7 Rules to Managing a Productive Real Estate Team
Every MLS market has a highly productive real estate team. They are a dominating force and everyone knows their “For Sale” signs. They’re everywhere, right? But behind those teams, what separates them from the rest?
We often wonder, “Who leads them and what do they do differently?” We picture characters like Steve Jobs and Elon Musk and try to emulate them. But as we’ve discovered, managing a productive real estate team only requires a few characteristics. We’ve dubbed them the seven rules.
- Set an Example
You are the example. Let me stress this again, you are the role-model. Team members and real estate agents will follow your lead. People naturally emulate their bosses, in sub-conscious attempts to win favor. If you’re not allocating your time wisely, staying organized, and completing the tasks you deem a priority, how do you expect your team to do the same? They’ll see a double standard … so set the right example for everyone. Show them how you became an expert salesperson and obtained the ability to lead.
- Establish Goals Early On
Every real estate team (or business) has yearly goals. Who doesn’t want to make $100+ million in transaction sides? Now, take those goals to the next step. How do team members execute on tasks to support that goal? This will help you establish what people should be working on and what they shouldn’t be working on. As you create those boundaries, you create focus for your team.
- Control Orientation
Once goals are established, enforce the sales process (to meeting those goals). Studies have shown leaders who closely monitor the behavior and tasks of their team see increased performance and productivity from sales agents.
- Give Them Autonomy
If you look back at Rule #3, this one seems like a reversal, but it’s not. As mentioned before, you do want to control the sales process for team members, but you also want to balance it with a level of freedom to act. When real estate agents are in the field, they need to make key decisions for their clients, so give them the autonomy to do so.
- Rethink Meetings
Meetings can be an office time-suck, but they can also be valuable sources of information. They are a chance where individuals can share opinions, data, and have equal input. The key to meetings is: Don’t have them unless you have a clearly-defined purpose for it. Don’t host a meeting just because it’s routine. If people are gathering from their work, make sure it’s valuable for them and for the business.
- Be an Adaptable Coach
Great real estate leaders understand there isn’t a one-size-fits-all to selling. Different people have different tactics and see different success rates. Because of this diversity, you shouldn’t employ a one “catch all” coaching technique. Adapt your style to each individual and help them become a successful real estate agent.
- Employ Strategic Leadership
Real estate leaders are battlefield commanders. It’s your job to organize the team’s sales strategy and build a plan to beat the competition. You’re not trying to be #1 or make your agents the “best.” You’re looking for unique ways to employ your staff. What are their strengths? What are their weaknesses? Now, where should you position them in the market? Should they cater to a specific type of clientele? Basically, look at how to deploy the team … like an army. Where and how will they win?
Productive real estate teams are led by great sales leaders. Those leaders understand how to set expectations and goals. They know how to enforce them while giving them room to act. And they, most importantly, know how to deploy them in the market for maximum efficiency. As you look at your team, think about what areas you can improve and experiment with. Measure its success and then adjust. The MLS market is a battleground constantly being fought for.
