Real estate is a bustling and busy industry, but sometimes slow sales periods happen. How can you keep your team motivated during quieter times? Here are 7 tips to ensure your team doesn’t take their foot off the gas.
Run The Numbers
Slower sales periods are the perfect time to review agent performance and look at ways your agents (and your brokerage) can improve in the future. Run the numbers and look at sales for each agent this past year.
Identify areas where agents have performed well and also look at potential learning opportunities, training and/or professional development which each individual could benefit from.
Keep in mind, performance reviews are as much about goal-setting as they are about reviewing what has happened already. It’s not simply about comparing agents and highlighting your high performers. Involve each staff member in the review and planning process from start to finish. Ask them what they would like to achieve in the coming year. Where do they see themselves in the next 12 months, 3 years, 5 years? And, most importantly, what do they need from you to help achieve their sales goals?
Check In To See How Your Agents Are Feeling
2020 has been a tough year for many people. Check in with each of your team members to see how each is feeling and ensure they know they have your full support. COVID-19 has touched Americans in so many ways. Some people have lost loved ones, suffered illness themselves, cared for family and friends, dealt with job losses within their household, lost income and/or struggled with child care and homeschooling. Ask your team what you can do to support them to achieve their personal goals for 2021.
Show you care about your team and not just their real estate results. A kind and caring employer is a big motivator for real estate agents to work hard, even during the toughest of times. It’s also, ultimately, a good business decision as you’re more likely to retain great staff by being a great employer.
Coach Your Team to Success
In the same way a coach can help a college football team win a championship, providing your real estate team with coaching can also help them reach the next level in their performance and career.
Whether you’re coaching your team yourself or putting your team through an external program, coaching results in benefits to both the real estate agent and broker they work for. Coaching keeps your agents accountable and gives them the tools they need to do a great job. Some agencies do monthly, weekly or daily coaching. It can be either in-person or virtual.
Hit The Phones To Boost Business
Door knocking and cold calling are cornerstones of a successful real estate business. Door knocking is not possible in many places right now due to the coronavirus. However, cold calling still has its place and can be an effective method of picking up additional business for real estate professionals.
Real estate is all about lead generation and building strong relationships. Get your agents to go back to their lists to get in touch with previous clients, people in their network and prospects who’ve indicated an interest in the past.
Not everyone has been disadvantaged by COVID-19. Many who are fortunate enough to have kept their jobs are keen to purchase property and take advantage of low interest rates. Your agents should be able to generate a number of new leads through this process, and “success breeds success.” It’s amazing how getting some new clients on board can be a motivator for the individual agent who signed them up, as well as for the whole team.
Publicly Recognize Top Performers
People want to feel valued and appreciated. Publicly recognizing your top performers in front of the team can help to achieve this. Rewarding superb performance in a public way can also boost morale and motivate everyone in the team to keep doing their best. Create a chart, leaderboard/whiteboard or something similar to visibly remind your team of their accomplishments. Some brokers also use other ‘reward’ incentives to keep their agents motivated — dinner for two paid by the company or gift vouchers, and/or other financial rewards.
As a broker, you need to lead by example. Inspire optimism in your team by remaining optimistic and positive yourself. 2020 has been a tough year with the coronavirus pandemic. Help your team keep positive about the year ahead despite the challenges they face. Be the positive, enthusiastic leader they need, to keep on track with their performance and to be the best they can be.
Encourage a Positive Team Culture
Culture can make or break an organization. Promote an encouraging and supportive environment where your team feels fulfilled by their work and part of something bigger than themselves. Encourage your team to help and support each other and to learn from mistakes.
Do you have real estate E&O coverage for your team? Sometimes mistakes do happen, and you need to be prepared in case this happens.
CRES offers real estate errors and omissions insurance, as well as Business Owner’s Policies. Call CRES to customize a plan for you and your team at 800-880-2747.
This blog/website is made available by CRES Insurance Services for educational purposes to give you general information and understanding of legal risks and insurance options, not to provide specific legal advice. This blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. Claims examples are for illustrative purposes only. Read your policy for a complete description of what is covered and excluded.
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