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In the real estate industry, success is measured by closed transactions. However, getting a team to increase transaction volume and perform at a greater capacity can be a challenge.
As a luxury real estate broker consultant, I have seen firsthand the importance of effective leadership. In this article, I will provide practical tips and insights to help team leaders develop their leadership skills and inspire their teams to achieve their goals.
Prioritize personal development plans
To get the most out of your sales team, each member should have a personalized development plan that helps them improve their skills and expertise. This not only enhances individual performance but also complements gamification practices, making personal development more engaging.
As a leader, it’s essential to recognize the unique strengths and qualities of each team member and provide them with the resources they need to grow. Remember, on average, 84 percent of sales training content is lost after 90 days. Follow-up is essential.
Focus on leading indicators
While revenue is a key indicator of success in the real estate industry, it’s a trailing indicator. Instead, focus on leading indicators that are most appropriate for each team member’s position.
For example, a buyer’s agent might focus on real estate conversations had or open houses held, while an admin person might focus on files checked or personal interactions with clients and team members.
By concentrating on these leading indicators, team members can track their daily activities and work towards achieving their goals.
Create a culture of accountability
Creating a culture of accountability is essential to motivating and inspiring your team to achieve their goals. Schedule regular meetings with your team and have each person share their dashboard and goal for the upcoming week. I am a personal fan of using a mastermind coaching system.
Celebrate successes and use shortfalls as teaching moments. When everyone is accountable, including the team leader, the team becomes more cohesive, and individuals are more motivated to perform at their best.
Use gamification to motivate sales teams
According to one study, 97 percent of employees aged 45+ claim gamified activities improve the quality of their work. Gamification is an effective way to motivate sales teams and encourage independent learning and self-motivation. It allows you to give your team autonomy and ensure individuals are hitting their own personal targets, even if they are outperformed by others.
By prioritizing selling hours and ensuring mid-performers receive a good proportion of the strongest sales leads, you can help them experience success and motivate them to become top sellers. Additionally, sales techniques should be based on data-driven best practices, which can be shared by top performers through a mentoring scheme.
Provide one-on-one coaching
Regular coaching is integral to helping your sales team reach peak performance. Companies that provide solid coaching to their team see a 16.7 percent growth in their annual revenue. It’s important to coach your team through a variety of customer interactions, so they’re better prepared to handle difficult situations and close more deals.
Additionally, one-on-one coaching allows your reps to feel more confident in their approach to sales and provides them with input from an expert. Remember, if you ignore this, as high as 60 percent of sales reps say they’re more likely to leave their job if their manager is a poor coach.
Effective leadership is essential to motivating and inspiring real estate teams to achieve their goals. By prioritizing personal development plans, focusing on leading indicators, creating a culture of accountability, using gamification to motivate sales teams, and providing one-on-one coaching, team leaders can help their teams perform at a higher capacity.
Remember, as an industry, we get paid to get things done, and effective leadership is the key to achieving success.
Chris Pollinger, founder and managing partner of RE Luxe Leaders, is the profit whisperer to the leadership elite in the business of luxury real estate. He is a national speaker, consultant and leadership coach. Learn more about his broker, manager and team leader growth programs at RELuxeLeaders.com