Archive for Management
Drilling Down to Find Your Next Great Manager
Posted by: | Comments
In my earlier post, we discussed finding that next great manager. Now, here’s more information you need to get that great leader–that person you’ll enjoy working with!
You are Not Done Describing the Job
You need to attach your performance standards for management activities (minimum expectations for that person to retain his/her job) in each of these areas.For example:
How many hours a week do you expect your manager to recruit? (lead generate)
How many lead generating calls do you expect your manager to make per week?
How many interviews do you expect your manager to hold per week?
How many hours a week do you expect your manager to interview and select?
What are the selection standards you expect from your manager (who should be hired and who should not)?
How many hours a week do you expect your manager to train?
How many hours a week do you expect your manager to coach?
Who do you expect your manager to coach?
What leadership activities do you expect of your manager?
What staff/operation activities to you expect?
What do you expect your manager to do to increase the bottom line?
Decide this in terms of:
How many recruits per month (decide on your ratio of new or experienced)
Production per month
Moving your experienced agents from ____ revenue units (sales and listings sold) to ________ revenue units by _____________ (date)
Profitability increase of __________ in _____________ months
Standards Agreement Usually Missed in the Hiring Process
This specific standards agreement is usually missing in the hiring process. It takes awhile during our coaching sessions to develop a workable standards agreement for each situation. But, without a standards agreement, you haven’t laid out exactly what the job expectations are. You have no method to coach and hold your new manager accountable. And, if you need to terminate, you should have measureable reasons to terminate.
Now, armed with your description of the ideal manager, your job description, and your standards agreement, you are ready to search for that people developing manager who will take your company to greater productivity.
How to Choose that Next Great Manager
Posted by: | Comments
It’s probably the toughest thing we do–hire a manager. And, there’s little information to help us. That’s why I wrote this series of blogs.
Past Experience is a Huge Benefit
Look for a person who has been trained in another business as a trainer/coach/leader. This is really important. When I was finding and screening leadership for one of the largest franchises in the world, I found that the really magic ingredient was that the potential leader had already had some experience in the skills of management. (sometimes not in real estate).
The Second Pre-requisite to a Successful Management Hire
Now, go back and prioritize those duties–with the most important ones first. Here is what I hope your list says–in this order:Recruit
Select
Train
Coach
Lead: Challenge and inspire seasoned agents to the next career level (retention)
Manage staff
Time Frames for Important Activities
Did you add time frames to that job description? If not, go back and do it now. You don’t want a manager that pushes recruiting to the last hour in the day and then doesn’t get to it!
To get my manager’s detailed job description with hours expected, plus a time analysis you can use for all your managers, click here.
Doing all the other Stuff…..
Where does the rest of the go? I know. You have on your list: Broker questions; crisis management; floor schedules; write ads.
Guess what? You can get just about anybody to do those jobs. In fact, instead of hiring a real sales manager, if all you need is operations, hire an administrative assistant who can and will do it all (except for the broker questions, which you can field, or hire one of your good agents to field).
The All-too Common Problem: Hiring an Operations Manager
I find too many owners or general managers who needs to hire and manage a manager are settling for an a operations manager when what they desperately need is a people developing manager.
What does a people developing manager do?
Finds the right people and develops them into productive salespeople who return a profit to you
You don’t need a babysitter. You don’t need just an answer man (or woman). You don’t need merely an operations person. You shouldn’t settle for just a a crisis manager. You need someone who will focus on and drive
recruiting and productivity--to lead that office into greater profitability, not just take up space in the manager’s office!
Get my manager’s detailed job description, plus a time analysis you can use for all your managers: click here.
What didn’t I say in these blogs that you believe is important in hiring a great manager? Let me know. Watch for the next blogs for more in hiring that next great manager.
Your Mutual Expectations Dialogue
Posted by: | Comments
I have done 2 short videos on these very important topics. The first video addresses establishing standards (minimum expectations). The first video was in my previous blog. The second video explains how to address these expectations with the agent.
