If you’ve ever read one of my columns before, you’ll know that by the time this is published, I’ll have just celebrated my 38th year selling homes. While I hired my first assistant 27 years ago—and have understood the power of leverage ever since—it’s important to remember that I’m standing on the shoulders of giants, as this wasn’t my idea.
Since 1991, when I learned from a real estate coach that taking one day off a week would allow me to get more done in six days than seven, the world has become more intent on honoring family, honoring time off, understanding priorities and values, and working to spend less time working without sacrificing the business and the money.
The old adage is that if you have lots of money, you have no time. If you have lots of time, you probably have no money (or not as much as you’d like). Let’s change that.
I’ve preached the fact that teamwork in real estate isn’t a fad, as have fellow coaches and other industry speakers. It’s a system. Not only is it a way to handle the leads that come in, but also, a way to handle the things you don’t get paid to do—and a way to give the things you’re weak at to others who are more qualified. In addition, teams are the quintessential way to create leverage so that everyone benefits.
The following points are what I consider to be vital when it comes to leveraging teamwork:
- Find a coach experienced in understanding teamwork at a very high level. Make sure you do your homework to research their methods, their coaching ability, how they will hold you accountable and who their coach is.
- Develop and stick to your core values. It’s also important to know the value propositions of your team. Remember, you’re the main value proposition, and your personal core values are the best place to start.
- Know the true meaning of leverage. Even if you already have a team, you must understand the power of a job description and a suitable compensation program. Also, learn what it means to hire slowly and fire quickly.
- Don’t believe everything you’ve heard. I’ve lost count of the number of professionals with excellent track records that have succumbed to the myths in real estate and, therefore, are running teams at a non-profit level. If you don’t truly believe that you’re worth working for, no one else will either.
- If you skip No. 1 above, you can still find accountability partners. Who do you know that’s running a successful and profitable team? Take them to lunch and pick their brain. You’d be surprised by just how willing team members are to share.
- Understand the different behavioral styles. Once you start to understand behavioral assessments at a high level, beginning with your own, you’ll be on the road to understanding how to start surrounding yourself with a great team.
These six points will help you begin the marathon that’s involved with building a true business that’s not only run like a business, but also profitable like a business is intended. Working through these steps will get you to the point where you’re working on the business, not in it—but it all begins with investing in yourself.