Since you’re here reading this, we’re guessing you’re almost ready to open the doors of your new brokerage. You might have already got your Broker license and set up a business plan for your new real estate brokerage. Your new office might also have been rented and the license for your brokerage might be underway or already in your hands. Now all that is left for you is to hire employees for your new brokerage. It is only with a strong and supportive team that you can achieve whatever you’ve dreamed and planned for your brokerage.
But do you really have a clear idea about which employees you need to hire for your brokerage? Yes, Realtors would be the first employees you would hire for your brokerage. However, there are also other employees you need to hire for your team to ensure your business runs smoothly and efficiently.
Employees Your Real Estate Team Should Essentially Have
1. Licensed Real Estate Agents
We’re starting with the most obvious one – real estate agents. Your team of Realtors are the ones who’ll get clients, close deals, and help your real estate brokerage to grow and thrive. When you’re just starting out, don’t rush to hire a big team of Realtors. For the first few months, get at least 3 to 5 expert agents in your team. You must hire agents who are reliable and passionate about helping clients buy, sell, and invest in homes. They must also have a pretty good knowledge of your local housing market. As your business and client base grows, you can go ahead and hire more Realtors for your team.
2. Administrative Assistant
Next, you need an administrative assistant who can keep everything running smoothly in your brokerage. These employees will manage the paperwork, answer the calls, and schedule appointments on behalf of your Realtors. Most real estate brokerages think hiring an administrative assistant is not that important. But soon these brokerages realize that they’re wrong. Without an administrative assistant, your Realtors would have to take care of these tasks on their own. So, instead of finding leads and meeting with clients, your Realtors might have to keep on answering calls and do other such tasks. And you might very well know how this will end for your brokerage.
3. Marketing Specialist
This is someone you absolutely need in your brokerage team, especially since you’re just starting out. A marketing specialist is the one who would ensure you can reach out to your target audience. They would know how to promote your brokerage, your team of agents, and your listings – both online and offline. Without this team member, your brokerage might not get the visibility it needs. You might struggle to grow even though you have the best Realtors in your team or the hottest listings in your area.
4. Transaction Coordinator
So, as the name implies, the transaction coordinator of your new real estate brokerage will ensure that a transaction goes smoothly. They’re the ones who will prepare and review contracts on behalf of your Realtors. They will make sure all the home-buying or selling documents are signed and submitted on time. They will also stay on top of all deadlines – inspections, appraisals, and closing days. Basically, their role is to make sure the Realtor is able to close the deal successfully and there are no hiccups and slipups.
5. Legal Advisor/Consultant
You may know well that there are a lot of issues that can pop up when you’re helping a client buy or sell a home. At times, these issues can get ugly and spiral into a legal battle. It is in these situations that you would need the help of a legal advisor or consultant. The legal advisor can guide you through the legal matters that might otherwise affect your clients and brokerage.
You probably don’t need to hire a full-time legal advisor for the first few days. Unless, of course, your real estate brokerage has a lot of clients and deals at hand from the first day. If not, you can hire a freelancer consultant or legal firm and reach out to the professional when needed.
6. Accountant
You might not had to do a lot of math when you were working as a Realtor. You might just had to calculate your commissions and expenses which was not such a tough task. But now that you have your brokerage and business to run, your finances will become a tad bit more complex. You would have to manage the payroll of your employees, track income and expenses, pay taxes, and basically, keep your business financially stable. And trust us, this can quickly overwhelm you. You’ll have a lot of agents earning commissions, there will be office expenses, marketing costs, taxes, and lots more financial tasks to care of.
This is why you need to have an accountant in your real estate brokerage firm. The accountant will take care of everything financial of your real estate business. This professional will make sure your brokerage stays on the profitable side and also that you’re complying with financial regulations.
7. Recruiter/HR
Can you tell how the best real estate brokerages rise to the top? Yes, they have a solid business plan, great Realtors in their team, and also, because they have a great system for recruiting and managing employees. You might be able to do this task on your own in your brokerage during the first few days. But as your business grows and you would have a lot of tasks on your plate, you might not have enough time for this task. It is then that you’ll need to hire a recruiter or an HR specialist for your brokerage.
The HR can do all the steps necessary to hire employees that are a perfect fit for your brokerage. They’ll also be there to make sure any issues among your employees are addressed effectively.
8. IT Specialist
Want to see your brokerage’s name among the top real estate brokerages in Ontario? You need to make sure your brokerage has the latest tech tools so that you can run your business efficiently. But wait, having the latest tech for your brokerage is not enough. There must also be an IT specialist in your brokerage team who can take care of things when things go south. The IT specialist can manage and maintain your systems and technology and keep everything running smoothly. They can quickly troubleshoot any issues that pop up and keep your brokerage’s data safe from cyber threats.
9. Customer Service Representative
“Clients are the lifeblood of your business” – does this seem like another cliche line to you? It could be but this is a golden rule you must absolutely follow in your real estate brokerage. To make your brokerage successful, you need to put your clients on top of your priority list. You need to make sure that your brokerage values and supports all your clients every step of the way. A customer service representative can help you to ensure this for your brokerage. They can assist your clients, answering their questions and handling any issues they’re facing.
Hiring the Best Employees for Your Real Estate Team Is Only Half the Battle
Yes, you need to hire the most skilled employees for your real estate team. But you must also do your best to retain them if you want your brokerage to stay in the race for a long time. As a new real estate brokerage, you need to make sure your team feels valued and supported at all times. You must offer the best resources and support, and maintain a positive and fostering work culture in your brokerage. It is only then that your employees will stick around and help you push your brokerage forward like you’ve dreamed.
