by Bernice Ross | May 2, 2025 | Industry, News Feed
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Being a solo agent today is more complex than ever. If you’re stressed out because you’re so busy you can’t keep up with it all, you need help. The challenge is what to do. Should you start a team? If so, where should you begin, and what should you do?
Speaker and CEO of Spark Tank Media, Jeff Lobb, recently joined me to walk through the requirements for starting a successful real estate team.
Why do you actually want a team?
Lobb recalled when he once had 40 listings in his personal inventory. While it was great to be that busy, the downside was he could no longer manage that much business by himself.
“When you start thinking about building a team, the first question you must answer is, ‘Why do you actually want a team,’ Lobb said.
Lobb explained that some agents start teams out of necessity — they have too many leads, too many listings and not enough hours in the day. Other agents see building a team as the next logical step in their growth.
“A lot of people don’t realize what’s involved in getting involved in a team. They just jump first because they think they must be bigger. While I believe teams are the future of real estate, my first takeaway is that many agents start teams for the wrong reasons,” Lobb said.
Avoid the biggest mistake agents make when they start a team
The biggest mistake agents make when starting a team is hiring a buyer’s agent before securing administrative support. In fact, the smart move is to make your first two hires administrative, specifically, a transaction coordinator and a marketing/administrative assistant.
The reason? If you make the mistake of hiring a buyer’s agent without having an additional administrative report, then you’ll be stuck doing more administrative work, resulting in even more chaos.
Admins are critical, even if you’re not starting a team
Before you even consider building a team, hiring at least one administrative assistant can really help your business grow. Administrative assistants keep your business running. Without them, you are the bottleneck.
“Buyer’s agents usually only get paid when they close a transaction. When you hire an administrative assistant, a transaction coordinator or a marketing person, that’s consistent money out of your pocket. That’s the first bullet you must bite.”
If you’re struggling with the financial commitment, reset your mindset.
“When you hire admins, you’re not giving up money, but buying back your time and avoiding burnout,” Lobb said.
Creating a job description
Lobb said another major issue many agents struggle with is giving up control.
“I thought I could do it all. I didn’t trust anybody, Lobb said. “I realized that I was terrible with detail work. A huge realization was what I was good at as well as what I needed to give up,” Lobb said.
You can use this information to write a job description for your first hire. Make a list of “What I like to do and I’m good at,” and a second list, “What I hate to do or do poorly.” The second list is the job description for your first administrative hire.
Small or large team?
Every team starts small. Small teams can be highly profitable if they’re run properly.
“What’s intimidating for a lot of newer team leaders is they see these mega teams, but they have to realize even the biggest teams started with one or two people,” Lobb said. “Regardless of the size of your team, you must determine what the process is for submitting listings, guidelines for working with buyers, and who handles all the other parts of the process.”
Agents often start teams with expectations that are very different from reality. Here’s what one disillusioned team leader told Lobb:
“I’m not sure I actually want to manage people. I thought having a team was just going to help me do more transactions and handle my stuff. Instead, running a large team gets into the business of attracting, managing, recruiting and retaining people. I don’t know why the hell I got into this — it’s not producing for me what I expected with the amount of time I’m putting into it.”
“When you run a large team, you’re not in production anymore — you’re running a company inside of a company,” Lobb said.
An additional harsh reality is that the behavioral profile of a top producer is very different from that of a manager.
Overhead can be the death of your team
A primary reason teams fail is not from a lack of sales, but from cash flow management. Lead generation costs and meeting payroll for your support staff are the two primary sources of overhead for large teams.
“If you’re paying for big lead sources along with salaries for the support team, this can be the death of you. Overhead will choke you very quickly if you don’t manage the process,” Lobb said.
“Before you make plans to expand your business, wait until you have a steady cash flow and a reserve. Your lead gen and admin costs show up monthly; commission checks do not. You will need a reserve to keep your business operating.
Start cutting expenses now
Most team leaders are hyper-focused on growing their revenue. What many fail to address, however, is where they can cut expenses. The two primary places for team leaders to look are their lead generation costs and staffing. Here are Lobb’s top recommendations about what to do.
- Lobb’s first tip is to always put sales first, because “Creating more sales always cures more problems.”
- Next, look at your lead sources. Lobb recommends that if a lead source is not generating the results you need, drop it. Instead, focus on developing leads from the contacts and the people that you already know, i.e., your sphere and past clients.
