While some real estate agents prefer to work solo throughout their careers, others form real estate teams to help close more deals, share resources, and potentially earn more commissions. A real estate team can vary in size and function depending on market needs, but the most successful real estate teams often have one major characteristic in common: effective leadership.
As a real estate team leader, you need the right tools and resources to help your team grow both individually and collectively. How to manage a successful team? Here are some tips and tricks to get you started.
- Effective coaching and frequent communications
A high performing team has a proven track record of effective and frequent communications from senior management. Most sales and measurement meetings are long and (sometimes) painfully boring. A great way to combat this is to divide your monthly meeting into four smaller weekly meetings. Share weekly sales and up-sell goals while celebrating the most recent wins at these meetings to help boost morale. Success is contagious, and if your team sees their accomplishments being celebrated and recognized, it will encourage them to work harder to get their name on that winning board for the next meeting.
Plus, scheduling one-on-one coaching meetings with your agents will help boost their performance and revenue. Provide new and experienced agents with valuable coaching on lead generation, conversion strategies, booking appointments, and closing bigger deals. Not only will this help your team improve individually, but it will also contribute to the company’s bottom line and long-term growth.
- Hire the right people
The catalyst for a high performing team is your recruitment process and your hiring of suitable candidates who align with your business goals. For example, having a variety of new and experienced agents on your team will help diversify your company’s overall skill set and accommodate different types of customer base (eg first-time buyers, affluent, and investors).
One way to make sure you hire the right people is to present your business plan, goals and vision during the interview and set those expectations during the onboarding process, so everyone is on the right track. same wavelength. This means outlining the resources available to your team and providing information on how you can help each other with each transaction. Then repeat these expectations in your one-on-one meetings to establish accountability.
Everyone wants to be part of the winning team, so present your company’s goals and values in a way that will inspire confidence and motivate them to join you. Unfortunately, not everyone will be a good fit for your team. If you and the potential partner agent don’t align on company values and goals, cut them, but don’t burn any bridges in the process, because you never know when your professional paths might cross again. .
- Create opportunities for growth and compensation
The real estate business operates on incentives and compensations. That’s not to say that compensation is the only reason sellers are drawn to this type of business, but it is a top factor for many agents. Create a comprehensive compensation and incentive plan to keep your agents motivated and performing. When team members are compensated fairly (or better) with various additional benefits, they will be more motivated to do business and close bigger deals.