Here are a few tips to help you down that road:
1. Define who you are as a leader
Before you start setting up systems and training your agents, you need to develop your own capacity as a leader.
Effective leadership is the foundation of any successful organization. It’s impossible to accomplish anything if your firm lacks a set of principles or ideals. Begin by defining your vision. What would you like to achieve through your firm? Is it to help homebuyers build their legacies? Is it to change the landscape of homeownership in your community?
One thing’s for sure, you can proceed to the next step if you lack a vision. Everything else will fall into place once you have built a solid foundation.
2. Invest time and resources for training and mentorship
Whether you are a boutique firm or operating as a franchised brokerage under big names such as RE/MAX or Century 21, you need to provide your team of agents the skills and knowledge they need to get ahead in today’s competitive market.
With that being said, your firm has to have a solid mentorship program aimed at agents with varying levels of experience. Your training program shouldn’t stop with teaching new recruits things like listing management or lead generation.
It’s also important to provide valuable wisdom they can apply in the field. Mentorship is not just about nurturing skills. It also involves passing on practical knowledge to professionals.
Not only that but it also provides you the opportunity to motivate and empower agents regardless of the skill sets they already possess. Having said that, make it your mission to engage agents at a deeper level.
3. Provide the necessary tools
In order to compete with other firms in your sector, it’s important to come equipped with the right set of tools. After all, a tech-driven team has a better shot at success.
Considering how fast transactions move today, you will need to incorporate approaches such as virtual tours and augmented reality.
Such disruptive technologies are drastically shaping the real estate landscape, especially the luxury and multifamily sectors.
It’s important as well to show your clients your handle on the latest tools. If your firm is dealing directly with rental property investors, your agents can suggest platforms for determining a rental estimate or the types of amenities to include in an apartment complex.
At any rate, it’s important that everyone in your firm is up-to-date with the latest tools. In addition to that, it also matters to be open to anything that brings your team closer to collective goals.
4. Emphasize time management and being organized
Brokers and agents handle a variety of day-to-day tasks. It’s easy to get lost in the mire if you are not organized. This is where setting up a system comes in.
You want your agents to focus on what they do best: deliver excellent services to clients. It’s impossible to do that if they are neck-high in office work.
To resolve this, consider offloading some of your admin tasks to in-house or offsite assistants. It also matters to use a productivity tracker so everyone can zero in on their priorities.
When it comes to managing a team, it pays to provide as much flexibility as possible. Let your agents be strategic with their schedules. If they need to follow up on high-value clients, let them offload minor tasks.
Time is a special form of currency, so it’s important that everyone is doing their part in saving most of it for the activities that matter.
5. Enhance communication offline and online
Apart from time management, cohesion is also crucial to building a highly effective real estate team.
In order to build cohesion, you must first develop an environment that’s conducive to open communication.
Begin by keeping everyone informed about the latest developments at the firm. If you are scheduling monthly meetings with your agents, make the most of the time by brainstorming for ideas for getting more leads, listings, and contracts.
A well-informed team is in a better position to propel your firm forward.
6. Keep track of industry developments
Lastly, make sure you monitor your industry very closely. Each new trend can provide either an opportunity or a signal for changing your strategy.
Stay current on the latest market reports and track how the economy is going. Getting as much input from these can help you and your team prepare for anything.
It doesn’t take overnight to build a successful real estate firm. All you need is to hire the right talents, provide for their needs, and stay abreast of what’s happening in your industry.