Absolutely it could, if you add a buyer's agent too soon. I've been asked three times in the last week about adding people to a real estate team and I think that's a great thing. To me it means those people have a growth mindset and are productive enough to at least search around for answers.
It's too bad then that most of the time, I'm asked about adding a buyer's agent by an individual who doesn't even have a personal assistant yet, or worse a listing inventory to speak of. It doesn't take much in real estate to "feel rich" and when you get some momentum and others (who don't have it) notice, they often ask about being on a team with you.
Having a team or group is great for the ego, until it's built upon a weak foundation that had steps skipped in the building process (insert your own house building analogy). So next time you think about building a team or adding a buyer's agent, consider the questions below. And no matter which real estate company you work for, get a copy of the Millionaire Real Estate Agent - it's the best guide book out there on the topic written from a industry neutral point of view.
- Do I have a big enough listing inventory to feed consistent leads to another person on my team?
- Do I have the proper mindset to lead others?
- If I hired a personal assistant, would that allow me to convert more leads and lose fewer?
- Is an assistant all I really need to be happy and balanced again?
- Do I really want to lead a team/group or do I just like how the idea sounds?
- Am I considering teaming up with someone who is looking for the magic spot where leads are always handed to them?
- Is that the best kind of person with which to partner?
- After hiring an assistant, if there are still surplus leads, could I refer them to a trusted agent in the office for a high referral fee?
- Might that be a good way to test out my reaction to working with others with leads I've generated?
What thoughts do you have about growing a team? I'd love to hear in the comments!