This article by our Founder and CEO, Chris Pollinger as published by Inman News shares insights about four secrets to execution. Giving you the formula to create an environment for your agents to thrive, while achieving your business goals.
4 Powerful Secrets to Execution with Your Team
As an industry we get paid to get things done. It doesn’t matter how hard we work or how brilliant our ideas are. If the transaction doesn’t close, we don’t get paid. It’s both the terrifying reality and the beauty of real estate sales.
There are three types of people who get into this business. The first are those who will succeed despite any and all obstacles. The second will fail regardless of how much help, training and mentoring they get. They just don’t have the fortitude and grit it takes to jump headlong into a full commission environment. The third, and the group most of your team members fall into, land somewhere on the spectrum in between the first two.
When teams form, it is inevitably with the first type at the helm. They just succeed. Rarely do they know how, they are just naturally bent to win and find the right combination for them to do so. The challenge comes when they create a team and expect others to be just like them. Leadership comes in a number of forms, but a consistent theme and struggle is getting those on their team to increase transaction volume and perform at a greater capacity.
There are four secrets to execution with your team.
Secrets to Execution #1 – Focus each person on only two or three leading indicators.
At the end of the day, in the real estate business our success is measured in dollars. The challenge with using revenue as an indicator is that it is a trailing indicator. Revenue is the result of all of the other factors coming together. Focus each member of the team’s attention where most appropriate to their position within your business. An example of this for a buyer’s agent might be real estate conversations had or open houses held. For an admin person it might be files checked or personal interactions with clients, team members or outside agents.
Secrets to Execution #2 – Take care of your people.
If someone is off their game, it’s usually for personal reasons. Remember, each person on your team has a story, a history and a future. They have their unique set of strengths and qualities that they bring to the team. You build loyalty when they know you always put the person before the profit. As a general rule, the better you take care of them, the better they will take care of your team’s clients.
Secrets to Execution #3 – Have them use a one page dashboard.
Keep it simple and concentrated on their assigned leading indicators. It should be a sheet they can carry around with them. It must be a place where they can track their daily activity. If you want a sample, shoot us a message and we will be happy to send you one.
Secrets to Execution #4 – Create an environment of group accountability.
Schedule a meeting at least weekly with everyone on your team. As part of the meeting, have each person share their dashboard and goal for the upcoming week. Celebrate the successes and use the shortfalls as teaching moments. The important thing is everyone is accountable, including you as the team leader.
With these four secrets to execution you have the formula to create an environment for your agents to thrive, while achieving your business goals. Have every member of the team focuse on performance both individually and collectively. Remember, as an industry we get paid to get things done.
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A Parting Thought
We hope that the information provided is helpful in guiding you on your journey to building a thriving real estate business.
As luxury real estate consultants, coaches and advisors for Proptech, Fintech, Brands, Brokerages, Teams and Elite agents, we are confident that our resources, insights and strategies can help you achieve your goals.
Remember, success in the luxury real estate industry starts with knowledge and strategy, and we are here to provide you with both.
Here are some links to our more popular resources:
- Real Estate Insights from our luxury real estate consultants to help you out position your competitors
- Downloads and Tools To Accelerate the Growth of Your Real Estate Business from our amazing luxury real estate coaches
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- Luxury AI for Real Estate Agents we have specifically trained to make your life easier