. He’s surfed the east coast of Australia, went skydiving and bungee jumping in New Zealand, spent a week scuba diving in Fiji, and climbed to the top of Kilimanjaro and Machu Picchu.

ALEX WANG

PRINCIPAL, ALEX WANG GROUP, SERENO GROUP Alex Wang has worked in the Silicon Valley real estate industry for the past two decades and has helped agents change the way they approach their practice. Alex has grown his team and business to one of the top 250 in the nation, with a sales volume of $134 million in 2017. Alex is an active agent and principal of Alex Wang Group with Sereno Group, and was named by The Wall Street Journal as one of the Top 250 Real Estate Agents in the Nation in 2018. At Sereno Group, as a Real Estate Evangelist, Alex contributes to innovation, culture and thought leadership by coaching real estate agents. “REALTORS® have got to stop using interruption-based tactics to get in front of people and build a brand…When clients are Googling ‘Palo Alto or Los Angeles real estate agent,’ they are looking for a relationship.” - pg. 62, Generating and Converting Leads, and Determining Portal Value

MOR ZUCKER

BROKER/ASSOCIATE & OPERATING PARTNER, TEAM DENVER HOMES, KENTWOOD REAL ESTATE Mor Zucker’s marketing and technology initiatives have placed Team Denver Homes, her real estate team’s website, No. 1 among the most-viewed agent websites, and her blog in the top three most viewed blogs in Denver, Colo. Mor’s innovative approach to marketing has led her to become a public speaker at conferences nationwide. Her marketing and technology efforts have garnered her the distinguished RISMedia’s Newsmakers honor (2019), “Best Overall Marketing Package Agent” award (2017), and the “booj” award (2016). She has been nominated by Luxury Real Estate for “Most Innovative Marketing Technique” (2014-2016); “Best Overall Marketing Package” (2016, 2015); and “Outstanding Social Media Savvy” (2016).

BOB AND LINDA ZDORA

CO-EXECUTIVE BROKERS, Z-TEAM, CENTURY 21 LEMAC REALTY The Z-Team, a veteran-owned business and the No. 1 CENTURY 21 team in the state of Arkansas from 2009 to 2017, began with married retired couple Bob and Linda Zdora as executive brokers at CENTURY 21 LeMac Realty, Mountain Home Arkansas. They decided to bring on other members when they watched the wash-out rate of new agents. The team has expanded to six members. “Bob has done a [radio] show for the last 12 years on every Friday. It is now simulcast on six stations.” - pg. 62, Generating and Converting Leads, and Determining Portal Value

ROB ZWEMMER

CHIEF ENERGIZING OFFICER, ZWEMMER REALTY GROUP, LUXURY HOMES BY KELLER WILLIAMS Rob Zwemmer toured the world while in upper management with Cirque du Soleil before joining the real estate profession. He serves as an active member with Luxury Homes by Keller Williams Realty in La Quinta and holds several national Luxury Home Specialist designations. He believes in treating his business with a high standard of excellence and takes care of each client in a way that creates lifelong relationships. Due to this, he has many clients who choose to work with him when they need a real estate professional a second or even a third time. “Our regular meetings are rarely missed each week, and we share our experiences and the outcome of any delegated tasks assigned. There is constant follow-up and a measure of accountability expected. Delegating is sharing, and it communicates to the individual that they are fully capable of handling the project at hand.” - pg. 24, Taking Charge of Delegation

“We are strong believers in visually engaging content on social media. We encourage the use of multimedia, such as video, podcasts, live video, Instagram Stories, etc., across all types of platforms.” - pg. 47, Building a Profit-Positive Social Media Marketing System

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The RISMedia Power Broker Forum, Reception & Dinner (NAR Annual) Held each year during the National Association of REALTORS® (NAR) Annual Conference & Expo, RISMedia’s Power Broker Reception & Dinner gathers real estate’s leading decision-makers— from top brokers and executives to industry visionaries—for this invitation-only event. This exclusive annual gala honors the real estate industry’s top-producing companies—ranked by transaction and sales volume in RISMedia’s Annual Power Broker Survey—and offers sponsors a unique opportunity to network with the industry’s top power players, all in one location. The dinner follows RISMedia’s Annual Power Broker Forum, held earlier that day at the NAR Conference.

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