You’ll never catch me belting out a verse from My Heart Will Go On, but I am glad I watched a Celine Dion special recently.
Two things really stood out…
1) That woman’s inner strength is truly epic and;
2) She delivered some wise words you can apply in your real estate business.
“If you want to go fast, go alone. But if you want to go far, go together.”
That’s a perfect analogy for why creating a productive and profitable EBU - which stands for Effective Business Unit - is important if you want to grow your business.
As a coach, one of the things I get asked about most, but which agents often do least effectively, is how to create a high-performing team. I’ve seen too many agents hire the wrong people, put them in the wrong roles and forget to align them with the business vision. Many also continue to operate like a solo agent, but with the added stress of looking after a team they don’t know how to use effectively.
Never fear!
Here’s how to create a powerful EBU that will grow your revenue, your GCI and your agency.
It’s time to change your mindset
It’s time to change your mindset from that of a solo agent who does everything alone, to that of a team leader. It’s time to think like a CEO. Even if you’re working in someone else’s agency, you’re still the CEO in charge of your team. Once upon a time you just had to list, negotiate and sell, but now you also need to ‘manage’.
Top of the pyramid
You also need to keep the mindset of being the highest producer in your team and be laser-focused on doing the highest, income-producing tasks, whilst at the same time as ensuring your team is empowered to succeed in their individual roles. It should be your goal to build a confident team that thrives in their jobs, don’t need micromanaging and come to you with positive solutions, rather than turning to you to problem-solve.
You’re at the top of the pyramid and anything that relates to bringing in revenue belongs in your wheelhouse. I recommend including setting aside time to work on the overall vision for your business. Setting aside space to strategise will enable you to develop ways to bring in more revenue, rather than feelinging like you’re always ‘on the go’.
Know your why
When you making changes in your business, it’s crucial to know why you’re doing it. Whether it’s about freeing up more family time or building a career with staying power, your ‘why’ helps you strip out what doesn’t fit and stay on track.
Hire the right people
One of the biggest mistakes I see agents make is hiring people just like themselves, instead of people with complementary skills. I’ve also seen many agents struggle with delegating because they fear losing control. But, rather than viewing delegation as a step backwards, I’d like to suggest its more about stepping aside and thinking about your role differently.
It’s important to start thinking and leading like a business owner, rather than a solo operator.
Sometimes the most uncomfortable changes can have the biggest impact.
Clearly defined roles
The most common EBU has three players: A lead agent, a co-agent and a personal assistant.
Everyone needs a specific role and designated tasks. Double-handling tasks is a nightmare in any industry, but in real estate, it’s a straight-up productivity killer.
Your PA is the ultimate multitasker and team manager, juggling everything from contracts to marketing to client gifts and more, so you can focus on sealing the deals.
Your co-agent takes care of buyers, which includes attending open homes, handling enquiries, overseeing marketing and sniffing out new opportunities and new listings for the lead agent to convert.
This means you’re free to list, negotiate, sell and manage!!
Everyone is accountable
The goal is to empower your team to become as self-sufficient as possible but in the early days you need to make sure everyone is accountable. Have weekly team meetings to go through things like your pipeline and stock list, but also have individual one-on-ones to help your co-agents with things like dialogue and your PA with project-orientated work, like revamping your listing kits.
Also do a super quick daily team check-in so everyone knows their task priorities.
Don’t forget to say thank you!
If you want to keep high-performing team members you need to have an effective retention strategy in place with things like professional development and performance reviews.
But don’t forget the most important thing - showing your appreciation with things like team-building activities or even a bonus program.
After all, you’re only as strong as your weakest link!
If you want to know more about creating a rockstar EBU you can ask me about 1:1 coaching here, or to pre-register for the Effective Business Unit Ministry, with course content rolling out on March 1, 2025, send me an email at sherrie@realestatenation.co
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