The real estate industry is cyclical. There will always be periods when things are better, and periods when things are worse. Whether the market is experiencing a recession, you’re dealing with aftermath of a natural disaster, a war is affecting the economy, or a pandemic has panicked buyers and sellers, you can motivate real estate teams to be more resilient when the going gets tough.
In this article we’ll explore some key strategies that might help you keeping the ship afloat when the tide gets rough in real estate business.
Revisit Your Vision
When you are facing challenging times, it can be easy to lose sight of your goals. However, if you can keep your mission front and center, it will be easier to stay motivated and on track. Write and share a mission statement or update your existing one to fit your current situation. Gather your team and review your vision for success and for their future, sharing the landmarks you hope to reach. A team that is unclear an objective will be unable to accomplish it.
To motivate your team, it is important to communicate effectively. Be sure to be clear and concise, open, and honest about the challenges that you are facing. Explain how you plan to overcome these challenges and the specific steps team members can take to do so. Be sure and answer any questions they may have and, if possible, incorporate any suggestions for improvement they may offer. Doing so will help to build trust and create a sense of unity that is critical to successful teamwork.
Set Realistic Goals
A realistic goal is one that you can reach given your current skill and ability, motivation level, and timeframe. Don’t set your team up for failure by setting goals that can’t be achieved. Instead, focus on a strong business plan, and outlining goals that are achievable but still challenging. When needed, break bigger goals down into smaller milestones to make the steps toward the completion easier to manage. Don’t forget to consider the outside factors that may improve or thwart your achievements, like training, funding, or available operational support.
Provide Training and Development
The real estate industry is constantly changing. To stay ahead of the curve, you need to provide team members with training and development opportunities and help them stay up-to-date on the latest trends and technologies. These can include sales contests, mentorship opportunities, or guest speakers to help them develop finer points of their efforts. You may decide to fund seminars, classes or training videos that can help improve their skills. Helping in this way shows that you value their growth and their contributions. The new tactics they’ll deploy, and newfound confidence in their own abilities, will help motivate them and keep them engaged towards the team’s goals.
Recognize and Reward Achievements
When your team members achieve their goals, be sure to recognize and reward them. Reinforce positive behavior by having the whole team observe it in an authentic and meaningful way. This will work best when it is tailored to the individual and the situation, so don’t be afraid ask your employees what they’d appreciate most.
Cash bonuses are always welcomed, but you can offer a variety of motivations appropriate to the level of achievement, like a pat on the back, tickets or gift cards that reward their interests, extra vacation days, or other non-monetary items. Even taking the team out to lunch or sending them home early on Friday after a hard week can show that they’re appreciated and can help keep them connected to the team and its goals. Whatever you do, make sure that your team members know that you appreciate their hard work.
Create a Positive Work Environment
A positive work environment is essential for top motivation. Make sure that your team feels valued and appreciated. Start by creating a culture of open communication and trust, where all your team members feel welcomed and valued regardless of personal considerations. Show your employees you trust them to do their jobs and give them a chance to take ownership of their work by offering new responsibilities and delegating without micromanaging. Promoting collaboration and will nurture and foster team relationships, as will giving your team freedoms like flex time or working from home. A positive, trusting work environment will not only motivate real estate teams, but may help you attract top talent to the workspace you’ve created.
Return to the Fundamentals
When things are slowest, return your team to the sales fundamentals that contributed to your past wins. Call past clients to thank them and catch up. Build up your pipeline, generate more and newer leads. Invest more into your own success. Don’t play defense by cutting expenses—it may actually be time to spend a little more. Practicing basic, proven strategies will lead to small gains that will turn into larger wins. Take care of the small things or you’ll never accomplish the bigger ones.
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Most of all, if you are facing challenging times in your real estate business, never let fear stand in the way. Don’t let your team give up when they face adversity. In baseball, even a great hitter is called out in 70% of their at-bats. These strategies to motivate real estate teams can help to keep a squad focused, engaged, and winning. With them, together, you can overcome any challenge.