Here’s the second video: Your Mutual Expectations Dialogue
Here are the documents I mentioned to help you think through and put your standards in place:
Establishing your Standards for your Agents
Up and Running in 30 Days Goals and Standards
Up and Running in Real Estate Commitment Letter
Use the information here, along with the standards documents, to raise the performance of your team to a much higher level!
What are Your Standards and Expectations of your Agents?
Posted by: | Comments
Unfortunately, unlike most businesses that are clear in their performance expectations, we either skip this conversation entirely or gloss over it.
I have done 2 short videos on these very important topics. The first video addresses establishing standards (minimum expectations). The second video explains how to address these expectations with the agent. I’m including the first video today. In my next blog, I’ll show you the second video.
Click here to go to the first video.
Take a look at the first video here: Establishing Standards and Mutual Expectations
Here are the documents I mentioned to help you think through and put your standards in place:
Establishing Your Hiring/Retention Standards for your Agents
Up and Running in 30 Days Goals and Standards
Up and Running in Real Estate Commitment Letter
Use the information here, along with the standards documents, to raise the performance of your team to a much higher level!
Let me know how you’re doing with this! Remember, be careful about establishing your standards and how you implement them!
Managers: Do You Say You ‘Have a Team’?
Posted by: | Comments
‘Team’–or, “You’re on your Own”
In real estate, for years we said,
“We don’t need to think of ourselves as a team. We’re independent contractors. We work alone.”
That perspective has certainly changed in the last few years, and it’s a continuing trend. Why? Because the challenges are so much greater. The needs for specialists is so much greater. Both managers and agents are learning the benefits of a synergystic team. And, for managers, it gives them an opportunity to stop that old ‘top-down’ management style and step into participative management
Who Has Supported You in your Life?
Think of a time in your life when you accomplished something noteworthy. Were you completely alone? Or was someone with you? If someone was involved in your accomplishment, think of how that person was involved. Did he or she help you get that done? Taught you the skills to do that job? Encouraged you?
That exercise always elicits smiles, warm memories and enthusiasm. And no one with whom I’ve done that exercise has ever said that he or she accomplished something important alone. Wow–you were a part of a ‘team’!
Management tip: Try that in your real estate office. See what kind of response you get. Then hold a discussion using the points in this and my next blog.
No One Succeeds Alone
What about talented people? Can they master skills alone? The answer is no. (I said ‘master’, not slop through……). Since I have been a musician from age four, I thought about my musical experiences and how much musicians can accomplish alone–or not. I concluded as I thought about my musician friends, that, no one could succeed to a high level without outside coaching.
As I grew up, I watched innately talented musicians get stuck. Why? They could take themselves only so far without some coaching. (You would call that ‘playing by ear’ For example, many found they had to learn to read music to achieve their goals. Why? It is impossible to learn a Beethoven sonata by ear–accurately! It is simply too long. I don’t know anyone who taught him- or herself to read music alone. And that just the basics.
We musicians know that we can’t hear ourselves play or sing well enough to correct all our mistakes. We tend to get into bad habits, and keep repeating them. We need a coach with a great ear to help us refine our performances. And the need for coaching never ends, as long as we want to maintain levels of performance.
Who Is Supporting You to Master Real Estate Management?
It is time to acknowledge that none of us can master real estate alone. How did we ever create the folklore that we had to work alone in our endeavors to achieve accomplishments in real estate? I can’t think of a skill that anyone can master where the practititioner had no teaching, coaching, mentoring or encouragement.
We Damaged the Real Estate Industry….
By perpetuating this folklore, we have damaged the real estate industry. We did the easy, expedient and inexpensive thing: We told our sales associates that this was an an ndependent business–that they were in business for themselves. (We are, to great extent, but that doesn’t assume we hve the SKILLS to run those businesses!) We trashed our training programs. We forced our sales associates to seek outside coaching and consulting.
What we got was a very uneven standard of performance, and we created adversarial relationships among sales associates and between sales associates and managers. What we allowed were uncommon goals, more competition, less cooperation–and we did it with a bunch of people who already are highly competitive. We threw out leadership and what we got was anarchy, in some cases.
