Real Estate TEAM?

Does Team really apply in the ultra competitive cutthroat real estate industry?  The common belief is real estate brokers have to develop a drive to perfect their “style” which suggests they have to be a one person band.  Yet many firms are marketing teams to meet the demands of the new consumers who want more attention.  Most teams are senior and new or junior teams to free up the senior member to develop more business.  Note there is little attention to the existing client.

We think teams are necessary to better serve clients.  But if they are not established for the right purpose nothing changes for the client.

Competition is stronger, client loyalty is weaker and technology is leveling the playing field and companies are fighting for the reduced piece of the pie.

So is teaming working?  Are teams actually teams?  Successful teams must have individuals whose strengths and weaknesses compliment not overlap one another.  Things like temperament, skill, experience, product types, organizational habits and business development and transactional completion abilities.  Then there is the leadership quotient and who and when takes the lead and the ego babysitting to allow for the team concept to provide the intended results.

In our view teams cannot be assembled; they must evolve and that is where the true test of team comes into play.  There has to be a clear set of guidelines and rules and minimum levels established and they have to practice, practice, practice before they can perform.

We think team concepts starts with company culture.  It comes down to the money in the lives of many.  The past 2 years the world change.  If it’s about the money then it won’t work long-term.

We believe the team can only function if the cooperative strengths are greater than individuals and committed to the benefit the service levles and knowledge to the client.  It is also critical that internal competition is eliminated.  This allows free flow of information through the entire organization.  This kind of team has an ever-changing dynamic just as each transaction requires flexibility and fluid strategies.  These teams commit first to the client then work backwards to the individual skill sets constantly re-evaluating the teams strengths and weaknesses to find a customized method to complete the transaction.  This client first commitment will elevate any Company.

A sports comparison in inevitable  right?  Think about teams in any sport where the best players are committed to statistics and not the outcome!  Client first is the outcome and we all know what the stats focused teammate gets.

How do you know if a team is stats driven or relationship driven?  When you interview them notice how the first meeting goes.  If they are talking about themselves and their company that is a stats driven team.  If they ask good questions with the intent to understand your situation and requirements they are thinking about the outcome.  Hire that team!

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Our company helps business and property owners understand, create and maximize value in commercial real estate portfolios.

Posted in Bank financing, Banks, Consulting, Development, Financing, Lending, Real Estate

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