4 Strategies to Lead your Real Estate Team through Tough Times
Before we get started talking about the four strategies you’ll need to lead your real estate team through tough times, it’s important to go back and listen to our episode on the Ultimate Shift Storm - the four shifts mentioned in that episode are the groundwork for what we cover in this episode.
To quickly recap:
- Shift 1: Consumer Shift
- Shift 2: Technology Shift
- Shift 3: Business Model Shift (i-Buyer Shift)
- Shift 4: Economic Shift
Have a clear vision for the business
If you think about your business like your favorite TV series, who are your favorite characters to the business? Having a clear vision for your business will help you continue to be renewed for new seasons (so to speak). It’s important not only to have that vision, but also make sure that you know how your team fits into that vision - like your favorite characters. Good characters grow and develop over time.
Do you have strategies in place to grow and strengthen your team? In Real Estate B-School, we maintain a 3 year picture. There’s a vision even for the smallest details - how many team members you have, what you want your top line to be, what you want your gross margin to look like, your economic model, profitability, etc. This doesn’t have to be just for your business, too, this can apply to your day to day life. Our faith, finances, parenthood, physical life, etc. It’s wildly helpful.
Have a clear plan to achieve goals that get you closer to your vision
The next step to having a clear vision is having a plan. One of the most important steps to achieving your visions, or your dreams for that matter, is to take the time to plan out how to get there. It’ll always be on the horizon if you never set out on a mission to conquer it. In Real Estate B-School, we teach the importance, following the 3 year vision, of a 1 year plan.
You know what you ultimately want out of life, business, relationships, physical well-being, and now it’s time to lay out what that looks like for you this year going forward. As a team leader, you’re then charged with getting your team acquainted with THEIR one year plans. Again, not necessarily always business related, but personal goals as well. Building that connection with your team is crucial to improving the bond you have with them which will carry you through tough times.
Live in a quarterly world
Third, we have to further break down our year into quarters. Each quarter’s accomplishments help us to take the time and look back to see if we are heading in the right direction. With each quarter we get through, we are a twelfth of the way to our 3 year vision. Quarterly progress helps us to stay on the right path, steadfast in the pursuit of our yearly goals.
Get into a weekly rhythm
Breaking down further into manageable, weekly chunks of time help you see real progress faster, as you get accustomed to dominating each day, every seven days you have another week under your belt. If you focus your efforts on your weeks, you’ll see bigger results than if you were focused on your year and hardly seeing any progress with each passing day.
Check out the full podcast for yourself here.
Much Love & Respect,
Founder of Real Estate B-School
P.S. If you are struggling right now wondering what your next step is, here are a few ways I can help you right now:
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