Building a High-Performance Framework for Success
In today's competitive real estate market, simply showing up and going through the motions is no longer enough to succeed. With the competition fiercer than ever, real estate agents need a well-defined, high-performance framework to thrive. Here, I outline a seven-part framework designed to help real estate businesses excel and achieve sustained success.
1. Talent Acquisition and Development
Finding and nurturing talent is the cornerstone of a high-performing real estate business. Always be on the lookout for new talent, as good people make good agents. Implement a structured onboarding process, such as the "90 by 4" method, where new hires are assessed and trained over four 90-day periods focusing on:
Prospecting
Buyer management
Vendor management
Listing and mastering the craft
Growing your business starts with growing your people. Regularly reviewing and assessing their performance ensures that you're not just collecting "nice people" but high-performing agents aligned with your business goals.
2. Strategic Planning
A solid strategy is essential for winning in real estate. Document your strategy on a simple A4 piece of paper to ensure clarity and ease of reference. Key areas to focus on include:
Lead generation
Lead conversion
Client service
Recruitment
Business growth
Marketing
A well-documented strategy provides a roadmap for your business and helps you stay focused on your goals.
Learn more on my podcast and download my business plan template here.
3. Effective Execution
Execution separates high performers from average performers. It's not enough to have great ideas; taking action is crucial. Prioritise execution by:
Acting swiftly on new ideas to get the ball rolling
Emphasising self-accountability
Holding team members accountable by connecting their goals with the business's objectives
Remember, doing nothing is a decision in itself. Proactive execution is key to staying ahead of the competition.
4. Accountability Systems
Accountability is vital for maintaining high performance. While self-accountability is ideal, holding your team accountable requires understanding their individual goals and motivations. Spend time learning what drives your team members and align their personal goals with the business’s objectives. This connection fosters a sense of purpose and commitment, driving better performance.
5. Support Systems
High performance comes with challenges, including dark days and setbacks. Having a support system in place is crucial. This can include:
Advisory boards comprising trusted individuals
Professionals like accountants or financial planners
Coaches or trainers
Colleagues from training events or alternate markets
A strong support system provides guidance, encouragement, and valuable perspectives, helping you navigate the ups and downs of the real estate business.
6. Coaching
Coaching is a critical component of a high-performance framework. Many businesses cannot afford a full-time coach or sales manager, so leaders must develop coaching skills themselves. Resources such as books on coaching and high-performance sports can be valuable. External coaches can offer objective insights and help you overcome obstacles. Investing in coaching for yourself and your team leads to continuous improvement and better results.
7. Cultivating a Winning Culture
Culture is the X factor in any high-performing team. It gives your business an edge and defines its identity. As a leader, you have the power to shape your business culture. Decide what kind of culture you want:
Continuous improvement culture
Learning culture
Design your business and choose the people in it to reflect the desired culture. A strong, positive culture attracts top talent, fosters loyalty, and drives sustained success.
Start Building Your High-Performance Framework
To get started, take a piece of paper and write down the seven headings:
Talent
Strategy
Execution
Accountability
Support System
Coaching
Culture
Use this framework as a guide to evaluate and enhance your real estate business. By focusing on these seven areas, you can build a high-performance framework that drives success and sets you apart in the competitive real estate market.