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The real estate world is like a wild roller coaster ride, always throwing surprises our way: The ups and downs of the market, interest rates in a fluctuating frenzy and, to top it off, inflation playing havoc.
In the current market climate, there is a concerning trend among real estate teams — a reactive approach to accommodate sudden changes. Teams are resorting to quick fixes, rapid hiring and firing decisions, and, in some cases, even turning against their own.
Strategies where team members get even a slight taste of the “every person for themselves” mentality are inherently dangerous as they erode trust, fracture team rapport and jeopardize the very essence of collaboration. The long-term results of developing a team of loyal, capable and empowered players are powerful.
A meaningful career in real estate is a marathon, not a hundred-meter sprint. It’s crucial to establish a long-term vision for sustainability in this business.
Real Estate Business 101: Team building
Team building isn’t just an old-school term to ensure employees get along. It’s the heart of a booming real estate empire.
It’s important for all team members to co-create a supportive environment and work alongside each other as one unit — supporting, inspiring and pushing one another towards greater potential.
- It’s not all about work; it’s about enjoying the ride with the awesome people you’re with because it’s the tight-knit teams that kick butt through both good and bad times. Team dinners, coffee catch-ups and collaborative non-business activities are not just luxuries but necessities.
- When things are slow, it’s not the time to panic or downsize, but it’s the perfect time to regroup, reflect and strategically plan for the next steps, without the usual stress and chaos of business.
- Utilizing down time with continuing education opportunities also helps to remind team members what each of their strengths are; honing individual strengths to leverage a team’s combined capabilities creates inherent motivation and inspiration for the team.
Strategic talent management: Everyone’s a star
Most leaders can get so hyper-focused on hiring that they ignore the equally critical task of building and managing the team rapport and refining their business strategy to accommodate new team members.
Ever heard, “You’re only as strong as your weakest player?” Every player has the potential to be an MVP. When teams can identify individual strengths, celebrate their unique values, and align those strengths towards a collective goal, the birth of a dynamic, powerhouse team begins.
However, strategic talent management isn’t just about filling skill gaps; it’s about creating tag-team roles and processes to streamline overall efforts. For example, Joe initiates, Jack executes and Mary closes — a seamless symphony of talents working towards a common objective, with clearly set targets and timelines for each member. This approach removes the stress of forcing weaknesses onto certain players, in turn strengthening the team-model, and proves time-efficiency in delivering meaningful results.
The power of real plans
Many real estate teams tackle each day without a solid game plan — whether big or small, many agent teams often wing it, riding the market waves without a clear roadmap. The truth is, when things are overly slow or overly busy, it’s a great indicator that a strategic business plan is missing.
Cohesive teams with a clear path of execution, both individually and together as a team, outperform in challenging markets and slower times in the cycle.
Future visions: Optimism and crafting success together
A lasting team means having a shared vision. When team leaders get their team players involved with long-term business and strategy planning, this activity alone empowers individuals and fosters a sense of meaning for their roles. When everyone feels like they’re contributing to the big picture, it also spells accountability.
When leaders and their team co-create a safe space that allows open forum discussions, questions and friendly back-and-forth banter, the best ideas and strategies come together. Realistic goals, sales benchmarks and clear call-to-action initiatives become the pillars of a team’s collective success.
Establishing step-by-step milestones and celebrating small wins keeps a team encouraged, motivated, and in execution mode. Collective encouragement and harnessing failure as learning opportunities are the most powerful ways to improve team performance.
A real estate team shouldn’t be made up of individuals just doing a bunch of separate jobs; it should be an ace crew ready to tackle any challenge, any client, in any market.
Building your team with an inclusive mindset, focused on strengths instead of weaknesses, and calling in a strategic year of collaborative execution will pave the way for long-lasting success through the ups and downs of this industry.
Hana Cha has been a part of over $4 billion in new development projects across the Americas. Connect with Cha on Instagram and Linkedin.
