They say it takes a village to raise a child. Well, the same can be said about your real estate business which is, in a sense, your baby. There is a LOT of time spent nurturing leads, calling to check in on your clients, open houses, ensuring the deal is going smoothly, putting together closing gifts… the list goes on and on and on. As I’ve said in other blog posts, chances are, you can’t do it all on your own… This is where having a solid operations team behind you comes into play!
Not only can having an ops team help you with delegating your tasks which maximizes workflow efficiency, but they can also contribute to your revenue stream. Your admin are the backbone of operations. They can play a crucial role through networking and generating referrals. Let’s talk about HOW to turn your real estate operations team into a powerhouse of productivity and profitability!
First off, you need to understand the value of giving your admin the freedom to network. Networking for admin is not just about adding to their list of contacts. It’s about creating meaningful and intentional relationships that can eventually lead to direct business opportunities. Referrals generated through these networks can significantly impact your bottom line. This opens up many new avenues for your business to grow.
To understand the impact of referrals on covering the salary of your operations team, start with a clear calculation. Let’s break it down:
- Determine the average commission of a sale resulting from a referral.
- Calculate the average number of referrals needed to close a sale.
- Assess your admin team’s salary and operational costs.
By setting a target for the number of successful referrals needed to cover these costs, you create a measurable goal for your team. This not only helps in justifying their roles from a financial perspective but also motivates the team to actively contribute to revenue generation.
Effective Networking Strategies
Networking can take many forms, and choosing the right strategy is crucial. Here are some effective ways for your admin team to network and generate referrals:
- Attend Industry Events: Encourage your team to participate in real estate conferences, seminars, and workshops. These are golden opportunities to meet potential referral sources.
- Leverage Social Media: Platforms like LinkedIn, Instagram, and Facebook can be powerful tools for building professional relationships. Regularly sharing insights, market trends, and engaging with content from peers can position your team as industry experts.
- Local Community Involvement: Being active in your community can lead to informal referrals. Whether it’s volunteering, attending local events, or joining community groups, every interaction is an opportunity to network.
- Offer Value First: Networking is not just about taking; it’s about giving. Encourage your team to offer helpful advice, introductions, or resources without expecting anything in return. This builds trust and reciprocity.
Building Lasting Relationships
The key to successful networking is in building and maintaining long-term relationships. Here are a few tips:
- Follow-Up: After meeting someone new, make sure your team follows up with a personalized message, expressing interest in staying connected.
- Be Consistent: Regularly check in with contacts, share useful information, and be genuinely interested in their success.
- Show Appreciation: Whenever a referral is received, ensure your team shows appreciation. A simple thank you note can go a long way.
By focusing on networking and building relationships, your real estate operations team can significantly contribute to the agency’s profitability. This approach not only covers their salary through the business generated but also fosters a culture of proactive growth and collaboration. Encourage your team to see networking as a part of their role and provide them with the tools and opportunities to succeed. Your team members want to feel like their work is important too. To get started, join our Real Estate Operations Leaders Facebook group. Remember, the strength of your operations team’s network can become one of your agency’s most valuable assets.
So, let’s build a village together.
