Sometimes less is more. What I mean by that is that simple business principles, such as the Four R’s, may seem like simple concepts, but they can bring significant, far-reaching rewards when effectively implemented.
When Stan Schreyer, CEO of AmeriBid, joined Pinnacle Quest a few years ago, he brought with him a wealth of knowledge and experience in worldwide business growth, expansion, acquisition and sales force management. As he looked at our current processes and systems, he quickly discovered that in order for us to take our business to the next level, we were in need of additional structure. As a result, he introduced us to the Four R’s for Success.
Find the right people for the right positions and set proper expectations. Clearly defined roles and responsibilities are critical steps to recruiting quality people to help your company grow. Putting good people in the wrong position not only causes issues, but oftentimes results in damaged relationships with that individual and the client they serve. Once you find the right person to join your team, make sure you have a great training program to help them fit into your culture.
Mentor, train and motivate your people to stay engaged in the company goals and purpose. Arm them to the teeth with the tools and technology they’ll need to succeed. RISMedia’s Top 5 in Real Estate Network® and RREIN programs are perfect examples of brokers arming their agents with the right tools and the right delivery method to grow and expand their marketshare through the collective relationships of their agent/consumer communication. There are many great coaching programs, so don’t feel pressured to build everything in-house; look outside for coaches that have a similar mindset and get your people moving in the right direction.
Fair compensation, while maintaining profitability, is a challenge many business owners face. Rewards are often only discussed as monetary compensation for work done. However, I have discovered that rewards can come in many different forms. For example, by sharing and highlighting their successes, agents are rewarded with recognition. Be sure to acknowledge exceptional performance of your administrative staff and training personnel as well. Measure performance through goal setting and weekly huddles and create opportunities for growth. Highlighting your top agents as they qualify for recognition in RISMedia’s Top 5 in Real Estate Network® is an excellent way of rewarding exceptional performance. As you think through all the ways you can reward people for doing a great job, you will find they perform at a higher level and their positive attitude will be transferred to others with whom they interact.
The first three R’s are a big investment on the part of management because they take planning, thought and execution, however, the fourth R is equally important. Retention of your key people is critical to growth and expansion. If you are constantly winning and losing the same number of agents, employees and staff each year, you spend a lot of time, effort and money without growth. Systems focused on retention will produce a much higher return on time and monetary investment than systems focused on generating new business. You should not do anything to recruit a new agent that you are not currently doing for your existing ones. Keep your people involved in your vision, communicate your goals and objectives clearly and then follow up and deliver on the promises you make to your people.
Verl Workman is a speaker, coach, business consultant and president of the Top 5 in Real Estate Network®. To hire Verl to speak, consult or work with your company, email Coach@VerlWorkman.com or visit VerlWorkman.com for more information.