If we were to identify the biggest problem in the Real Estate industry in terms of building agent production and building office production, what would you say the problem is?
My belief is that we have an industry full of people who we refer to as independent contractors. If you will notice, there are not many industries in the world that operate with such a large portion of their work force acting as independent contractors. The few industries that do are not at all like Real Estate. Real Estate has a huge physical facility, expensive assets that are being used daily, and a group of people who claim that they do not have to do what you say. There cannot be a situation that is any worse than this for you as a manager or broker. So, let’s spend some time trying to address this problem. We can’t change the nature of the independent contractor, but we can change how we operate our business within the confines of this unusual business methodology.
The first question we have to look at is whether you are prepared to take control of the office and, in taking control, are you prepared to hold people accountable to the goals and plans that they have set. This is going to be a difficult session for you, so let’s relax, open your minds and read carefully.
What do we mean when we use the word "accountability?" We can start by answering the following question:
What can I do to rise above my present circumstances so I can achieve the results that I want?
Accountability then becomes that line in the sand that you will not fall below under any circumstance. It’s making the decision that certain things have to be done if you are going to stay above that line and have a business that continues to grow.
When we discuss accountability with an agent, we tell them our job is:
1. Set a specific goal.
2. Help you learn the steps necessary to achieve it.
3. Hold you accountable to that goal.
Doesn’t the same apply to you when you’re working with your agents? Question: Why do Real Estate salespeople need to be monitored? Answer: If nobody tells you what to do and nobody holds you accountable to it, the odds are heavily against your achieving success in this business.
The result of failure to monitor and hold your staff accountable is a high rate of turnover. This constant turnover is terribly expensive to you as a broker/manager because you have many people in your office who don’t sell much. So, the process that we teach of setting a goal, teaching you the necessary steps to achieve them, and holding you accountable to the process, becomes critical. In my next post, I'll continue this discussion by giving you ten steps to achieve accountability.
Mike Ferry
CEO - The Mike Ferry Organization
800-448-0647
Mike, I have adapted both my project management skills and process improvement skills to my real estate career. I have to admit, it was the decision to use a personal coach that led to greater success.
Sitting down with every agent twice a year to make sure their goals are being met is very important. Knowing and watching their production on a monthly basis helps to monitor their goals for them is also a high priority.
I'm accountable to my mortgage company every month. And theydon't like excuses. Nice post!
Mike, as an agent in an office with almost no accountability, I can tell you it is hard on us too! While I know that its not completely relevant to me what others are doing or not doing, it is synergistic and energizing to have others who work as hard as you do! Accountability is a good thing!