In today’s competitive brokerage industry, having a team of individuals with complementary skills is essential for providing high-quality service and achieving success.
However, building and retaining such a team requires careful consideration of various factors, including motivation, complementary skill sets, team dynamics, appreciation, work environment and professional development.
Motivation before skill
When adding a new member to your brokerage team, it is essential to consider their motivation before their skillset. While skills can be taught, if the person doesn’t see themselves in the role for the next five years, you may encounter retention issues.
To avoid this, take your time to determine whether the person’s goals and aspirations align with the role and the overall team.
When building a brokerage team, the end goal should be a cohesive organism that provides a full-service client experience. As such, it is essential to ensure that each team member is committed to the team’s vision and goals.
Hiring “good people”
A common mistake when building a brokerage team is hiring individuals without clearly defining their roles. This approach can result in a team with similar skillsets and missing significant elements required for long-term team cohesiveness.
You can hire “good people” with the right attitude and work ethic, but do determine up front where they fit within the team.
To ensure a balanced skillset, each team member should have a specific role that complements the skills of the other team members.
In a brokerage team, every role is critical to the team’s success. It is essential to remember that every team member plays an important part.
No one should feel undervalued or replaceable. When team members feel appreciated and respected, they are more likely to be engaged and motivated.
To create an environment of appreciation, acknowledge team members for their hard work and encourage them to share their ideas and insights, not only once in a while, but at the very minimum on a weekly basis.
Team dynamic check-in
A team’s dynamics are constantly evolving and regular check-ins are essential to ensure the team is functioning at its best.
Team building exercises, one-on-one meetings with team members and anonymous surveys can be effective ways to gather feedback and identify any areas for improvement.
The goal of these check-ins should be to address any conflicts that arise and resolve them as quickly as possible.
Additionally, it is important to have a motivator/moral supporter within the team to help keep morale high.
The work environment plays a crucial role in team dynamics and cohesion. In today’s digital age, remote work is becoming increasingly popular and teams can function effectively as long as communication channels are open and accountable.
To ensure a smooth and efficient work environment, encourage daily communication among team members, ideally with each member relating to one another.
Additionally, provide the necessary technological infrastructure to support remote work, such as project management tools, video conferencing and cloud-based document storage.
Sometimes schedule flexibility is a way to ensuring team retention. For example, it may not matter when during the day the marketing person is working on the marketing brochure as long as they deliver within the timeline requested.
If your team members are working remotely, trust them with their work until proven otherwise.
Professional development opportunities
Professional development is crucial for the growth and success of brokerage teams.
While hiring people that fit in their role is important, investing in ongoing training and development opportunities can help team members develop new skills, stay motivated and increase their job satisfaction.
Examples of professional development opportunities include yearly continuing education, mentorship programs or leadership training.
By investing in the professional growth of team members, you will create a team that is more skilled, motivated and engaged.
Retention is key
When you have a good brokerage team in place, it is essential to take steps to ensure their retention. Any shifts in the team can significantly affect team dynamics, morale and loyalty.
To keep your brokerage team motivated and engaged, always show your appreciating for each member; resolve any conflict quickly; be fair with the compensation; ensure all members get a “piece” of the profits when the team over-performs financially and stay competitive with schedule flexibility.
By prioritizing retention, you will ensure that you not only create a successful brokerage team but also retain it for the long term, which is essential for providing consistent and high-quality service to your clients.
Remember, your team is (and should be) your business card.
Baron Realty specializes in matching buyers and sellers of apartment buildings. Ramona works in partnership with Mikael Kurkdjian and a team of real estate professionals to bring the best boutique-brokerage services to the apartment transactional space in Ontario and Quebec. firstname.lastname@example.org
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