Many people aim to grow their teams and realize the business goals they wish to achieve. As a tool in achieving those goals, knowing what qualities make up an effective team is essential. Identifying a team’s strengths and weaknesses is vital to developing a unified effort.
The most common questions are “What are the team members’ communication styles?” “How well do they work together?” Is there conflict in their interpersonal relationships? How do they handle stress and pressure? What other factors affect their ability to contribute effectively?
By defining strengths and weaknesses, individuals within that team may be able to leverage those assets for tremendous success. Knowing these qualities can allow for the visibility of an individual’s skills and strengths, which will help them locate a new position within their current company or organization or identify new career opportunities with others who possess similar skills.
Procedure to build an excellent team
1. Identify the team’s purpose
The team must understand how their work fits into the bigger picture of the organization and how it contributes to accomplishing its goals. They must also understand how their work is integral to their fellow team members’ success.
2. Have team members identify strengths and weaknesses
This can be done with individual self-assessments or through a 360-degree review process (where they are evaluated by people who have a relationship with them). Ideally, this should be done at the beginning of a new job or role so that there is ample opportunity to mentor any areas where deficiencies exist.
Recruiting in real estate can be a daunting task, but finding the right agents, admin staff, and marketing professionals can go a long way in ensuring long-term success.
3. Form a team vision based on the assessments’ results, and determine each person’s strengths based on their work history and academic background
Once this is established, create a set of guidelines for utilizing each person’s strengths to grow their skills and knowledge base.
4. Make sure they are aligned in purpose
Ensure that all team members understand why they are a part of the existing team and their goals. This will help ensure that both the individual’s career development plan and the team’s plan will be compatible.
5. Encourage growth
Use the guidelines to help everyone identify what they should be learning and which skills they need to develop to accomplish the team’s goals.
6. Provide adequate resources
Everyone will have different ways of learning and growing, so you must make sure that the resources that you provide are relevant and valuable.
7. Ensure there is accountability
With so much in motion, it is essential to stay on track with these plans and implement reminders, check-ins, and milestones. This will help each feel more connected with what is happening around them and allow for a greater sense of accomplishment with their work when they see results.
8. Use team meetings to refine direction and reinforce accountability
Create a format that allows these meetings to occur regularly, sometimes weekly, so that there is continual feedback and direction. This will allow for alignment in the goals for each team member so that they know how they are being measured and how their work fits into the organization’s bigger picture.
9. Hold management accountable for results
Ensure that management is held accountable for each team member’s work and their results as an individual contributor. This can be done with annual performance reviews or quarterly performance appraisals.
10. Reinforce
As the team begins to see the results of their efforts, frequently reinforce those results. This will reinforce the positive results of a well-functioning team.
11. Train new people
Once a new person joins the team, ensure a formal orientation and ongoing training on how things work within that organization/team. Using a 360 evaluation tool like EI360 to assess and train your employees, it’s easy to take advantage of our expertise for your onboarding and retention initiatives.
12. Update plans as needed
Continue providing training and growth opportunities for your team members as they grow in skill level, knowledge base, or responsibilities.
Advantages of building an excellent team in real estate
- Building an excellent real estate team will help you reach your success goal.
- It will help you to retain your top talent, who has the potential to skyrocket your real estate business.
- Building an excellent team in real estate is a charming investment that will pay off for years to come.
- It will allow you to select from a wide variety of individuals with diverse personalities, skills, strengths, and weaknesses so that you can fill the gaps in your personality and skill set with one or more people who fit into your team dynamic.
- It will make your team members feel more connected with each other and the organization, making them feel more respected and appreciated.
- Building an excellent real estate team can help you identify and attract new clients that could help your business grow over time.
- It can allow you to leverage the different talents, strengths, and weaknesses of your team members so that you can develop their skills and knowledge base, which means that they will be able to locate a new position within the organization or company or find another job within their current company.
- Your management team will be able to focus more on the critical issues in their business and less on worrying about personnel issues.
- Identifying your team’s strengths and weaknesses and knowing how to use them to develop their skills, knowledge base, and work experience will help you provide valuable professional development opportunities for your organization’s staff.
- It can help you develop high-performance teams that can accomplish their most important objectives or tasks with the least effort or time.
- It will help you understand your clients’ values, goals, and personalities to create a good rapport with them and ensure that they are satisfied with your service and performance.
- It will help you understand your potential client’s needs to effectively market yourself and your organization.
- It can allow you to connect with other team members with similar interests outside of work, which could lead to lasting friendships or romantic relationships.
- Building an excellent real estate team will give your people the chance to improve their skills and enhance their ability to find a new job or position within the organization or company, should they ever decide to leave your business or organization for any reason at all.
Conclusion
Building an excellent real estate team is one of the best things you can do to ensure that your business continues to grow and remains profitable.
Make sure that you clearly understand the people you bring on board, as well as their strengths and weaknesses, so that you can provide them with opportunities to develop new skills, knowledge base, and experience.
Also, use your 360 evaluation tool to assess and train your employees to keep them engaged and on track with their career development.
