Want your real estate practice to be more successful? Interested in having your company stand out from the competition? Accountability can be a game-changer.
Accountability is crucial
Bolstering accountability can help you obtain the results you are looking for, real estate expert Bryan Robertson wrote in a recent Inman opinion piece. Robertson, who serves on the California Association of Realtors' board of directors and co-founded real estate services company Catarra Real Estate, emphasized that while accountability is crucial to the industry, its existence is far from universal.
While accountability is embraced in some places, others resist its use, the author wrote. The current situation is far from ideal, as the whole notion of accountability depends on universal buy-in. Without this, there are no standards.
While the aforementioned scenario is less than optimal, it presents real estate professionals with a unique opportunity. To make the most of the situation, analysis can come in handy. Consider performing an inventory of existing practices to determine where accountability is lacking in your firm.
Areas of accountability
Robertson outlined three specific areas where accountability is crucial:
1. Creating Revenue - Currently, most brokerages do not hold their agents accountable in terms of hitting certain revenue goals, he wrote. As long as they are willing to pay a desk fee, they can stick around. This contrasts with many other sales positions, where people need to generate results or find another job.
2. Holding ethical standards - Not all real estate professionals must hold ethical standards, Robertson emphasized. Realtors must adhere to a Code of Ethics, but commercial real estate agents do not.
3. Customer service accountability - Robertson emphasized that many polls show customers not particularly pleased with real estate professionals, at least when compared to other industries. In addition, there was a contrast between how buyers felt about the buying process, and how they perceived their real estate professional.
Market knowledge accountability
In addition to the aforementioned areas outlined by the author, having in-depth knowledge of the markets is crucial. To access the most up-to-date information on the real estate market, including mortgage records and warranty deeds, they can work with CRS Data. For more information on CRS Data, go here.
After conducting an inventory of these key areas, it is time to develop a plan of attack to address these particular challenges.
However, before you attempt to solve these problems, you may need to alter your employees' view of accountability, Jason Forrest wrote in Realtor Magazine. In some instances, the word makes people nervous. Many hear it and grow concerned they will encounter constant scrutiny.
It doesn't have to be that way, says Forrest, a sales trainer, management coach and prolific author. To get your brokers to think of accountability in the right way, convince them you are invested in their success. As a result, you will be working with them to improve their results and help them make more money.
Once they believe this, they will see you as more of a coach and less of a manager, he notes. In addition, they will view accountability as a means to generate stronger results.
When your agents have the right attitude toward accountability, determining the best way to measure their performance is crucial, writes Robertson. Having these, and using them across your business, will give you a quick way to get a temperature check of employees and see how they are doing.
In addition, leveraging them will make it easier to compare performance between different professionals. This leads to the next point, which is competition. The desire to win drives many sales professionals, and if they have the opportunity to be number one, it can help them go the extra mile.