The coronavirus pandemic has had unprecedented effects on the global real estate and housing market. In the United States alone, the trends show that many Americans are moving South and West, seeking healthier, more mobile living in less dense areas. These recent changes will likely stay longer than we think. So, if you own or manage a real estate business, now more than ever, your colleagues need efficient leadership and extra commitment in adapting to these changes. If you need some help, here are some tips for managing your team.
Research all the new available tools.
A lot of the time, the difference between a startup and an industry giant lies in the tools and resources they use. But as digital transformation continues to gain ground, many startups now have an even field to utilize some of the world’s best tools for automation and efficiency. Today, app developers continue to spoil the software marketplace with new innovative tools.
The first thing for businesses seeking automation tools is to identify business areas with repetitive tasks like tracking physical assets, for example. Modern asset managers can track assets using an asset tracking app via a mobile phone. These tracking apps work by assigning a digital asset tag to a property providing real-time information like the current status of your asset. These platforms favor a low code asset management system with great ease of use. That way, even team members without extensive IT backgrounds can still perform tasks using the asset manager.
Consult with experts in the subject matter.
The only asset that can be difficult for your team members to find is specialized knowledge. All others, from software assets to inventory management apps, are readily available on the internet today. Real estate is a diverse sector. Even if your team has a general template to excel, specific factors like how race and diversity affect the cap rate demand a very deep learning curve. It pays to consult seasoned experts like David Lindahl (whose books, including Multifamily Millions and Donald Trump Real Estate Investing 101) are a go-to for many industry professionals.
Establish clear goals and communication lines.
In dealing with team members, it pays to set clear goals. The more familiar people are about a company’s destination and what to do to reach it, the less work for you as a team leader. You can reduce goals to actual numbers like “achieve a stock market price of X amount by next year” or “gain an X-percent increase on the student housing and tertiary market by X date.” Such clarity also enables team members to be open about challenges from the onset, which is essential for quick solutions.
Remember that micromanagement stifles creativity.
As a property manager or team leader, it takes ultimate partnering with team members to achieve success. Obsessive leaders who lack empathy toward team members may end up stifling creativity and hampering their outputs. Empathetic leaders open up to constructive criticisms from all team members. Rather than monitor every move, keep tasks to more significant outputs, giving room for members to be in charge of their actions and outcomes. Team members need autonomous spaces to perform their functions efficiently.
Regularly evaluate your team’s progress.
Beyond the cashflow increment goals, many real estate teams have growth as a key performance indicator. Growth compounds daily outputs toward the bigger picture like an end-of-year or medium-term goal. And the only way to keep the focus on growth at all times is to encourage feedback across the board. Feedback can come from all angles. It can be clients, top-level partners, and on-field agents. What’s more important is to create a mechanism where they all flow into each other seamlessly. With insights from feedback, leaders of real estate teams can rely on efficient progress-reporting culture to ensure sustained growth.