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Effectively managing high-performing teams can be difficult in any industry, let alone in the fast-paced and hypercompetitive world of real estate.
To get started, brokers should focus first on developing organization and an adaptive management structure, and then on properly implementing that structure. This will help brokers and team leads maximize their use of time and their bottom line, explains Darren Robertson, team lead at Samson Properties in Arlington, Va.
The Fundamentals of Effective Team Management
For real estate brokers to successfully nurture high-performing teams, it’s important to first understand the fundamentals of effective team management, which should then be communicated to team leads.
- Unity: With multiple transactions managed at any given time, it is easy to lose sight of the bigger picture in the real estate industry. Articulating and communicating a shared vision that resonates with every member of the team can help keep everyone on track. Relaying professional objectives like sales targets, goals for improved transaction completion times or other KPIs helps promote communal thinking and selfless productivity to support greater goals.
- Communication: Clear and concise communication is vital when guiding successful real estate teams. Market trends are in a constant state of flux and should be communicated often. So, too, should internal developments and brokerage or team updates. Communication also means listening, which is why team member proposals, ideas and thoughts should be considered and responded to in a supportive manner. When agents feel like communication from leadership is open, transparent and reciprocal, they’re more comfortable sharing their needs, wants and feedback.
- Acumen: Successfully completing a real estate transaction requires multiple skills brought by numerous contributors. A great team manager will know how to identify and leverage the unique strengths of each team member to allocate roles and responsibilities effectively, while equally providing training to bridge skill gaps.
Effective Team Management Strategies
Building from the fundamentals of effective team management, real estate brokers can create tailored strategies to improve performance and cohesion amongst their teams.
Set clear objectives and expectations
Leaders need to ensure that every team member has a clear understanding of the expectations. This includes organizational elements such as their roles and responsibilities, as well as personal factors like their performance, attitude and commitment to clear communication.
It works well if achievable goals developed to reflect the business’ shared vision are defined and communicated to all team members. One way a broker or team lead can help define objectives in a tangible way is to link them to measurable performance metrics that as part of a clearly defined roadmap. Outlining expectations and goals in a structured document will help team members stay aligned with the agency’s shared vision.
Defining structures such as these will help team members understand how their individual efforts contribute to wider business success. Objectives should be regularly reviewed and updated, with personalized incentives developed to promote engagement and accountability.
Form a collaborative workplace culture
While the real estate industry can be incredibly competitive, success often hinges on an organization’s ability to nurture productive internal collaboration. When team members are encouraged to celebrate each other’s successes, seek insights from varying perspectives and work together to collect and analyze raw data, they develop a camaraderie.
Leaders must make concerted efforts to promote collaboration and communication through various methods. Software tools create dedicated communication options, regular team meetings foster a collaborative work environment, and team-building activities encourage the formation of natural internal connections. Additionally, adopting asynchronous leadership practices allows team members to work flexibly and efficiently, accommodating different schedules and promoting a better work-life balance.
Acknowledge and reward every success
Recognition is often considered the greatest motivator in the business world. In data compiled by Nectar, an employee recognition software company, 80% of employees say recognition has a direct impact on their motivation to succeed in their roles. Similarly, Gallup, a workplace analytics and advisory firm, found that 50% of the employees surveyed believe that recognition from managers and leaders had the greatest impact.
Both individual and team accomplishments should be acknowledged regularly to ensure all team members know their efforts are valued. Leaders can implement formal incentive programs, taking time in meetings to verbally recognize their team’s achievements and making an effort to personally reach out to team members who continuously perform well.
Pursue regular training initiatives
The real estate landscape can change dramatically in response to fluctuating demand, novel technologies and the introduction of new competitors. To ensure teams are well prepared to adapt to changing conditions, it’s important to provide updated, continuous training initiatives. Leaders can use such programs to help their teams develop proactive strategies and smart solutions.
Consistent and up-to-date training initiatives also provide high-performing team members an opportunity to upskill and pursue progression within the business. Leaders have a responsibility to their agents to implement a variety of strategies and initiatives that encourage a productive, driven and engaging environment conducive to success.
By setting clear objectives and expectations, making efforts to promote a collaborative work environment, choosing to acknowledge every success, and offering regular training to all team members, real estate brokers can develop truly effective team management strategies.
