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The Business Freedom PodcastEpisode

Why a Quarterly Conversation with Your Real Estate Team is Non-negotiable

By REBS Team

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Why a Quarterly Conversation with Your Real Estate Team is Non-negotiable

REBS Team    May 21, 2020

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Do you have quarterly conversations with your real estate team? We’re not talking about performance reviews or quick check-ins, but real, meaningful conversations about your employees’ highs, lows and everything in between.

To be a great leader with excellent employee relationships, you have to connect with your team members on a higher level, outside your weekly meetings. Quarterly conversations are a powerful tool to do both.

Here are a few do’s and don’ts to have positive, productive quarterly conversations.  

 

What you should do

Have the meeting on neutral ground. An informal chat over coffee or lunch off site are two great options.

Talk about what’s working. This is an opportunity for the employee to share their accomplishments and what they like about working on your team.

And you should do the same. This is your chance to reward and recognize the employee for great work. Be prepared to offer specific examples.

Talk about what’s not working. This is always a challenge because no one wants to complain to their boss or offer criticism, but it’s absolutely necessary. The more open and honest you both are, the more productive the conversation.

Create solutions. You won’t resolve everything on the spot, but this is your chance to create a plan of action. Start by categorizing the issues:

  • Issues you can solve

  • Issues they can solve

  • Issues that can’t be solved

For unresolvable issues, try to ease their mind by saying: “I hear you, and I know it’s an issue that’s driving you nuts. But I need you to understand this issue exists for the following reasons, and it’s not going to change. I hope you can live with it, even if you can’t agree with it.”

Showing your empathy and understanding will go a long way to resolving what they consider unresolvable.

 

What you shouldn’t do

Don’t talk too much. If they pause in the middle of a thought, stay silent. Let them finish. Most people recoil during an awkward break in conversation. But remember, the less you talk, the more the team member will!

Don't be offended or defensive. You want employees to be honest, even if it hurts. Reacting negatively will diminish their trust and undermine the entire process. These talks are meant to be mutually beneficial and make you both better.  

Don't put off meeting. You shouldn't wait more than 90 days between meetings. After the three-month mark, relationships begin to fray.

Don't have your head in the sand. A recent study showed that 85 percent of employees have issues at work they're afraid to discuss with their boss. So don’t be surprised if they bring up a problem you are completely unaware of.

Quarterly conversations are a great way to take the pulse of your real estate team in a non-threatening, open environment.

So take advantage of this time to not only learn more about your employees but learn about yourself as a manager. What you realize may surprise you, and you'll almost certainly become a better leader.

 

Much Love & Respect,

Lars' signature

Lars Hedenborg

Founder of Real Estate B-School

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