The past two years have brought a particularly hot real estate market. Whether we were facing multiple-offer situations, our sellers receiving hundreds of thousands of dollars above asking price, inventory shortages, or buyers buying homes sight, as long as you were working with sellers, you had it made.
With houses selling so quickly, many individuals have decided to make a career change and get their license. The National Association of Realtors hit its highest member count ever in 2021, with 1.6 million members.
Realtors are anticipating a surge in demand, but the patterns from 2020 and 2021 are beginning to shift. Mortgage rates are gradually going up, buyers are getting frustrated with waiting and paying well above the asking price, and inventory is perhaps lower than ever before. More agents may lead to more competition, but not all agents are well-equipped to deal with the current housing market.
As the real estate industry continues to change, real estate team leaders need to be on their toes and constantly looking for ways to increase production. It can be difficult to keep your team moving forward when there are so many changes happening in the market, but with the right standards in place, it is definitely possible.
Make Income Goals a Priority
It’s no secret that most people get into real estate for the money, but your entire business can’t only be about the amount of money you’re making. You also need to consider how the increased income can benefit your life and the lives of those around you.
Set aside time to meet with each team member and review their yearly income goals. Discuss what they need to do in order to hit their goal and how you can help them.
Hold everyone accountable by having regular team meetings, sending out updates, and using a real estate CRM that will keep everyone on track.
Keep an Eye on the Competition
As your real estate business grows, it’s important to always be looking at what the competition is doing. What are they selling? How are they marketing themselves? What kind of systems do they have in place?
If you’re not sure where to start, take a look at some of your favorite real estate agents and analyze what makes them successful. Take their ideas and make them your own! Implementing new strategies is one of the best ways to stay ahead in this industry.
Create a Team Culture that Supports Success
In order to increase real estate production, you need to create a team culture that supports success. This means setting the right standards and expectations for your team and holding them accountable.
It also means encouraging creativity, positive reinforcement, and working together as a team. When team members feel like they’re part of something bigger than themselves, they are more likely to be successful.
A large part of creating culture is also having a vision of what you want for your team and working with your agents to bring that vision to life. Encourage your team to get behind this vision and avoid leaving any agent behind.
Find a way that works for you and your team to keep the team vision top of mind, and back it up with daily, weekly, and monthly activities that support the vision.
When your team is clear on what they should be doing, and everyone is working toward a common goal, it’s crazy how fast everyone will hit their goals.
Focus on Lead Generation
We all know how important it is to be generating leads daily, but between personal lives and caring for current clients, it can be easy to skip on daily prospecting.
Make it a priority to spend at least 60 minutes each day focused on generating leads. This can be done in a variety of ways, such as attending networking events, meeting with new clients, or sending out real estate marketing emails.
To keep lead generation top of mind, consider having your team submit a weekly report on what they did to bring in new business.
Start Increasing Real Estate Production
Being a real estate team leader can be challenging, but it’s also very rewarding. With the right strategies in place, you can help your team achieve their income goals and continue thriving in this ever-changing industry.
