Brokers Corner: How To Develop A High-Performing Team
Till the time you run your property-brokerage business as a one-man show, it is okay. However, when you take it to the next level and recruit more people, it becomes critical to learn the art of managing a team. It all depends on your leadership and managerial qualities how your business grows.
Here are some essential points that you must consider:
Evolve a clear strategic roadmap
To grow your business, you have to have a clear strategy. What kind of segments you want to focus? Which types of projects you want to sell? Which areas you wish to cover? What number of clients you need to achieve your business goals? You need to have clear answers to all these questions to create a strategic road map.
Some property brokers have specialisation in residential properties while some want to focus on commercial properties. You may also want to have the right mix and diversification to ensure that your business doesn't get affected by slowdown in any particular segment. For instance, there are property brokers who keep rental property services in their portfolio to keep the ball rolling, in case the home-buying segment faces a slump.
As a professional property brokerage house, you may also decide which real estate developers you want to work with. All these choices help you in evolving a comprehensive strategic road map. Once you have a strategy in place, you as well as your staff will have a clear sense of direction and purpose.
Define KRAs and KPIs
Your staff needs to know what they expected are to do, what their key result areas (KRAs) and key performance indicators (KPIs) are. Even if it is evident what they are supposed to do, it is better to document it, and keep track of their progress based on that.
Naturally, a sales person needs to bring in revenue, but, there needs to be targets that are mutually agreed up on. The same applies to all the other staff, including marketing, human resources and office administration. A specific documentation of KRAs and KPIs would also help you in appraising your staff's performance.
Create a high-performance culture
It is easier said than done. There is no cookie-cutter method of creating a high-performance culture. A business owner has to identify the core strengths of the business and then drive his team to leverage the opportunities. However, the most important factor that applies on all the businesses is motivation.
Businesses that are successful in keeping their staff motivated are able to grow faster than their competitors. In a service-oriented business such as property brokerage, your staff is your capital, the most important asset.
How will you keep them motivated?
Good salary, to be sure! Monetary benefits and incentives are the primary factors. However, there are several other factors that can keep them charged-up. Public recognition is of their efforts is one way to do it. Sometimes business owners praise their employees in private and rebuke them in public – that goes against the business and it demotivates not only the person concerned but the entire team.
As a mature business owner, you need to do the right thing – recognise your people in public; make them feel valued; celebrate their success; and give them any critical feedback in private. This will also build a level of trust between you and your staff, and they will be willing to do much more than you expect or ask, when they get a sense of ownership and respect from you.