Leadership Steps
Start coaching your sales associates again. Help them discover that no one achieves alone. Then start building a team atmosphere. What do I mean by a team? Not what you might think. Don’t get up in front of your sales associates and say, “We will accomplish more together as a team.” So now we are a team. That’s ludicrous. And yet, that’s exactly why so many teamwork concepts fail. Teamwork is not an announcement. It is a process–a process that requires skills that many managers, and sports coaches, have not mastered.
What Exactly is a ‘Team’?
A team is not a rah-rah group of people drawn together in a power play. A team isn’t a social group. A team isn’t a group of people who agree to do things the manager’s way, or whoever is the a boss– such as the dominant sales associate. A team is two or more people working on a common task, focused on mutually agreed to and mutually beneficial results.
You can think of the team acronym, “Together Everyone Accomplishes More.”
What do you think? What’s your experience in a ‘go it alone’ atmosphere, versus a team atmosphere?
No Training Calendar? How to Create a Great One Now
Posted by: | Comments
No training plan or calendar? Here’s how to put together a great one!
In a couple of months, you’ll be thinking about creating your business plan for the next year (already?!!!!). How do you know what training to provide your agents? One method is to look at your profit and loss. In addition, you need to find out training needs–from your agents’ perspective. Simply provide your agents an internal review of their sales performance mastery (or not) as part of their business planning process.
Click here to see the internal sales performance review, excerpted from my comprehensive online business planning program, Beyond the Basics of Business Planning.
What You’ll Find When They Rate Themselves
Have your agents rate themselves on their performance skills. You will probably see that they rate themselves lower than you would rate them. Why? Because we’re harder on ourselves than we are on others.
Commonalities
What do you think the agents rate themselves lowest in? You are right. Prospecting/lead generation. So, you’ll want to create series with them–a dynamic lead generating plan for next year–and train and coach them to it. See the lead generating plans for seasoned agents in Beyond the Basics of Business Planning,And, for new agents, in Up and Running in Real Estate.
Planning your Training Calendar
Your training plan should be a part of your business plan. Your training plan should tackle the challenges you have noted as a part of your own business review and of the agents’ business review. By the way, be sure those challenges you noted can be handled through training.
Are All Your Challenges Solved by Training? Not!
For example: You’ve noted an ethics problem in your office. You want your agents to “be more ethical”. That is not a training problem. It is a selection problem. You cannot train your way out of the ethics we adopted when we were 5! But, you certainly can solve a listings sold problem with training. Be careful when you are creating your training, and tackle the problems that you can solve with training.
Put That Training on a Calendar
You’ve done your own analysis of your profit and loss statement. You’ve done your analysis with your agents. You’ve made your training plan. Now, you’re going to put it on a training calendar–and use it to guide your agents, your staff–and to recruit. Not only that, you have an integrated training system that you can delegate. Good work.
Recruiting tip: Include your training calendar in your recruiting handout, in your faxes, in your emails, and in your social media. Let prospective agents know you are organized, and you are committed to their success.
An Analysis Handout For You
In my last blog, I discussed creating a training calendar. Click here to get my analysis tool to help you assess the effectiveness of your training calendar.
Comprehensive Online Business Planning Program for Leadership
Do you find it difficult to get your agents to plan? Do you put off doing your office plan? Here’s your solution. This convenient online program does several things for you:
2 webinars teach your agents how to plan using Carla’s strategic planning system
14 planning documents are included to guide your agents right through the planning process
3 webinars for you:
1. How to Create a Great Office Plan
Included: 22 office planning documents to make it easy for you to stay on track and create a great plan
2. How to Convince your Agents to Plan
3. How to Integrate your Office and Agents’ Plans
Check out Beyond the Basics of Business Planning: A planning system exclusively for real estate leadership.
Why You NEED a Training Calendar
Posted by: | CommentsWhy do you need a training calendar? Do you have one now? You need one for several reasons.
First, the majority of real estate offices do not have training calendars. Instead, they schedule things as they come up–with little rhyme nor as to why those events are put on the calendar. Don’t let that be you!