“This has been a pretty constant statistic — The NAR Profile of Buyers and Sellers has consistently shown that 65 percent of all business is generated either from past clients, your sphere of influence or referrals from people you already know,” Lobb said.
“There are probably hundreds, if not millions of dollars sitting in their current systems and databases that could be converted. If they enhance their sales systems within the next 6-12 months, they can convert more sales from these sources than what they’re doing currently.”
- In addition, if you have already paid for leads from any of the portals, these often convert 12-18 months after you receive them. Stay in contact with them.
Not getting the results you want? Change your messaging
If you’re regularly prospecting your database, but you’re not getting the results you want, shift your messaging. Lobb has listened in to a lot of prospecting calls and he cringes at much of what he hears agents saying. Here are some important tips.
- Rather than talking at them, ask questions.
- Avoid Realtor jargon such as “CMA.”
- Offer a service to reengage with them. For example, most agents offer to do a CMA for past clients or current listing leads. A better approach for someone who owns a home is to offer an “Equity Checkup.” It’s exclusively about their home and their equity, making it more personal and valuable. You can quickly create an Equity Checkup by going to NARRPR and pulling a beautiful 15-25 page report on their property. Couple it with your personal CMA, and you have something almost everyone will keep and value.
“The magic word that gets their attention is ‘equity,’” Lobb said. “When you ask if they know that their equity has changed significantly, that gets their attention.”
Here’s an example of a simple question that can often get you the appointment.
“Did you know that the amount of your home equity has changed? If you’d like to know by how much, I’d be happy to drop off a copy of your personalized Home Equity Checkup for your property.”
If they say “yes,” schedule the appointment.
The toughest issue for team leaders and their agents: Compensation
When it comes to team compensation, Lobb said confusion is common. Rather than looking at the split as a percentage, what matters most isn’t the percentage you’re offered, but what’s left in your pocket.
Stop obsessing over the split
A 50/50 team split might sound awful compared to the 80/20 split you had at your last brokerage, where you only closed two deals. If you join a team where you have full administrative, marketing and lead generation support and you close 12 deals, you will come out ahead — way ahead.
Know what you’re really getting
A strong team may include a full suite of services: transaction coordination, marketing support, paid advertising, videography, social media content and CRM management. Ask yourself what it would cost you to handle all those things by yourself, as well as how much time it would take.
Use a $10K commission as a test case
When you’re interviewing at a brokerage or for a team, Lobb advises that you have the person you’re interviewing with to walk through a hypothetical deal. Here’s what to ask:
“Show me how a $10,000 commission would be split between the brokerage, the team and me.”
This one exercise can eliminate false assumptions and set expectations clearly.
The costliest mistake team leaders make
The mistake? Paying agent splits based upon the gross commission rather than the net commission after brokerage and team expenses.
For agents, ask about both the team and brokerage payment structures
Be sure to clarify whether your commission split is based upon gross revenue or revenue after expenses are deducted. It’s equally important to discover the brokerage’s model — Is there a cap? Is there a franchise fee? Does the broker charge a transaction fee?
Again, it’s not about the split but about how much ultimately ends up in your bank account and how many more deals you can do.
The 2 biggest challenges team leaders face
While starting a team can be exciting, the hardest part isn’t generating leads and closing transactions — it’s managing the people and the cash flow. Other issues Lobb outlined include:
Hiring, training and retaining
Hiring agents for your team can be difficult and time-consuming, especially since “Every day someone’s trying to recruit your people,” Lobb said.
Even if an agent agrees to join your company or team, ou still have to train them. If you’re like most team leaders, you probably don’t have the bandwidth to do training since you’re already stretched too thin yourself. One option is to outsource your training, which many teams do.
Cash flow can kill your momentum
Monthly expenses — lead gen subscriptions, staff salaries, marketing costs — keep hitting even when commission checks don’t. “You’re not getting paid for time out,” Lobb warned. “You need a cash buffer to carry you through slow cycles. Without it, overhead will eat your business.”
Lobb’s final takeaways about starting a team
“I think teams are the future. I think teams allow a lot of flexibility under a brand without carrying all the overhead of the brand. Be sure you understand why you’re starting a team, identify what you’re good at and what you’re not good at, and find those key people that can fill those voids for you.”
Bernice Ross, president and CEO of BrokerageUP and RealEstateCoach.com, and the founder of RealEstateWealthForWomen.com is a national speaker, author and trainer with over 1,500 published articles.
