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Building a real estate team is like constructing a skyscraper; it requires a solid foundation and a strategic blueprint. Yet, many teams crumble under the weight of high turnover, lackluster performance and disjointed efforts.
So, why do these teams fail? A deep dive into team dynamics reveals a glaring issue: A significant majority of team members crave more role-specific training. This insight points to a broader problem within team structures and underscores the need for strategic leadership. Let’s uncover the root causes of team failures and how you can sidestep these common traps.
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Identifying the root causes
The downfall of real estate teams often boils down to a few critical areas that are overlooked or mismanaged. Patrick Lenconi wrote one of my favorite books on team dysfunction, titled The 5 Dysfunctions of a Team. In his work, he talks about five reasons teams fail and how to avoid those dysfunctions.
Our coaches are trained to identify dysfunction and provide real solutions for eliminating as much dysfunction as humanly possible.
I have always said, “We don’t have people problems, we have process problems.” If your people are letting you down and failing to succeed, we always want to ask where our systems fail us. By attacking processes, not people, you begin to solve real problems such as communication, training, tracking and accountability.
Training and development, or the lack thereof, is often the root of failure. Team members yearn for growth opportunities and clear guidance on their responsibilities. Without this, they may feel directionless, leading to decreased productivity and morale.
Training and development
With all of the confusion, disruption and stress in today’s market as a result of the class action lawsuits and settlements, high inflation, limited inventory, pent-up demand of buyers, lack of housing affordability and higher interest rates, we have moved from a skills-based market to what I like to call a professional’s market.
This is where the true professionals are needed — and celebrated — as experts in handling transactions. To be a professional requires specialization, ongoing training and development outside of CE classes, and real estate experience and knowledge. High-volume and well-coached teams can provide all of these things to agents who are hungry, teachable and smart.
Effective training is the cornerstone of a successful team. Here’s how leaders can implement robust training practices:
Hands-on experience
Encourage learning through direct involvement. Accompany team members to appointments, allowing them to observe and absorb the nuances of client interactions and transactions.
A team leader who is in production should never list or show alone. As a leader you have two primary responsibilities: First, business development, and second, people development.
Debrief and reflect
After each appointment, hold a debrief session. Discuss what went well, what could be improved and how the team can apply these lessons to future engagements.
Leverage technology for training
Use video conferencing tools to conduct training sessions, even if team members are in the same office. Record these sessions to create a digital knowledge base for future reference. Leverage training developed for specialization in real estate, for listing agents, buyer’s agents and admins, for example.
You see, specialty training can be an incredible resource when used or a massive expense when there is no adoption. It’s your responsibility as a leader to set the tone of how your team is going to function as professionals or simply as average.
Establish clear systems and processes
Develop documented systems for all repeatable tasks. This ensures consistency and quality, providing a roadmap for team members to follow. Systems, systems, systems. Anything you do three times or more repeatedly, you must create and have a system for that task.
The role of systems and consistency
A lack of established systems can lead to inconsistency and confusion.
Here’s how to integrate systems into your team’s workflow:
Regular live and online training sessions
Hold scheduled training sessions to review procedures, introduce new tools and ensure everyone is up-to-date on best practices.
Mentorship programs
Create mentorship opportunities within your team. Pairing less experienced members with seasoned professionals can accelerate development and foster a supportive culture.
Feedback mechanisms
Implement a system for feedback. Encourage team members to voice their ideas for improving processes, which can lead to innovation and a sense of ownership.
Building a culture of productivity
A successful team is built on a culture of success. We win as a team, and we improve as a team, or we fail as a team.
This culture is fostered by:
Clear communication
Maintain open lines of communication within the team. Ensure that everyone understands the team’s goals, their role in achieving them and how their work contributes to the team’s success. This should be done with regularly scheduled huddles or stand-up meetings.
A daily huddle is recommended for wins, victories, challenges and direction, 15 minutes max at the beginning of every day. A great question to ask here is, “Can your team articulate and describe in clear language what it means to “win the day”?
Recognition and rewards
Recognize and reward team members for their contributions. This could be through formal awards, bonuses or simple acknowledgments in team meetings. Recognition fosters motivation and loyalty.
Team-building activities
Engage in team-building activities, retreats and vision board creation and sharing, all activities that strengthen relationships and promote collaboration. Whether it’s a team retreat or a casual outing, these activities can help build trust and camaraderie among team members. This becomes more critical as every team faces challenges. The culture keeps the team together.
Don’t set your team up for heartbreak
Real estate teams fail for various reasons, but poor communication, inadequate training and the absence of solid systems are often at the heart of these breakdowns. As a team leader, it’s crucial to prioritize comprehensive training and establish clear systems that guide your team’s operations.
By fostering an environment of continuous learning, structured processes and a culture of success, you can build a resilient team that not only withstands the challenges of the real estate industry but also excels within it.
Investing in your team’s development is not a one-time event but an ongoing commitment. It requires a proactive approach to identify and address the unique needs of each team member.
Embrace the role of a mentor and coach, and create an atmosphere where continuous improvement is the norm. When team members feel supported, valued, and equipped with the right tools and knowledge, they are more likely to be engaged, productive and loyal.
Teamwork makes the dream work
Remember, “The strength of a team lies in its unity and collective expertise.” By avoiding the pitfalls of neglecting training and systems, you can lead your team to achieve remarkable results.
Cultivate a team that is not only skilled and knowledgeable but also aligned with your vision and goals. With dedication and strategic leadership, you can turn the potential of your real estate team into a reality of success and growth.
“Suppose I could show you a way to build a team that thrives in disruption — is there any reason you wouldn’t listen?” As the great, late Howard Brinton used to say, “Let’s get out of judgment and into curiosity” and make decisions based on data and communication and eliminate dysfunction.
Your team’s success is just a few strategic steps away. Let’s build a culture of productivity, engage in the right training and coaching, and watch your team soar to new heights.
Verl Workman is founder and CEO of Workman Success Systems. Connect with him on LinkedIn or Instagram.