Here’s what creating a training calendar will do for you:
1. Organize your training as part of your business plan for next year
2. Have a time-saving guide to implement the training you need for your company to move forward
3. Use the training calendar to recruit (internal AND external)
In October (Oct. 3-4 in Bellevue, Wa.) , I’m doing my live version of Instructor Development Workshop. As a bonus, I’m going to share my training calendar analysis tool. (And you can grab it at the end of this blog, too).
Problems with Most Training Calendars
Before you read this paragraph, if you don’t have a training calendar, grab a calendar and write down the training events you intend to do next year. Now, let’s take a look at the 3 biggest problems with training calendars:
1. They don’t focus on the training events that can change the profitability and productivity of the office (too many ‘technical’ courses, and not enough sales courses)
2. They don’t focus on training events to meet the needs of each of your career life cycles (new, growth, and maturity)--they are skewed to one group of agents–usually new)
3. They don’t consist of measurable training, so you know what works
Take a look now at my analysis too, Your Training Calendar.
Question for You
What did you learn from your analysis?
Check out my training resources here.
What Do Your Agents Think about your Onboarding Process?
Posted by: | Comments
What do your agents think about your onboarding process?
In my earlier blogs, we’ve explored the importance of onboarding, and some of the common mistakes we all make. I am in the midst of a consulting assignment with a real estate company. They asked me to evaluate their onboarding process and make recommendations. To do that, I created and did an onboarding questionnaire. In this blog, I’m using ‘we’ do protray the company leadership and me.
I promised I’d share my onboarding questionnaire, so here it is.
Have you ever found out what your agents think about your process? Now is an excellent time to do this. Use my questionnaire and add your own questions. I asked these questions over the phone. At first, agents were reticent to share. Then, as I explained we were working to tighten the process, they opened up, and gave us great information. The bottom line: They were thrilled we had asked them! It made them feel an important part of the organization.
When you ask: Don’t judge, and don’t criticize. Just accept the information or probe for more detail.
My Results of My Survey
I’m going to share the results of my survey here with you. Some of the results were surprising; some were predictable.
What We Did With the Results of the Survey
We held a series of meetings to discuss the results. We then assigned duties to make this whole process better. We hired a person whose main job is to ‘dog those agents’ tracks through the complete onboarding process. Do you think this will result in a better retention record? We do.
Your turn: What are you doing to assure your onboarding process continues the excitement and loyalty you set up during your interview process? Or, have you thought about it?
Want to talk about my helping you create a world-class onboarding process? Email me at carla@carlacross.com or call me at 425-392-6914. Let’s get this to mastery level!
Onboarding: Those Critical First Seven Days
Posted by: | Comments
Onboarding: Those critical first seven days. Find out why that first week is so critical.
First: What does new agent onboarding and training have to do with retention? According to two recent studies–a whole lot!
In this blog, I’ll address some of the results and its ramifications for real state companies–from the survey published by the Society for Human Resource Management (SHRM).
Why Bother with a Great Onboarding System?
Because you’ll have much great retention! According to the SHRM study, companies that leave onboarding to chance experience higher than 50% failure rates when it comes to retaining new talent.
Question: Do you have a great orientation system? Are you leaving anything to chance? Does your new agent feel like he/she is in a fog for the first few months?
If you want a template and suggestions of what should be included in your orientation, click here.
Those New Hires Check Outa There Fast! (Faster than you Think!)
According to the same SHRM survey, 67% of millennials are already thinking of looking for their next job on day ONE!
Question:
Tips for Those First Critical Seven Days:
- Manager sends a welcome email or snail mail (better) to new agent on day one.
- Each day’s activities are completely outlined so the new agent knows exactly how to proceed (you’re building in habits of success).
- The first week’s activities include shadowing and lunch with one of your senior colleagues. (If you have an advisory council, this is a perfect match!)
- Welcome gift given to the new agent on day one.
- End of first day checklist completed with manager
- Round table or lunch set up with your influential agents to welcome the new agent
- Use a detailed, prioritized action-plan checklist, like Up and Running in 30 Days, to assure the new agent knows exactly what to do, how to do it, and is held accountable to it.