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by Melanie Klein | May 2, 2025 | Industry, News Feed
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
This series highlights inspiring stories of women who have created successful and sustainable careers in real estate and/or invested in real estate to achieve financial independence, gain lifestyle flexibility and create lives built on their own terms.
Araceli Espinoza, assistant director of admissions, guest and community relations at Westmont College in Santa Barbara, California, is deeply committed to empowering first-generation students. A first-generation Mexican-American herself, Espinoza’s personal journey has shaped her leadership approach and driven her passion for helping others succeed.
With a bachelor’s degree from Westmont College and a master’s degree from Pepperdine University, Espinoza has worked to build sustainable partnerships and foster a culture of diversity and inclusion in her institution. Her remarkable contributions were recognized early in her career when she was named Employee of the Year during her first year in higher education.
While she’s known for her dedication to education and community, Espinoza’s story extends beyond the classroom. Real estate has played a pivotal role in shaping her financial independence, providing security and opening doors for long-term opportunities.
Her journey offers a powerful example of how women, especially those from marginalized backgrounds, can leverage property ownership to create the life they desire.
A family history of land and homeownership
Espinoza’s family history has always been intertwined with land and homeownership. “My parents and ancestors have owned land in our hometown of Oaxaca, Mexico, for many generations,” she shares. “The concept of renting and never owning a home was foreign to them when they immigrated to the United States. They always emphasized the importance of homeownership to me, and growing up in the Central Valley, where I spent most of my childhood in farmworker housing, I understood this value deeply.”
Living in a small, 500-square-foot home with no indoor plumbing alongside her family of nine left Espinoza with a lasting appreciation for stability and opportunity. “That experience shaped my belief that homeownership was the only way to achieve stability,” she reflects.
Buying her own piece of the dream
However, the path to ownership was not without its hurdles. “When I married at 25, I emphasized the importance of owning a home to my husband, who initially didn’t share the same view,” Espinoza recalls. “After some research, we discovered he qualified for a VA loan, which required a small down payment and offered an excellent interest rate. We closed escrow and became young homeowners.”
Shortly after purchasing their first home, Espinoza and her husband both lost their jobs and were forced to relocate. But her determination never wavered. “I was determined to keep our first home as a rental property,” she says. “Two years later, we bought our second home, and once again, we were homeowners.”
However, it was during her divorce that Espinoza truly learned the value of navigating real estate alone as a woman. “The process was difficult, as we had to divide our properties,” she shares. “I kept the first home, but being a woman navigating the real estate market alone posed its challenges. Attending open house showings without the support of a partner was intimidating. Despite these obstacles, I didn’t give up.”
Exploring international real estate opportunities
Espinoza then made an inspiring decision: to explore real estate opportunities outside the United States. “I set my sights on Oaxaca, where I found my second property near Puerto Escondido.” Today, that first home continues to generate income, and Espinoza is thinking long-term, using her properties to invest further, particularly for Airbnb, to create passive income. “While I am passionate about my work in higher education, real estate has given me the financial independence and security I need for the future.”
Espinoza’s journey highlights how real estate has empowered her to take control of her financial future. “As women, we are often told that we aren’t suited to pursue our professional and personal dreams because we are expected to conform to ‘traditional’ gender roles,” she says.
“My advice is to trust your intuition and intelligence to become the woman you want to be. Don’t wait for others — especially men — to help you plan your future. You have unique gifts and talents that, when embraced, will propel you forward.”
Her experience underscores the challenges women, especially women of color, face when it comes to property ownership. Studies show that while women are increasingly purchasing homes on their own, there remains a significant gap in homeownership rates.
In particular, Black and Latina women face a “homeownership gap” that limits their ability to build wealth through real estate. In 2021, the homeownership rate for Black women was 44.5 percent, compared to 74.5 percent for white women. These disparities are rooted in historical discrimination, such as redlining and unequal access to financing.
How inequities in the financial system can spark change
Espinoza sees these inequities as opportunities for change. “I wish young girls had more opportunities in education to explore entrepreneurship and real estate,” she says. “It’s important to have a foundation that allows them to understand the significance of these fields.”
“I also believe we need more women to come together, offering mentorship and workshops focused on these themes,” she said. “Real estate and homeownership need greater representation from women — especially women of color — who can promote the importance of owning property.”
Her call to action is clear: women, particularly women of color, need to be represented in leadership roles within real estate and entrepreneurship. “Change begins in our local communities, where awareness can be raised and systems can be built to support and uplift women in real estate.”
