The joy of my role is that I get to work with many excellent property management businesses that are doing some cool things. The are systemizing processes and building performance frameworks to drive and support high-performance teams. The bi-product of this is that I often see trends surface within these businesses, some good and some not so good. When it comes to structuring and systemizing a growth team, I find that many companies are leaving their growth team behind.
I find that many companies are leaving their growth team behind.
In addition to the above, it seems there is misconception new business team members know what they are doing and understand what is expected. I have had many business owners, or department heads, say that they had employed a growth team member, but they only wrote 5-6 new doors per month, so they got rid of them. The reality is that many businesses will write this from property management and real estate sales referrals, so why would they pay a BDM to do this? Let’s look at why this might happen.
Five core functions support the foundations of a performance framework; Position descriptions Documented procedure Key performance indicators (KPI) Performance reviews Scheduled ongoing training
My role is to help businesses build out these frameworks to get their property management teams supported and performing at the highest level. Still, we need to drive this same framework into our new business team.
As a business leader, I want you to align your headspace to the following statement; “If I want my growth team to write 15-18 new doors per month, what do I have to do to help them do this”. Put, if your growth team isn’t delivering on the numbers, what haven’t you taught them? As a bold statement, I would say they that only 20-30% of new business team members will make it on their own. The rest will need your support to reach their maximum potential.
As a bold statement, I would say they that only 20-30% of new business team members will make it on their own.
Position Description; Define what you require of your new business team member. I’ve not been into any two businesses that have the same new business role, so don’t assume they know what is required. Tell them what to do.
Procedures; Ensure there is a well-documented procedure guide with scripts and dialogues on how to engage new business clients and how to close deals. Tell them how to do it.
Key performance indicators; Set the deliverables of your new business team member. Define how many new leads they need each week, how many phone calls do they need to make, and how many listing presentations do they need to do to write 15-18 new doors each month. Tell them what they need to achieve.
Performance reviews; Each month, review their performance against each task in the position description. Highlight the areas that they may require training or upskilling. The review process will quickly identify what you need to do to turn this growth team member into a machine. Tell them what to learn.
Scheduled ongoing training; Schedule training to upskill them in the areas where they are struggling. There may be tasks in their current role, with your business, that they have never done before. Training is your opportunity to make your team shine. Train them.
It’s a simple framework that many business leaders have spent hours building and implementing into their property management team, but seem to have overlooked their growth team. Once you understand that a high-performance team is only as good as the frameworks they work within, you will think very differently about why your new business team isn’t delivering doors.