After having lived through all that Covid-19 presented to the Real Estate market, many are having a challenge transitioning to the market that we find ourselves in. Over the past two and a half years, individuals in this industry did not have to work hard to get listings or make sales. Prospects were calling and begging to be helped.
Now here we are in 2023 with a very different market. I would suggest the market is more “normal” now that it was during Covid. That market was truly an aberration. Nonetheless, people became used to that aberration. Some in our industry started their careers in real estate during these times. No matter what the experience level, individuals I coach and work with are struggling to get back into the game.
As a leader in this industry during these times that are changing, you have a very important role. You are the one that can become the voice of reason and most importantly, the coach on the sidelines helping your team succeed. We all know this to be true, but what steps should we be taking?
If you are a student of leadership, you will find that being a transformational leader allows individuals to flourish. What defines a transformational leader? It is basically a leader that works with each employee based on that individual’s need and ability. Note, it is not based on individuals doing it “your way”. It is also not based on letting everyone do what they want when they want. And it most certainly is not leading based on what you would want a leader to do for you.
So how do you become this type of leader? First, you need to understand the personality profile of each person. Are they driven to succeed? If so, that individual may need very little interaction with you. They may only need you to outline the rules and let them go. What if the individual is driven by fact and data? Then they would need answers to all their questions before they feel comfortable proceeding on with any task. The more you understand about an individual’s personality style, the easier it is to provide them the support they need from you.
You also need to understand their skill level. This is how you determine what abilities they have or need to develop. The simplest way to do this is to perform a skills assessment. Outline the skills required to do the job. Then rate the employee on a scale from 1 to 5. Also ask the employee to rate themselves. After that is completed, have a conversation with the employee about your assessment and theirs. Determine if there are gaps. What are those gaps? What resources will this person need from you to close the gaps?
Another effective leadership tool is goal setting. Too often companies tell employees what their goals need to be. Unfortunately, that is the least effective way to help people succeed. Instead, you need to have the employee set their goals. Have an in-depth conversation with the employee about what they feel accomplishing these goals will provide for them. The more you understand about where the employee is trying to go, the more relevant the goals become. Every future conversation you have with the employee is about getting them to where they want to go.
Utilize stretch goals. This is a goal that requires the individual to “stretch” themselves to attain the goal. Always talk in terms of the stretch goal and not the “easy to attain” goal. Research shows that an easy goal is rarely hit. Stretch goals, while not always hit, usually help yield performance that will have met or exceeded the easy goal.
Last, make certain you talk with your employee about how they want you to help them stay on track to meet their goals. All too often I talk with managers who are concerned about how to keep people accountable. Let your employees tell you how they WANT you to keep them on track. Ask them what they want you to do if they are getting off track. Now not only do you have permission to hold them accountable but you are doing so in a way the employee asked you to.
As markets change, leaders need to understand that their role becomes that of the coach and not the manager. The more volatile the market the more your employees need a coach. A great coach believes in their employees and is dedicated to THEIR success! We are responsible for seeing in people successes they may not even be able to recognize in themselves. Then we must accept the responsibility of working with that employee to help them achieve their goals.
Leaders who work with these principles in mind are always successful. Why? Because they have invested in making certain their employees attain the success these individuals long for and deserve.
About the author:
Dr. Debora Trimpe has a PhD in Psychology. Specialization in Industrial and Organizational Psychology, which delves in the psychologies of behavior, motivation, change management. Subspecialty in Leadership Coaching Psychology.
Started Prime Performance Strategies in 2018 to provide learning and development, and coaching services for those who want to reach the next level in their life and/or career. Owned her own home building company for 10 years. First woman elected as President of the Dallas Home Builders Association and served as their President from 2000 – 2001. Last worked, before starting her own business in 2018, as Director of Training for a $1 Billion company. She has been a featured speaker nationally on topics related to management, sales, and coaching for performance. Is married, lives in the Texas hill country on a ranch and has two step-children and 4 German Shepherds, Ziggy (9), Tillie (2), Freddie (6 months), Trudie (5 months).