Operational excellence can be a major game changer for many real estate professionals. After all, a business is only as good as its systems. When you try to run any business without a solid structure, you are more than likely only working on what needs to be done “right this instant” instead of the important long-term activities. This may be what is causing you to stay stuck earning less than you could be earning if you were to have the time and resources to focus on the right activities. Remember, the role of a team leader is to be out making connections with people, not doing accounting. This is where operational excellence comes in.
So, how do you know that you really do need better processes and systems? Well, if you are constantly putting out fires and being pulled in many different directions to try and keep your team or business together, then you definitely need to improve your operational excellence. When you have a clear outline of what needs to be done and have processes to make sure that your transactions and team are all running smoothly, it leaves you with the brain power to accomplish more. Get organized and build a structure that allows you to work on your business, not just in your business.
So, how do you improve operational excellence? Here are some ways to immediately start seeing results and put back energy into your business:
1. Delegate. Yes, we know you want to have all the answers and you want to be the one who does it the best, but trust me when I say you need to give up some tasks so you can increase your bandwidth. This allows you to be a thought leader, hire new team members and provide your expertise to others on the team who need it.
If you take anything away from this article, let it be that delegation is one of the core concepts of management leadership. It allows small and large tasks to be completed by a variety of people, freeing up time for you to lead. If the main decision maker is barred down by doing tasks, they don’t have the capacity to make plans for the overall direction and growth of the business.
2. Hire your A-team. Hiring great help is just as important to you as a team leader as starting the team itself. You will be more successful when your team respects and trusts you and your judgements. Rewards and praise will create more incentive to perform better and will build the confidence and effectiveness of your team. If you don’t know where to start on hiring your rockstar individuals, hiring a coach can help. They have systems and resources in place to help you make the first hire, your best hire. Your first hire might be as simple as an administrative assistant or your first buyer’s agent.
3. Set your revenue goals and work backward. Have your systems in place so you can have an easy time keeping clients and giving resources to your team. Have some kind of a lead tracker, transaction tracking system or agile system in place so you can make sure you know exactly what is going on in your business and on your team. Having a database you can pull from will be beneficial in putting money and resources in the right places to actually make an impact on your business.
Lastly, if you’re going to put in the time and energy required to build an awesome real estate team, make sure you get the math right from the very beginning. The last thing you want to realize is you’re a business owner who makes $10 per hour. This is why hiring a coach to help guide you through the process of building a team can be just as important as creating the team itself.
Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting, and coaching company that specializes in performance coaching and building successful power agents and teams. Contact him at Verl@WorkmanSuccessSystems.com. For more information, please visit www.WorkmanSuccess.com.