8 Tips for Highly Successful Real Estate Teams
As the age-old saying goes: «Teamwork makes the dream work,» and this holds particularly true in the dynamic landscape of today’s real estate market. If you’re currently leading or part of a real estate team, staying ahead of market trends and maintaining the highest level of expertise is crucial for success.
No matter how big or small your team is, collective education and ongoing learning are indispensable tools in your toolbelt for achieving and sustaining excellence.
One of the major benefits of being on a team is that you’re not on an island trying to figure it out on your own. Of course, there are also benefits to being a solo agent, but a team offers support and resources to help build your business and your knowledge.
Let’s take a look at eight tips that are going to help you and your teams win big together in this year’s real estate market.
Tip 1: Foster Mentorship and Peer Learning
Take a minute to reflect on the early days of your real estate career and think of someone you considered to be a mentor. You probably still think of them fondly and may even keep in touch on a regular basis.
Starting real estate from scratch is difficult and competitive, especially when new agents on your team are up against more experienced and established professionals.
Incorporate mentorship and peer learning programs within the team to leverage the collective knowledge and experience of seasoned agents. Pair junior agents with more tenured colleagues who can serve as mentors and offer guidance, share industry knowledge, and provide support to navigate challenges.
Peer learning enhances collaboration and creates a sense of community, allowing agents at any level to exchange ideas, strategies, and best practices. Encourage them to get out of the office and grab a coffee, attend a conference together, or spend a “day in the life” in one another’s shoes.
This will help build camaraderie and a culture of learning and inclusiveness on your teams.
Tip 2: More Productive Meetings = More Collaboration
No one likes to have a reoccurring meeting just because they have the time blocked on the calendar. If you have regularly scheduled meetings with your team, make them count.
Create a productive environment where team members can share their knowledge and expertise with each other in weekly meetings. Encourage open discussions, brainstorming sessions, and peer-to-peer learning opportunities such as role-playing sessions. This not only enhances team cohesion but facilitates the exchange of valuable insights and best practices.
The goal is for everyone to look forward to these meetings and not see them as a giant waste of their time. If you need some new tricks to optimize your current team meeting structure, check out Tom Ferry’s article on 10 Tips for Better Real Estate Team Meetings.
Tip 3: Host Monthly Lunch n’ Learns
Successful teams put a big emphasis on becoming market experts. That’s why it’s important to not just know and understand the market, but explain it based on data and facts. This will give the team the confidence they need to help their clients make the best decision possible when buying or selling.
Aside from your regular team/sales meetings, devote time to educate your team each month on the top market trends both nationally and locally. Analyze the market data together to identify emerging opportunities and develop educated responses to your clients’ biggest questions.
Whether you’re using in-house data that’s provided through your firm/brokerage or the insights we provide for you at Keeping Current Matters, it’s critical to make this part of your monthly routine. Spend 30 minutes on the market update and then allow time for a round-table discussion. Throw in some lunch, and it’s a win-win.
Pro-Tip: Instead of spending hours researching the housing market on your own time, watch Keeping Current Matter’s Monthly Market Report together as a team. We’ve already read the news from many different sources – such as Fannie Mae, and the National Association of Realtors® – and have consolidated it for you.
Tip 4: External Training and Workshops
Invest in external conferences, workshops, and webinars to improve your team’s skills and help them grow their businesses. The access to industry experts and thought leaders at these events are invaluable, not to mention the networking opportunities.
Encourage your teams to immerse themselves in the latest real estate trends while fostering new relationships so they can truly be the go-to experts in their market.
To help you narrow it down, here are some of the can’t-miss real estate conferences and events in 2024.
Pro-Tip: If you don’t have the budget to send your team to external events, there are endless podcast options you can encourage your teams to listen to. Check out this episode where Jimmy Mackin, the co-founder of Curator, shares his insights on effective marketing strategies for real estate agents.
Tip 5: Hold a Video Challenge
Do you still have agents on your team that are terrified to make videos? Trust me, we’ve been there too. It’s not easy but the thing is, it gets easier the more you do it.
Video is now the single most popular way to consume content online so if you’re not on video, you could be missing out on key opportunities to reach your audience.
It’s time to hold yourself and your team accountable for getting on camera and what better way than a friendly video challenge!
This is a fun and engaging way to help your team overcome their fear of video together. You can set it up however you want with daily themes or prizes, but the important piece is to make sure constructive feedback is provided to everyone who participates. No one will improve if they’re not told what they could be doing better.
Need an easier way to create simple, yet impactful videos? Check out our all-in-one video creator, RealTalk by KCM™ – powered by AI.
Tip 6: Be Technology Gurus
Speaking of AI, successful teams are always looking for new ways to improve their business strategies. In today’s world, that goes hand-in-hand with technology.
Stay up to date with the latest technology tools and platforms that can streamline workflows, improve efficiently, and enhance client service. They are game changers and will help your teams work smarter, not harder.
Use AI to generate high-quality content, create super personalized marketing campaigns, and captivating property descriptions. It can even help you identify potential leads more efficiently, taking some of the load off your shoulders. Plus, AI ensures that the leads you get are more likely to convert into clients.
Creating content, virtual tours, and sales calls was one of the most time-consuming tasks for agents, until our friend ChatGPT arrived. Now, you can write these in seconds and revise as many times as you need.
If you’re using ChatGPT for video scripts, you still have to check the box and record the video. The RealTalk by KCM™ video creator we mentioned above produces AI-generated video scripts to explain your local market, or your own scrips from scratch.
Some people can be resistant to evolving changes in technology and you’ll need to provide training and support to help your team effectively leverage these tools in their day-to-day operations.
Our friend, Jason Pantana put together this video on 9 Jaw-Dropping AI Tools for Real Estate Agents that will help your team get started.
Tip 7: Always Welcome Feedback
Conduct periodic evaluations from your team members to assess the effectiveness of your meetings, training programs, leadership, and overall company culture. This feedback loop enables the team to share what works well and what could be improved and creates an open channel of communication.
It also empowers the team to voice their concerns and innovative ideas, forming a positive culture based on trust and transparency.
If you’re leading the team, it demonstrates your commitment to continuous improvement and the respect for the input of the agents.
Tip 8: Lead by Example
If you’re a team leader, your agents look for your guidance and support daily. Strive to embody the same values and work ethic you wish to see in others.
Engage in learning activities yourself, share your experiences and insights with your team, and actively challenge their professional growth. Set the example and hold yourself and your team accountable for everything mentioned above.
Speaking of accountability, check out this podcast where Tom Ferry emphasizes the power of accountability in achieving transformative change during uncertain times. Tom also touches on topics like the importance of mindset and setting a clear vision that will help you set your teams up for success in 2024.
Bottom Line
These eight tips are a tried-and-true recipe for success for real estate teams. If you want your agents to be the leading experts in their market, these are some very simple practices you can implement into your business to optimize efficiency.
However, real estate teams are not cut from the same cloth. From boutique agencies to expansive brokerages, each team operates with its own unique framework tailored to goals, strengths, and markets.
If you’re a team of 25+ looking to bring even more value to your business this year, we want to partner with you to ensure this happens! Check out our customized Group Membership Solutions where real estate teams become experts.
