It’s a well-known fact that real estate is one of the most competitive industries. Realtors are always giving their 110% to stay ahead of everyone. They always keep an eye on their competitors and try to get listings and buyers before their nemesis does. This competitive spirit is something we sometimes see among the Realtors of a real estate brokerage, too. But here’s something you might not know – too much competition among your team of Realtors might work against the favour of your brokerage. Yes, overly competitive Realtors are always trying to one-up each other instead of trying to provide the best service to clients. This can negatively impact the culture, reputation, and ultimately, the bottom line of your brokerage.
Do you not want this to happen with your brokerage? Try out these strategies that top real estate brokerages implement to boost collaboration among their team!
Proven Strategies to Enhance Teamwork Within Your Real Estate Team
1. Deal Jams
One of the best ways to get your team to work together is hosting what we call “deal jams.” In these jams, all the Realtors in your team who are having a hard time closing a particular deal can come ahead and share. Maybe their client has a long list of unrealistic expectations, or maybe a legal issue has popped up. Once the Realtor places the challenge they are facing on the table, others can jump in with ideas. They can share with the troubled Realtor ideas and strategies that have worked for them in the past. Who knows if one of these strategies could help the Realtor close the deal in just a week? Not to mention the positive and collaborative atmosphere you can achieve in your real estate brokerage with this strategy.
2. Agent Masterclasses
This strategy is exactly as it sounds, a training session or a class hosted by Realtors. Here’s how this strategy works – whenever one of your team members learns about something new in the industry, they share it with others. This could be anything – a new sales technique, marketing strategy, or a housing market update. Also, make it clear to your team of Realtors that they do not need to be a professional speaker or trainer for this. They just need to share what they know with the rest of your real estate team in their own words.
3. Rewards for Teamwork
Make sure you award the agents who close a tough deal or host a successful event by working together. This will motivate all the Realtors of your real estate brokerage to work together and achieve more. Don’t worry, these rewards don’t have to be any big money bonuses. Even a gift card, extra time off, or acknowledgement of their effort in front of everyone will be enough.
4. Lead Swaps
Make sure there is a lead-sharing policy in your brokerage. We mean to say that whenever a Realtor realizes that another Realtor from their team can help a lead better, they should pass the lead. We agree this is something a Realtor won’t agree to do so easily. Why would they give away a lead and miss the opportunity to earn a commission, right? But by doing this, they can instead chase a lead whom they know they can convert into a client and best serve.
As the Broker of Record or senior Realtor of your brokerage, you must lead on this by example. If you see that another Realtor from your team can serve your lead better, pass it on to that expert. This action of yours might encourage others from your real estate brokerage to do the same.
5. Retreats Outside the Office
Give everyone a chance to bond in a relaxed environment far away from your office. How? By hosting a team retreat day in a hotel, resort, or even a park. You can organize lots of team-building activities for the day, like a scavenger hunt or an escape room challenge. These games can help boost trust and communication among all your real estate team members. All the Realtors can relax and connect, and get back to the office the next day with a collaborative spirit.
6. Charity Events
Another strategy you can try to boost the collaborative spirit among your Realtors is hosting charity events. It could be a charity drive like collecting food or clothes for needy people in the community. Or a fun run or walk to raise money for a local cause. Such events will get all the Realtors of your brokerage working together to make the charity event successful. Plus, this event will help to boost the visibility of your real estate brokerage in the community, too. So, it would be like a double benefit for your brokerage!
7. Mentorship Circles
You can also try pairing junior Realtors with senior ones to amp up the collaborative spirit in your brokerage. This tactic will build stronger relationships within your real estate team. Also, this will allow the Realtors to learn from each other’s perspectives. The juniors will learn from the years of knowledge and hands-on experience of the more senior Realtors. On the flip side, the senior Realtors might learn about a new technology or a new approach to solve a problem from the junior realtors. Make sure you keep on changing these pairs regularly – once every two to three months. This way, every Realtor will get a chance to learn different styles and methods of dealing with clients and closing deals.
8. Inter-Brokerage Competitions
We’re sure your area hosts inter-brokerage competitions from time to time. These are the competitions that are held between different real estate brokerages in an area. This could be a sports match, charity run, or even fun trivia on the housing market. So, go ahead, find out about any of these competitions, and make sure your team joins in. These events will give your team a chance to work together and try to achieve a shared goal. Your team will build trust, learn to support each other, and basically have a great time at these events. This teamwork will certainly carry over into your workplace, too.
If no such competitions are being held in your area, try to take the lead and organize one. It could be a cricket or a soccer match or a talent show. You must invite all other brokerages from your area, and if possible, tie it to a good cause like a charity fundraiser. This will not only boost your team’s morale but also increase your brokerage’s visibility in the local community.
Every Real Estate Brokerage Must Have a Healthy Balance of Competition and Collaboration
True, the Realtors of your brokerage need to have a competitive spirit. It is only then that they can perform their best and stay ahead of the rest. But this overly competitive spirit is something they shouldn’t bring in within the brokerage. That’s because if agents are always focused on beating each other, they might steer away from the big goal – working together to better serve your clients and build a positive environment within the brokerage.
So, encourage your team of Realtors to learn from and help each other instead of competing against each other. Your Realtors must have the competitive drive to perform their best. However, this competitive spirit should not be so intense that they lose sight of the bigger picture.