One of the keys for any successful business owner is maximizing the abilities of their employees. By squeezing every ounce of effort and productivity your business can be as efficient as possible. As a real estate investor you may only have a few employees but you can also influence the people around you. Every real estate agent, contractor, subcontractor, wholesale investor and even attorney can be influenced by your leadership style. With the right leadership tone your team will be much more inclined to go the extra mile and work as hard as possible for you. Here are five things you can do to get the most from everyone on your team.
- Understand What Everyone Does. To be a truly great leader you should put yourself in everyone else’s shoes. You should never demand or expect someone to do something that you wouldn’t do yourself. One of the most common complaints from contractors is unrealistic expectations from the investors they work with. Instead of demanding that a project is done in 30 days you need to understand what it would take to get to that point. This requires you do to a little research on pricing and how long certain tasks take. You don’t necessarily need to do the work yourself but you should know what everyone around you does and how they do it. Find ways that can make their jobs a little easier and what you can do to help them out. You can still have a clear vision and offer a firm game plan but without understanding exactly what the process is you won’t be respected. Instead of having your team work hard for you they may question everything you want to do.
- Avoid Excessive Rules. Nobody likes to be micromanaged. As a real estate investor you need to walk the line between ruling with an iron fist and letting your team run all over you. By constantly pushing your team you may end up doing more harm than good. The best strategy is to spend time before any work is done reviewing expectations and deadlines. By getting everyone on the same page prior to the start of a project it decreases the need for you to step in. It is important to keep in mind that you are dealing with fellow professionals. A real estate agent with twenty years of experience probably doesn’t need to be told how to do their job. You can certainly tell them what specific types of properties or deals you are looking for but once you do this you need to step out of their way and let them work. As difficult as it may be you need to let go and trust the people around you. Generally speaking the more rules you have more toxic the work environment.
- Ask For Input. The best leaders are the ones that are willing to listen to the people around them. Top head coaches in any sport lean on their assistants for advice and strategy. They are not stubborn enough to think they always know the best way to do things. In real estate you should follow a similar strategy. There are times when your contractor may have a better way to do something in your property. It is up to you to listen to them. The people on your team are at the ground level of their respective professions. They are the ones that actually do business in your local market. Ask them for their advice and if there is a different or better way to do things. A minor tweak in strategy can completely change your business. The more open minded you are the more your team will feel vested in your success and want to do more for you.
- Open Door Policy. You want to create a business environment where anyone feels they can talk to you at any time. There is a thought in business that if you tell people exactly what to do they will be more efficient. This may work for certain personality types but is not always the case. Employees that feel their voice is heard are the ones that work the hardest. If people are intimidated to call you there is a chance that you may miss out on future opportunities. Nobody wants their head chewed off simply by making a suggestion or offering a solution. You don’t have to take every suggestion that comes your way but you need to be approachable.
- Reward. If your electrician or plumber does a great job you need to let them know. There is nothing more demoralizing for an employee than doing good work without being recognized. You don’t need to throw a party for a job well done but you should do something to let them know you appreciate their efforts. A simple voicemail or text can go a long way. If the job was done in a pinch you can even give a small gift as a sign of gratitude. You also shouldn’t underestimate the value of showing up on a job site with lunch or a box of coffee. Your real estate agent or attorney will appreciate you asking to take them out for lunch or even a quick happy hour drink. Show your team that you truly appreciate their hard work. Seemingly small gestures make a big impact.
Your team and employees have a tremendous impact on your success. Never take them for granted. The little things you do can help you get the most from everyone on your team.
