What’s the Key to Becoming a Real Estate Mogul?

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Today I want to talk a little about agent expansion. Here at Keller Williams, it’s becoming part of our language, and it’s the next level of opportunity for our top agents.

We all know how an agent’s team is set up. At the top, you’ve got the rainmaker. As they grow their business, they hire an executive assistant and the remainder of their administrative team who manage all the non dollar-producing activities.

Once they continue to grow their team to about 40-60 transactions per year, they hire that lead buyer’s agent. Then, when they are ready to go to the 6th level, they hire that lead listing specialist. At this point, the agent is running a business where they are able to buy and sell a lot without having to go on a ton of appointments while creating leverage.

At some point, they will hit a ceiling in their market, where it will cost them more to do business in that market than it would net them in a return. That’s where agent expansion comes in. Gary Keller has taught us that agents can take their brand and franchise it into other business locations around the country. The key to doing that lies in slightly reorganizing your team structure.

This is how the expansion agent sets up their team. It’s like a tripod. On one leg, they bring leveraged lead generation in-house so all those leads are being generated and converted on the team level. The administrative leg of the team still does all the contract to close work. Then, the sales leg represents the traditional team, the agents on the ground.

The beauty of this system is that you can run your business from any market and expand to any market. Matt Fetick just opened an expansion team in London, for example. Expansion takes the lid off of what we know is possible for agents. So, if the millionaire real estate agent toolkit was the key to a million dollars in net income as an agent, this is the key to a $100 million net income.

I’d love to talk more about agent expansion if you are interested. Give me a call or send me an email to set up a time.