Through mentorship, education and self-empowerment, Espinoza has built a future for herself rooted in financial security and independence. Her journey reflects the growing number of women breaking through barriers and investing in their own futures through real estate.
With perseverance, resilience and a commitment to empowering the next generation, Espinoza’s story is a powerful example of how women can leverage real estate to build lasting wealth and create a path to financial freedom for themselves and their communities.
Melanie C. Klein, M.A., is an empowerment and mindset coach.
This post was originally published on this site
by Lillian Dickerson | May 1, 2025 | Industry, News Feed
With the partnership, the companies have launched their first jointly branded quarterly luxury market report, and Century 21 agents will receive access to The Institute’s member benefits.
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Century 21 Real Estate and The Institute for Luxury Home Marketing have launched a new collaboration and are kicking things off with their first jointly branded quarterly luxury market report, the companies announced on Thursday.
With the partnership, Century 21 affiliated agents will receive access to The Institute for Luxury Home Marketing member benefits, including access to luxury courses, local market reports, wealth insights and marketing tools.
“The idea of luxury real estate continues to evolve for today’s affluent buyers — it is not limited to a specific price point, but more of a mindset and lifestyle they are looking to attain,” Tori Keichinger, vice president and head of marketing for Century 21 Real Estate, said in a statement.
“Understanding the trends that shape this sector will be key to helping agents guide clients to make informed decisions along their real estate journeys. We couldn’t think of a more perfect collaborator than The Institute for Luxury Home Marketing to help agents affiliated with the Century 21 brand do just that as they continue to expand their businesses into the luxury sector.”
As part of the partnership and Century 21’s recently expanded Fine Homes & Estate program, Century 21 and The Institute will also be co-hosting several live-streamed courses throughout the year led by top luxury agents Sarah Gunnip of Century 21 Mike Bowman, Inc. and Laura Heigl of Century 21 Scheetz. The co-branded report, which in previous iterations The Institute released each quarter, will be jointly released by the companies at least through the end of the year, the companies told Inman.
“We are very excited to forge this new relationship with the Century 21 brand,” Diana Weir, head of The Institute for Luxury Home Marketing, said in a statement. “Not only are they providing their affiliated agents access to the latest data on the luxury market, but we’ll be working together to provide them with The Institute’s best-in-class courses and luxury agent tools, all delivered by Century 21 network leaders.”
Q1 luxury market highlights
The first quarter of 2025 showed positive momentum in the luxury space, according to Century 21 and The Institute’s report, which tracked closed luxury sales in North America from January 2025 through the end of March 2025. March ended with growing sales and inventory rates with active engagement from buyers and sellers alike.
Inventory of luxury single-family homes was up 26.3 percent compared to the previous year, and inventory of luxury condos and townhouses was up 27.3 percent year over year. The current median price threshold for luxury single-family homes is $900,000 and for attached homes, $700,000, according to The Institute.
Sales of luxury single-family properties were up 9.4 percent year over year and up 2.4 percent year over year for condos and townhomes.
Movements by luxury buyers during the first quarter also signaled decisions based on lifestyle choices, the report said, with millennials and Gen X buyers growing in number compared to previous years. “Rather than speculative flips or short-term gains, most transactions were anchored in long-term goals such as relocation, upsizing or the acquisition of secondary homes,” the report said.
New construction continues to be slightly behind pre-2008 rates, but factors like population growth, wealth migration and other demographic shifts have helped sustain luxury demand, the report said. Although factors like interest rates, geopolitical movements, the economy and more may impact the market in months to come, the luxury market is poised for relative stability, according to Century 21 and The Institute’s report.
“Luxury real estate remains a preferred hedge against economic volatility and inflation, with many high-net-worth individuals viewing property as a core component of their portfolio,” the report says. “As confidence grows and supply improves, the market appears well-positioned to absorb short-term shocks and continue its upward trajectory.”
View the full Q1 2025 Luxury Market Report here.
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by Taylor Anderson | May 1, 2025 | Industry, News Feed
In its final quarter before it will unveil a major update this month, the short-term rental leader posted $154 million in profit from 143.1 million total bookings on the Airbnb platform.
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Despite a slowdown in the U.S. and economic uncertainty across the world, Airbnb continued its profitability and growth streaks as the company earned $154 million in profit from $2.3 billion in total revenue generated from charges to both travelers and hosts who run the platform.
