By Dale Schaechterle, founding Partner and CEO at Metro Milwaukee-based Realty Executives Integrity. Originally published in Forbes.com
For new and experienced agents alike, it’s easy to get caught up in the hustle and bustle of the housing market, whether that’s by achieving your monthly goals or perhaps even falling short. If it’s the latter, it’s especially important to foster a positive, uplifting and inspiring company culture for your fellow agents.
Establishing an entrepreneurial environment driven by collaboration and innovation is just one of the many steps required for success and high performance in the real estate industry. Incorporating these four skills and motivational techniques into your daily routine and monthly/annual goals can help shape a team player into a real estate superstar.
1. Set S.M.A.R.T Goals
One of the most powerful tools in your arsenal is taking the time to set S.M.A.R.T goals. This means identifying specific, measurable, achievable, realistic and time-bound objectives. Our firm establishes goals like “generate 20% more listings in a specific region” or “increase new seller leads by 10%,” as opposed to the more general “generate more listings.” You can even add another layer to your goals by providing a deadline and tracking them on a monthly, quarterly or annual basis. This can help improve engagement and productivity and boost team morale. Additionally, agents who take accountability for hard-to-sell properties will often match those challenges with extra effort.
Be intentional and disciplined in your execution. Use your best judgment to determine how your team can set realistic goals and manage their expectations. By building concurrent personal and team goals, your firm can strike a balance that leads to overall business success.
2. Establish A Formula For Success
Develop an internal support system designed to enrich your business from within. Rather than relying on one person to get the job done, build a team of specialists with their own areas of expertise and strengths. One person may be an expert on mortgages, while another may know everything about the newest real estate technologies. Finding avenues to supplement, complement and leverage one another’s skills is a great way to build up a team environment that organically balances the firm.
We strive to provide an environment that surrounds agents with innovation, integrity and association among a group of talented and experienced real estate experts. Even the most successful agents need a team they can fall back on for support. From the top down, foster a family-like work environment.
3. Utilize Company Resources
Beyond your team, it’s equally important to explore the resources your firm has made available. Not sure what is offered? Ask! Opportunities like company training programs, online educational materials, professional development classes and mentorship programs are all great places to start. For example, we created a mastermind group to cultivate an ongoing dialogue between sales executives and provide a platform to learn from the most seasoned professionals while encouraging new voices to share fresh perspectives.
With the help of continuing education opportunities and comprehensive training resources, you will be equipped with the backing you need to confidently sell your next property. Use this arsenal to further refine your industry skills and enrich your team and business as a whole, especially during high-stress times.
4. Celebrate Wins
Rushing from one closing to the next can lead to burnout — we’ve all been there. From small successes to national award recognitions, take the time to celebrate growth on both an individual and firm level. This goes back to the value of setting S.M.A.R.T goals. Recognizing achievements creates a company culture that bolsters productivity while energizing recruitment efforts and maintaining retention. Enjoy the moments to stop and reflect on the achievements of your team, no matter how big or small.
The sky is the limit when it comes to victories in the real estate world. Taking the time to implement realistic and achievable goals, offer self-development opportunities and foster an encouraging environment will go a long way when boosting team performance and motivation.
I appreciate the specific approach offered in Dale’s article. It’s easy to think that general improvement will occur but his recommendation for clearly-defined specific areas and goals leads to greater focus and measurable results. And his recommendation for collaboration among team members not only offers a better end result but also offers an opportunity for pride of ownership for all contributors. Very helpful article. Thanks, Dale!