Episode 27: You’re Building Your Team Wrong! - Schulman Team

The Secret to Building a Profitable Real Estate Team: Lessons from Richard Shulman

At The OT Only Teams for Real Estate, we highlight industry leaders to uncover their strategies for success. This week, we’re featuring Richard Shulman, a Los Angeles real estate titan who closed 365 units and generated $211 million in sales volume last year. However, Richard’s true achievement isn’t just his numbers—it’s building a business that’s profitable, adaptable, and sustainable.

Here’s what we can learn from his journey.

Relationships Drive Results

Richard’s business thrives on one simple principle: relationships over transactions. His primary lead source is his sphere of influence—friends, family, and past clients—not cold calls or flashy ads.

He invests time in meaningful interactions, like meeting past clients for coffee or scheduling casual lunches. These genuine connections create loyalty, drive referrals, and ensure long-term success.

For agents aiming to replicate his success, the takeaway is clear: focus on building trust and turning transactions into lasting relationships.

Crafting a High-Performing Team

Richard’s team is a carefully balanced mix of structure and flexibility. With full-time staff managing contracts, marketing, and databases, plus agents and showing assistants, his team operates smoothly.

Many of his top agents started as staff, showing his belief in hiring for potential and promoting from within. He prefers newer agents with 6–18 months of experience, finding them more open to coaching than seasoned agents with ingrained habits.

Generous compensation is another key to his success. Richard prioritizes paying well to attract and retain top talent. Staff members who transition into sales roles can earn full commissions, fostering growth and motivation.

Adapting to Change

The pandemic reshaped real estate, and Richard adapted quickly. Younger agents often favor digital prospecting over traditional methods like cold calling, and Richard supports this shift—as long as results follow.

He emphasizes accountability with practical tools, like validating activity through phone logs, while allowing agents the freedom to find what works best for them.

Profitability Over Volume

While high production numbers grab attention, Richard’s focus is on profitability. By keeping costs low and leveraging efficient lead-generation strategies, like internet advertising, he ensures financial stability.

This philosophy extends to his agents, helping them achieve financial freedom and work-life balance. Richard’s systems support professional success without sacrificing personal well-being.

Building a Winning Culture

Team culture is at the heart of Richard’s success. Weekly meetings foster communication and alignment, while ongoing training and mentorship help agents reach their potential.

Richard also encourages staff to transition into sales roles, creating a path for advancement that strengthens loyalty and builds a team deeply invested in success.

Takeaways for Real Estate Professionals

Richard Shulman’s journey offers key insights for agents and team leaders:

- **Focus on Relationships:** Build trust with your sphere of influence for sustainable growth.

- **Hire for Potential:** Coachable talent can outperform experience.

- **Embrace Change:** Adapt to new work styles while maintaining accountability.

- **Prioritize Profitability:** Focus on financial health to build a sustainable business.

- **Foster Team Culture:** Create an environment that promotes growth and collaboration.

Richard’s story proves that real estate success isn’t just about high production—it’s about building a profitable, adaptable, and fulfilling business.

Ready for more insights? Subscribe to The OT Only Teams for Real Estate Podcast for weekly strategies from top-performing agents. Let’s grow together!