The real estate business landscape is ever-evolving. Agility and adaptability in leadership are now more crucial than ever, according to the Urban Land Institute’s “Emerging Trends in Real Estate 2023.” Published in October 2022, the report emphasizes the importance of leaders who are able to foster a culture of continuous learning and improvement among their teams.
10 tenets of coaching your real estate team to greatness
The following principles are practical, applicable and gleaned from years of hands-on experience in various real estate markets and models.
1. Lead by example
Leadership by example is the cornerstone of effective team management. This principle of exemplary leadership showcases a dedication that fosters loyalty and respect among associates.
In the competitive realm of luxury real estate, displaying a strong work ethic, commitment and respect toward all stakeholders creates a ripple effect. It fosters a culture where team members are motivated to mirror these traits in their dealings, be it with clients or each other. This principle goes beyond mere words; it’s about embodying the values you champion, thereby creating a living blueprint for others to follow.
2. Exude positivity
The attitude of a leader significantly impacts the team’s morale and overall work environment. In my journey through sales coaching and team consulting, I’ve observed that a positive demeanor from the leader sets an uplifting tone for the entire team.
Even amid challenges, maintaining a positive outlook is crucial. It’s about seeing the silver lining and focusing on solutions rather than problems. This approach keeps the morale high and encourages a problem-solving mindset among the team.
Being a positive force within your company propels a culture of optimism and resilience that is infectious and instrumental for overcoming the hurdles inherent in the real estate sector.
3. Fairness in action
Fairness is a bedrock value that cultivates trust and respect within your team. In my advisory roles, I’ve stressed the importance of fairness in all interactions, whether it’s in recognizing achievements or addressing shortcomings.
A fair leader ensures that everyone’s contributions are valued and that rewards and recognitions are meted out based on merit.
It also entails being equitable in providing opportunities for growth and advancement to all team members. Fairness in action demonstrates to your team that each one of them is a valued member of the organization, thereby nurturing a conducive environment for growth and mutual respect.
4. Listen and inquire
Effective leadership transcends telling people what to do; it encompasses being a great listener. During my tenure in recruiting and sales coaching, I’ve learned that understanding the concerns, ideas and feedback of your team is invaluable. Before delving into a new project or making pivotal decisions, it’s imperative to gather insights from your team.
Asking probing questions and giving a keen ear to their responses often unveils perspectives that may not have crossed your mind. This practice not only enriches decision-making but also fosters a culture where team members feel valued and heard.
5. Clarity in communication
Clear communication is the linchpin of effective team management. Being explicit about your expectations, goals, and vision for your team eliminates ambiguity and sets a clear path forward. In my experience, a well-informed team is a motivated and productive team.
Encouraging open communication also invites questions, suggestions and feedback, which are crucial for continuous improvement and innovation. It’s about creating a two-way communication channel where clarity and openness fortify the collective endeavor toward achieving organizational goals.
6. Live authentically
Honesty is a virtue that transcends the professional sphere and delves into the personal. As a leader, your actions both inside and outside the workplace are under scrutiny. Living an honest life builds a reputation of integrity which translates into authentic leadership.
In my journey, I’ve found that honesty cultivates a culture of trust and openness. When your team knows that you uphold truth and integrity, they are more likely to mirror these values in their interactions within and outside the organization.
Moreover, honesty in acknowledging mistakes and learning from them fosters a culture of continuous learning and improvement.
7. Never stop growing
The real estate landscape is ever-evolving with new trends, technologies and regulations continually emerging. As a leadership consultant, I advocate for a culture of lifelong learning that empowers individuals and teams to stay abreast of industry changes.
Continuous learning can take various forms, from reading industry publications, attending workshops or engaging in online courses. By fostering a learning environment, you not only enhance the competency of your team but also instill a mindset of adaptability and innovation.
As President Kennedy aptly put it, “Leadership and learning are indispensable to each other.”
8. Seek continuous improvement
Complacency is a pitfall that can stymie growth and success. Throughout my experience in real estate brokerage and consulting, I’ve always sought better ways to enhance processes, deliver value to clients and improve team performance.
Encouraging your team to challenge the status quo, suggest improvements, and embrace new ideas fosters a culture of continuous improvement. It’s about creating a proactive environment where the quest for betterment is a collective endeavor, propelling your team and organization toward achieving excellence.
9. Embrace technological evolution
The pace of technological advancement is reshaping the real estate industry, offering unprecedented tools for enhancing efficiency, customer engagement and competitive advantage.
As a leader, being open to, and embracing technological evolution is crucial. It’s about being forward-thinking and creating a culture where the team is encouraged to leverage new technologies to solve problems and improve processes.
A positive attitude toward technological change resonates well with the younger generation of employees, fostering an environment of innovation and modernization.
10. Be ready to take one for the team
Leadership often entails stepping up and taking one for the team when circumstances demand. Whether it’s handling a challenging client, addressing an unforeseen issue, or simply being there to support your team during demanding times, your willingness to take initiative underscores your commitment and solidarity.
This attitude of being ready to dive into the trenches fosters a sense of unity and motivates your team to also go the extra mile. It sends a potent message that in pursuit of success, you are not merely a bystander but an active participant in facing challenges and celebrating victories together.
Building a legacy of success
Creating a culture that reverberates with success, motivation and growth is an ongoing endeavor. It’s about showing up every day, ready to inspire, guide and celebrate every milestone, however small. The coaching philosophy is about fostering a collective ambition toward achieving remarkable success, one transaction, one client and one victorious moment at a time.
Chris Pollinger, founder and managing partner of RE Luxe Leaders, is the profit whisperer to the leadership elite in the business of luxury real estate. He is a national speaker, consultant and leadership coach. Learn more about his broker, manager and team leader growth programs at RELuxeLeaders.com
