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Thriving in a Recession: Best Practices for Real Estate Team Leaders

The changing real estate market and talk of a recession can invoke feelings of unease and uncertainty on how to proceed in the coming months. As a team leader, you have the additional stress of making sure your team is prepared for what lies ahead. By returning to your fundamentals, putting best practices in place, and strategizing with other like-minded professionals, you will be able to weather the changes in the shifting market. You will also set a strong example for your team to follow, ensuring that everyone is in sync with your goals.

Communication

Teams are the single greatest economic opportunity for real estate professionals. A strong team that provides stability for its members is especially important in challenging times. Every member must be clear about their role and how it relates to the overall efficiency and productivity of the rest of the team.

A team leader must be able to understand each member’s strengths as well as those of the overall team. They also must be cognizant of any areas that need improvement and be able to address them promptly. Letting problems go only causes more tension, resentment, and even more dysfunction.

Individual and team strengths

Over the past decade, more people have entered the real estate industry because they thought it was an easy way to make money. But now that the market is shifting, buyers are becoming more hesitant, and sellers are not in as strong a position as they were in prior years. Only agents who are fully committed to best practices and improvement will succeed. And a team that is built from the inside out, with a strong operations component, will grow and thrive.

Bigger is not always better. A team that is lean and strong, and truly committed to 100% percent supporting each other, as well as their clients, will be more successful and profitable.

Show your commitment to your team

Your team’s success should benefit everyone on the team. It’s important to make each team member feel that they are valued and essential to the team’s success. A healthy, happy team will grow, increasing leads and income. So it’s critical to provide the team with what they need to keep moving forward. This could be in the form of training, coaching, or partnering them with a more experienced agent.

Be encouraging to your members and acknowledge when they have done a great job. If they are struggling, take the time to listen to their concerns and come up with a strategy to help them find solutions.

Connect with others

Just as you are there for your team, connecting and brainstorming with other industry leaders can help you. Learning what’s worked and not worked for those leaders and their teams may offer some fresh insights for you. And if you really feel stuck, working with a coach to help you assess and strategize might be what you need to get through barriers blocking you from success.

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