In Love, and Business – When Marriage Meets Real Estate
Teams are becoming increasingly popular in within the real estate industry, helping professionals leverage their time and focus on their own individual strengths as a salesperson. For example; within a real estate team their my be a member that works only with home buyers doing all of the duties associated with that. While the other member or members works with the sellers or administrative duties.
Some real estate teams are extremely well run and structured. While others can be confusing and over complicated.
In my opinion the success of a real estate team depends on the dynamics and of course personalities of the members within the team most of all. As well, the key ingredient required in a real estate team and any business partnership for that matter is organization, planning and participation.
Although the team idea is relatively new to real estate industry the partnership format is not. More specifically the husband and wife real estate team. One of which I am a part of and am often asked by other couples considering it:
” How do you do it?”
“Do you share everything?”
“Do you each have specific roles?”
“Who does what, and when?”
Although every idea and structure for a husband and wife real estate team may be different, there are some things that are universal and really essential to make things work smoothly and effectively. As to not break down the team, or (throat clear) the marriage.
My first piece of advice would be never keep a tally on who is doing what. Never EVER try and compete or compare one another. DO NOT differentiate between “your deal, my deal” if you know what I mean…
Everyone needs to be equal within the team. No one is an employee of the other one (unless you specifically structure it that way.. but you are still heading in to murky waters there). Never, ever try and determine who is pulling more weight. An important piece to this is knowing every in and every out of every aspect of your business. From the administrative and repetitive duties right up to the heavy lifting. Every member should know every piece so they know how much work is involved and can never make assumptions. They can walk a mile in the others shoes you might say…
In real estate there are peaks and valley’s. In the market, and in each individual real estate agents business and production. It all comes out in the wash eventually. The”What’s Yours is Mine, and What Mine is Yours” adage applies in a marriage partnership and so should in a business partnership. Period.
Each person should focus on what they do well. If one of you is really good at pricing properties, then you should do that. The same if one of you is better then the other at lead management or follow up. Although, be open to learning and experiencing all facets of the business in order to fully appreciate and understand the inner workings of the team.
Most importantly, you must constantly communicate. Even if you do not do this in your personal live ( although I feel I can safely assume that you do as it takes a strong couple to go in to business together ) communication is the key to your ultimate business success as a team. Have daily meetings to keep each other abreast on what is going on.
My husband and I spend the very first “work” 15 minutes of every day filling each other in on what’s about to go down for the day and the last 15 “work” minutes of the day catching each other up on what happened, what’s next and what we each need to know. We also use this time to plan for the future and discuss ideas. As much as people think that because we work together we must spend every waking hour together. We don’t. In fact, we spend very little time together professionally. We leverage our time and do what each of us to best. This helps us to have twice the amount of business if we did everything hand in hand. ( for us anyway ).
We also set all of our goals and make every decision together. Working on the same wave length is also very very important.
WHY CONSIDER A HUSBAND AND WIFE REAL ESTATE TEAM?
We do it because we want to and it works for the same reason. I honestly couldn’t imagine working with a better suited partner. Or working with anyone else at all for that matter. Beside the two tiny little blondes that rule our world, we have several other motives to why we push tirelessly to make it work. Because making it work, takes work. There is no doubt about that.
As long as you stay open minded, work hard together, follow all of the above and commit to learning and growing together anything is possible.
As you can see, I am an open book. If you ever have questions about how we have made our business partnership work, reach out. I am happy to share and discuss ideas with you. Any time….
Until Next Time….