Referrals and leads

[Bryan L.]

I'm looking for some feed-back from the rest of you out there. I am a combination investor/Realtor. I often get leads from my "I Buy Houses" ads that do not have enough equity for me to buy them. So, I often try to convert these to listings. And I've had some success with this over the years. But I'm often too busy to really work these leads, so I will sometimes refer them out to other agents. Now here's the kicker - I almost NEVER get a referral check back on these. I don't think that the other agents are cheating me, I just think that they are not getting the listing for whatever reason. Maybe they are too busy, or maybe they are just not skilled at converting a FSBO. Whatever the case, there's too much money being left on the table.

Anyway, I'm now thinking of forming a "team". I would partner up with one or two other agents (probably newer agents). They would get my leads and work them. I would coach them and follow up with them on their success of converting these leads, and we would split the commission. I've recently read @Mark Ferguson 's blog about hiring assistants. Mark, do you also have a "team" set-up in your office?

[Mark Ferguson]

@Bryan L. I have 9 people on my team. I have a team manager, personal assistant, contract manager, three dedicated buyers agents (a fourth starting the 1st) an a couple part time data entry people/property inspectors.

It does help giving leads to them and I make money off their own deals as well. The best part of a team is they can do all the work I don't like doing and they free me up to do the fun/most profitable stuff.