The real estate industry presents investors with great opportunities to make hefty returns on investment. Real estate is one of the most lucrative industries in the world right now.
According to Statista, the global real estate market will reach a whopping $113.60 trillion valuation in 2023. This means there are opportunities to make money in the sector.
But how can you do that? Well, you can make money in real estate by starting a real estate business and building a solid real estate team to help you reach your business goals.
Scaling a real estate business often requires a strong team behind you to reach business goals more effectively. This is not just about hiring a few real estate agents; it’s a bit more than that. There are factors you’ll need to consider to build a strong real estate team.
In this article, we will discuss how you can get the right people to help you grow your real estate business, keeping in mind that the real estate industry is a very competitive sector. Building your business in such a competitive and saturated market can take significant time and effort.
Tips & Best Practices to Build a Solid Real Estate Team
Here’re some key steps, tips, and best practices to build a strong real estate team:
Step 1: Hiring Skilled Talent or Training Existing Talent
If you already have people you work with who are potential candidates to join your real estate business, you could invest in ongoing employee training and talent development to help them become proficient in the real estate sector.
You want your team to have all the necessary skills for real estate business tasks. So, provide training to your team for various things, such as:
- Technology tools
- Sales techniques
- Negotiation skills, and
- Industry-specific training
If you are starting from scratch when building your real estate team, you'll need to recruit and hire skilled individuals with the necessary skills and experience to join your team. Not only that, they should also align with your company values and culture to foster a harmonious environment. You can use a recruitment agency to help you onboard the right talent to join your business.
Step 2. Establishing a Solid Team Structure
A strong team is not complete without having a proper team structure. Specifying the chain of command will ensure the team members know who to contact in any particular situation. Most importantly, developing a clear team structure ensures better communication channels.
Establishing team structure will also streamline future recruiting and onboarding processes. The new team members will know the relevant person to contact if they face any issues. So, include the team structure in your guidebook for every member joining your real estate team.
Step 3. Defining Performance Metrics and Accountability
Defining key performance indicators (KPIs) for your team members allows them to know which goals they need to achieve, as well as the company expectations. This gives them a clear focus and direction to follow to achieve their goals. Therefore, establish well-defined goals for your team and set attainable KPIs from the start to build a strong team.
Regularly review progress and hold team members accountable for meeting their targets. In addition to that, lead by example and set clear goals for yourself as well. This will encourage others to follow your example and work hard towards achieving their goals.
Step 4. Motivating Your Team to Perform
Once you have recruited skilled talent, you want to ensure that you not only retain them because you don't want to go through the whole exercise of building the team again, but also encourage them to work hard and even exceed their job role expectations.
A way to do that is to come up with different incentives and reward systems to boost your team’s morale and retain them in the long run. This doesn't have to be confined to monetary rewards only; many other options are available, including through rewards.
A certification or award scheme, for example, is a great morale booster for teams. You can have different real estate awards categories to present awards/trophies to your team members to encourage them to work harder, such as “Top Sales Award” or “Top Employee Award.”
Step 5. Reinforce Effective Communication and Team Spirit
Last but not least, establish clear channels of communication within the team and company. This entails carry out regular team meetings and one-on-one discussions. Additionally, use collaboration tools to ensure that all the team members are well-informed and aligned.
Another thing that comes in handy to bolster communication and team spirit is clearly explaining each team member's role and responsibilities and how it aligns with the company’s overall goals. Doing this ensures that everyone knows their responsibilities and role within the company, which fosters a harmonious work environment and good camaraderie.
When there is harmony, good communication, and camaraderie within your team, the team members feel like they belong, perform better, and achieve the targets that they need to meet.
Real estate team-building efforts can be daunting to be sure. But remember, building your team properly will be well worth it in the end. It will help you reap a wide range of benefits, from streamlining your business processes to ensuring that there is cohesion between you and your team members and reaching goals more effectively.