Over the past three years, the real estate market has been an anomaly.
With immense buyer demand hitting the entire U.S. home market, agents didn’t have to put in a heavy lift to generate success. Real estate teams didn’t have to work as hard to prospect or close the deal because leads were coming in left and right — and everyone wanted to buy a home.
As the market begins to regain its balance as we move into 2023, agents are going to have to pick up the slack.
Now, real estate teams are going to have to work a lot harder to maintain the same pace of business. To attract the same number of new buyers and land as many closings as before, agents need to bring their best to the table.
Ready to Take Your Team to the Next Level?
How Can Team Leaders Help Guide Their Teams and GROW?
If you’re a real estate team leader, it’s likely that your goal isn’t just to stay at the same level. You want to grow, beat your competition, and increase your market share.
This means that team leaders and brokers have to spend more time with their teams — teaching, training, and supporting accountability best practices.
Here are the steps that team leaders can take today to get the upper hand in the changing real estate market.
#1. Go Back to Basics
Refining your team’s most basic success practices is the right place to start as you prepare your agents for the adjustments happening in the housing market.
Remember, teamwork is all about communication.
It may be helpful for leaders to schedule a meeting with their teams to speak about the market’s upcoming changes, what they should be aware of, and what to do to overcome obstacles.
Transparently discussing the situation can help ensure that everyone is on the same page as you ramp up your strategy to combat the changing market.
Pro Tip: Invest time to review the “click to close” recipe with your team, discussing what the next steps should be to move the deal forward. It doesn’t hurt to go over everything and refine your team’s group strategy — considering your technologies, business offerings, and best practices.
#2. Spend More Time Teaching and Training
Leaders have a big role to play in securing the future of their real estate teams. If you want to take your business to the next level and up your presence in the local market, you need to invest time in teaching and training your agents.
Now is the time to be a mentor for your agents.
Share your experiences, especially any lessons you’ve learned in similar market environments as what’s unfolding today. These insights can be incredibly valuable for agents that are just starting out in their careers and have not seen a market quite like this before.
Want to Do it All (Without Having to Do It All)?
By spending more of your time teaching your agents what you know and training them to innovate and thrive in different market shifts, you’re building a longevous success structure for your business.
This is like teaching your agents “how to fish,” empowering them to do great things on their own for a lifetime. As an experienced leader, always strive to be a north star for your team members.
Pro Tip: Accountability plays a huge role here. As the leader, it’s your job to hold your team accountable and make sure that everyone is doing what they said they would. Make accountability part of your team culture so that your team can set goals and achieve them — putting all of the insights your sharing as a mentor into practice.
#3. Give Your Team the Tools They Need to Succeed
As the team leader, you’re holding the keys to your team’s most important asset — its tech stack.
Your team is going to have to refine its strategy, and the right technology access can make sure that everyone is working together smarter, not harder.
Perform a technology audit to check for any holes in your current system.
- Are there any inefficiencies in the way your team uses technology right now?
- Is your team using each tool enough to justify its cost, or are you paying for software that your team doesn’t even use?
- What technology tools are you happy with?
- Does your team have to do extra work, like logging in the same information multiple times to connect disparate systems?
- Does your team need more tech training?
- Are there new capabilities and updates to your tools that you aren’t aware of?
- Is there a tech tool that you wish you had?
Ask yourself these kinds of questions to determine where your team is doing well, and where your tech stack needs to grow to streamline operations.
Pro Tip: When looking for any new technology, always look for automation, software compatibility, and a great service team that provides you with the assistance and personalized problem-solving that your business deserves.