Gross booking volume — the total amount that travelers spend on reservations on Airbnb — was $24.5 billion in the quarter. Both gross booking volume and profit were up 7 percent compared to a year earlier.
The company used its results to proclaim that Airbnb was stable amid economic calamity.
“Our results show that no matter what’s happening in the world, people continue to choose Airbnb,” the company said. “That’s because our model is inherently adaptable.”
The company said its strength came from its broad scope of offerings, with millions of homes for rent in various price points and in regions across the world.
“And for hosts, Airbnb remains an incredible way to earn extra income,” the company said. “As the world changes, we’ll continue to adapt.”
The company noted that travel demand was stronger internationally, and that it had softened in the U.S. amid broader economic uncertainties.
The earnings were slightly better than the company expected when it reported its fourth quarter earnings in February, at which time it told investors it expected to generate between $2.23 billion and $2.27 billion in the first quarter of this year.
The company reported having $11.5 billion in cash and cash equivalents on hand at the end of the first quarter. It has been using some of that cash to repurchase shares.
The company’s implied take rate, or the amount of revenue it earns from bookings, was 9.3 percent per booking in the quarter, the same as it was in the first quarter of 2024.
The average cost to book an Airbnb listing was $171 in the quarter. That’s about 7 percent higher than it was four years ago, but down about 1 percent compared to a year earlier.
Coming changes
Airbnb CEO Brian Chesky has been hinting at major updates the company will make that will be announced at its annual summer release on May 13.
The company is keeping those details secret until the release, but Chesky has often suggested that Airbnb planned to expand beyond its core business of booking night stays and experiences.
He has likened the coming changes to Amazon’s origins as a discount bookseller before it expanded into a global retail, shipping and data powerhouse.
Airbnb said that it had completely rebuilt its app on a new technology stack to support the anticipated updates, suggesting the changes will go beyond a focus on booked experiences or nights stayed.
“On May 13,” the company said in its letter, “Airbnb will go beyond places to stay.”
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by Richelle Hammiel | May 1, 2025 | Industry, News Feed
Barbara Corcoran, the founder of The Corcoran Group and longtime Shark Tank investor, is urging homebuyers to move now, while others are sitting on the sidelines. In a recent TikTok video and appearance on Fox & Friends, Corcoran made it clear: economic hesitation is exactly why it’s a good time to buy real estate.
Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!
Barbara Corcoran, the founder of The Corcoran Group and longtime Shark Tank investor, is urging homebuyers to move now, while others are sitting on the sidelines.
In a recent TikTok video and an appearance on Fox & Friends, Corcoran made it clear: Economic hesitation is exactly why it’s a good time to buy real estate.
“Now is a great time to get a good deal. Why? Because everybody’s hesitating,” she said on TikTok. “They’re worried about everything in the economy, and buyers stall when they feel that way, but right now, I’m here to tell you that that stall’s not going to last very long.”
Her comments come at a time when many buyers are understandably cautious. Thirty-year fixed mortgage rates remain elevated — sitting at 6.88 percent as of April 29 — and concerns linger around the impact of President Donald Trump’s imposed tariffs as well as rising home prices. Still, Corcoran believes this window of hesitation is a gift to those ready to act.
“You’ve got your best selection. You’ve got your best prices,” she added. “Maybe [in] a month or two things are going to get normal again, and everybody’s going to be out in the market. So get yourself out there if you have any cash, if you have any way to buy real estate right now.”
During her Fox & Friends interview with Steve Doocy, Corcoran emphasized the impact of uncertainty on buyer behavior, noting that fear often leads to stalled decisions. A recent Fox News poll underscored that sentiment, revealing that 55 percent of Americans believe Trump’s tariffs could hurt the economy and jobs.
“Last month, we had almost 14 percent of all contracts fall apart,” she explained. “Last time we saw it was right on the heels of COVID. People got scared, but then the market came back by storm. That’s exactly what’s going to happen here.”
While she went on to acknowledge that renting is currently cheaper than buying in the leading 50 U.S. markets, Corcoran made a long-term case for ownership.
“You don’t get appreciation [when renting]. You don’t have anything to leave your kids,” she said.
Speaking from experience, Corcoran also revealed that she’s been pulling money out of the stock market and putting it into real estate deals — many of which are now circling back around to her after being previously out of reach.
“The deals that turned me away four months ago are coming back to me. So I know it’s a good time to buy,” she said.
Email Richelle Hammiel
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