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.
Because of the ups and downs in this business, income could become scarce if there is a lack of SOI follow-up or geofarming on your part. Bottomline, having a 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.
Your first hire should be in Administration, preferably a General Administrator position. 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 hire to be energetic and professional. He/she will have multiple jobs and should have experience in handling a range of administrative and executive tasks. He/she will have to be comfortable working independently, with little to no supervision.
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 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 identify areas for improvement. KPIs can also help you as the team leader understand whether team members are completing their work.
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 ensure 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 forgo interfering in every task.
Your team has to know what you expect of them; setting those expectations from the beginning will foster accountability.
I do it, We do it, You do it.
At Club Wealth®, both our leadership and team members subscribe to this motto; the phrase implies that you first show others how to do something, then you do it together, then they do it on their own.
It is okay to check in with your team, answer questions, and provide any help they need.
The 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.
For more information on Daily Huddles, you can read our blog, Real Estate Daily Team Huddle.
***Check out our corresponding book, World Class REO Agent, available as an ebook and in print on Amazon.***