As a real estate principal you can’t just think about tactics – you need to be thinking strategically. In this Growth, Leadership, and Management tip I will explain the importance of stepping back and meeting with your team on a regular basis to discuss your growth strategy and evaluate how well your business is achieving those goals.
Scheduling a monthly meeting with your executive team will help everyone maintain a cohesive foundation for growth. Everyone will know exactly where you want to go and what needs to be done to get there.
Topics to cover in each meeting include:
• Achievements
• Lessons learned
• Strengths and weaknesses
• Opportunities
• Threat analysis
Review your business achievements for the past month. Then evaluate anything that has gone wrong and what needs to be done to avoid repeating that failure. Discuss how to stay on track for growth and capitalise on opportunities to improve systems and infrastructure. Acknowledge the things that are working as well as any obstacles you have encountered. All of these elements are vital to realizing growth.
Listings, sales, prospecting and income are all crucial, but they are short-term concerns. Growth is achieved through long-term planning and execution, and that requires consistent momentum, market traction and market share.
List the things that need to be done and arrange for getting them accomplished. Make better decisions about who to hire and how you need to coach them. Discuss ways to engage with more customers and to better serve those past and current clients. Look at the numbers to see what is actually happening and determine where improvements need to be made. Focus on what you really want to build so you can make your vision a reality.
The main thing is to schedule those meetings and make them count. You may think you can’t afford to take that time each month, but I’m telling you that you can’t afford not to. It’s really a small investment of time that will result in a tighter team employing defined tactics based on a strategic foundation to drive significant long-term growth for your business.
I hope you’ve enjoyed this month’s Growth, Leadership and Management Tip, and I look forward to seeing you here again next month.