Fitzpatrick Team Re/Max

Tips & Insight on Starting a Real Estate Team with Joseph Fitzpatrick

Many realtors across the country have asked me for tips & insight on starting a real estate team, so here are my thoughts. This is clearly the short version, so if you are interested in starting a real estate team send me an email anytime with any questions!

Clear indications on WHY you need to start a real estate team!

It’s important to know your ‘WHY’ if you are considering building a real estate team. For me, clear indications on WHY I needed to start mine: I had far too many leads and I was struggling to nourish them. I found that I didn’t have enough time to accomplish daily goals. I wanted to generate more money to support my family!

Ask for an honest opinion regarding team leadership!

In all seriousness, starting a real estate team was the best decision I have ever made, but it certainly has its up & downs. If you are considering building a real estate team, I would ask your network for an honest opinion regarding team leadership! Consult with family, friends, and loved ones if you seem like a good fit as a team leader! Consider consulting with your broker or other professionals if it’s the right decision for you. Embrace the honesty, but it’s certainly a massive (yet rewarding) responsibility!

Think about your team’s BUDGET!

Even after 10 years of running a team, I still struggle with managing and maintaining my budget. It’s extremely important to think about a healthy budget, especially if you are planning on starting a real estate team. I suggest working with a professional to structure your spending.

When building a real estate team, who do you hire first?

I like to associate the word “annoying” with consistency. It’s all about creating structure & accountability. Besides that, it’s the backbone of my business that really supports this team. We have administrators, transaction coordinators, coos, and an in-house marketing team. So, when building a real estate team, consider hiring these people FIRST. In my experience, when you are doing 20+ transactions per year, it’s time for your first hire. Start them off part-time and depending on your financial return, increase their hours and keep hiring more people (over time) until your leadership team is complete.

 

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When building a real estate team, when do I hire agents?

In the beginning, it was just Justine & I. Now, there are 10 of us, producing over $65 million in sales in 2021. I can’t wait for the end-of-year reports to see our growth! Are you considering building a real estate team? Are you wondering when you start hiring other agents? For me, once I perfected the transaction system with my assistant/coordinator, and my volume exceeded $10m, it was time to hire my first buyer’s agent!

Create & a “team structure” – how is your machine going to run? Here are some options:

Real Estate Team structure is vital to becoming a well-oiled machine. So how is your machine going to run? Are you going to hire only buyers agents? Hire only staff? Regardless of how you form your team, as long as there is structure, protocol, and policies that are being followed you will be in good shape!

 

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What are team split standards?

Another amazing perk of working on a team…especially when situations get stressful, you have an entire gang of mates who have your back. That’s why we typically start our agents at a 50/50 split, and that is pretty standard. We work together as a team. Team splits can always skew over time with growth and commitment, but the shared workload is a shared commission in my book!

 

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The Value a Team Brings!

It’s a glorious feeling when everyone shows up for the team meeting! The room is buzzing with energy, goals are being set, and deals are being done. Other values a team brings are administrative support, marketing, accountability, coaching, financial gains, culture, ethics, systems, structure and so much more!

I absolutely love being a team leader. If you are interested in starting a real estate team send me an email anytime with any questions!

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