What does this mean?
As an REO Agent, successfully running your business is important to you and your clients. In the course of your time as an REO Agent, 99.9% of you will neglect the retail side of your REO business.
That is pretty much all of you and because of the ups and downs in the business, income could become scarce if there is a lack of SOI follow up or Geo Farming on your part. Bottomline, having that solid Team to help with backend tasks and maintain the upkeep of your retail business is essential for your REO survival.
Building Your Dream Team
Who is your first hire?
This is the most vital question to ask yourself. Hiring key personnel is going to be your first order of business when assembling your Team.
You always want to go with Administration, preferably a General Administrator position as your first hire. If you are not able to outsource specific duties or tasks, you are better off hiring a full time Administrator to take care of all your business, REO and retail tasks.
You want this Team Member to be energetic and professional. They will have multiple jobs and should have experience in handling a range of administrative and executive tasks. They will have to be comfortable working independently, with little to no supervision.
When considering applicants for your Team, it should be income driven with hourly wages or salaries based on your economic location.
Tracking & KPIs
Establishing and managing your Team is the key principle of successful leadership. Your Team deserves to know how important they are to you and to the big picture!
Communication is going to be your best tool in creating Team motivation and accountability. Inspect what you expect by setting clear expectations with your Team. Giving them complete and comprehensive job descriptions will help them understand what is expected of them.
Using Key Performance Indicators (KPIs) to track tasks and objectives will help you and your Team know their areas of improvement. They can also help you understand whether they are completing their work.
KPIs will give you concrete evidence as to whether a task or objective is working or needs to be tweaked.
Examples of KPIs:
- Number of calls made
- Number of contacts made
- Number of appointments set
- How long it takes a Team Member to complete a task
Leadership vs. Micromanaging
A great responsibility when managing your Team is to make sure things are getting done according to your satisfaction.
As a World Class Team Leader, you need to know the difference between holding your Team accountable versus micromanaging them. You must be able to let go of interfering in every task and oversee their progress as independent workers. This will help them with their problem solving skills.
They have to know what you expect from them as their Team Leader and setting those expectations from the beginning will create Team accountability.
I do it, We do it, You do it.
At Club Wealth™, both our Leadership and Team Members subscribe to this motto. This simple phrase implies that you show them how to do something, do it together, and let them go on their own.
It is absolutely okay to check in with your Team, answer questions and provide any help that they may need.
Daily Huddle is a great place to open dialogue between you and your Team. Any issues, questions or concerns can be brought up during this time besides interrupting you throughout the day.
For more information on Daily Huddles, you can read our blog, Real Estate Daily Team Huddle. In that blog post we cover all your Daily Huddle needs.
***Check out our corresponding book, the World Class REO Agent which is available as an ebook and in print on Amazon.***