Outcome: 69% of new employees are more likely to stay more than three years if they have experienced a well-structured onboarding program.
So, how does your onboarding system stack up?
Find out: Regularly survey your agents who have been with you 6 months to find out what they found valuable and how it could be improved. Why not have the best onboarding/retention system in the industry?
A Survey for You to Use: Next
In my next blog, I’ll share the survey I just did in an office where I’m consulting on their onboarding system. Boy, did I get some great feedback!
How’s Your Quick-Start Program Working?
Both these onboarding studies prove that leaving the new agent’s orientation, training, and start to chance just doesn’t cut it. Take a look at what’s new in Up and Running in 30 Days: updates in 5th edition. This invaluable book is only $32.95 plus shipping, and has been used by thousands of new agents to launch successful careers. Order here.
What could your retention rate be if you had a superior onboarding system?
Onboarding: Is It Causing Retention or Attrition in your Comany?
Posted by: | Comments
Onboarding: Is it causing attrition or retention in your company? Do you know? Do you know how awesome (or not) your onboarding system is? Have you done a survey? (more about that in later blogs).
What Does Onboarding Include?
One study I used in Up and Running in 30 Days was the Inman Select Special Report: How to Fix New Agent Onboarding. The Inman report didn’t define what was included in Onboarding. From reading the study, however, Inman included initial training, coaching, and mentoring. I am going to add basic orientation and basic actions to the Onboarding process. Why? Because many real estate companies do not have adequate orientation processes. So, agents don’t get the basic direction needed to launch their businesses.
Question: What is your initial orientation like? Does it cover all the bases? If you want a template and suggestions of what should be included in your orientation, click here.
In this blog, I’ll address the results and its ramifications for real state companies–from the other survey published by the Society for Human Resource Management (SHRM).
Retention Starts in the Interview
From working with real estate companies over the past three + decades, I think that most brokers regard retention as something that we must do to keep those seasoned agents. However, according to the survey results in the SHRM study, retention decisions are made by those we hire within a very short period of time. In fact, both studies indicate retention starts prior to hiring!
Here is a major conclusion from this survey, and it what means to real estate companies.
Expectations of the job are different than what new hires heard in the interview. And, the Inman report said new agents fail because they are unprepared for the realities of working as an independent contractor. I’m sure you’ve experienced this. Your new agent is all excited about a career in real estate. But, he/she will not do the lead generating activities required to launch a career. You told the candidate he/she had to lead generate. What is wrong?
Question for you: How well do you explain the job expectations in your interview? Do you provide a prioritized job description for the new agent? (Click here to grab mine). How do you give the prospective agent a real idea of the job?
Three Tips:
- Prior to hiring: Have the agent shadow one of your agents who is modeling the behaviors you want.
- Provide the agent with the eBook What They Don’t Teach You in Pre-License School. This eBook tells the truth about real estate as a career! You’ll save lots of time in the interview process and winners will pick themselves.
- Ask the prospect agent to do an activity you feel is important: Like create a dialogue to talk to someone they know about buying/selling real estate.
- Prior to hiring: Give the prospective agent Up and Running in 30 Days. Ask them to review the book. In my experience, if they come back, excited to begin this specific start-up plan, they are a good match for a productivity-focused office. If they come back and reject your lead generating plan, not a good prospect!
In my next blog, I’ll discuss more of the study conclusions and what they mean to us as real estate owners. I’ll also offer tips to tighten your onboarding process. Isn’t it worth having great systems if you could increase your retention of first year agents to 75%?
Last question: What’s your retention rate now of first year agents? How much money do they make their first year in the business? Do you know?
How’s Your Quick-Start Program Working?
Both these onboarding studies prove that leaving the new agent’s orientation, training, and start to chance just doesn’t cut it. Take a look at what’s new in Up and Running in 30 Days: updates in 5th edition. This invaluable book is only $32.95 plus shipping, and has been used by thousands of new agents to launch successful careers. Order here.