Stronger teams can boost stronger results. What can you do to boost your team strength in 2017?
No matter how intelligent and gifted real estate investors and CEOs are, the end results are typically the outcome of the strength of the team. Picking good players is a part of this, but ask any NFL or NBA coach, and they’ll be quick to tell you that getting the team to play well together and getting them to “buy-in” to the team or vision can be far more impactful.
At the end of the day, the strength of your team will certainly influence the level of results you realize in real estate and business — and how fast and efficiently you get there. If it is me and my five most athletic work associates versus Kobe and Stephen Curry, it’s safe to say we may not score a point in a pickup game. It doesn’t matter how many players you have on your team. It comes down to quality. So, how do you improve these dynamics in your own team?
Here are seven small things that you can do to enhance this area. It applies to partners, in-house staff, remote team members, and even vendors.
7 Small Things You Can Do to Boost Team Strength
1. Constantly challenge them.
We rarely push ourselves to our complete capacity without a little coaching. If you’ve ever worked out in the gym alone and then tried using a trainer or even utilizing a friend to work out with you who is in better shape, you’ve already felt the difference in how someone else can help you do just a little more. Do it in a positive way. Challenge those around you to do even more and go higher, get that extra rep in, or put up a couple more deals.
2. Empower them.
One of the biggest challenges real estate business owners and investors have is delegating and actually empowering someone else to make decisions. They won’t always get it right. They won’t always do it exactly how you would — or as well as you would. Still, you may be surprised at what’s possible when you empower others to take control of certain parts of your business.
Put some boundaries in there and make sure they are clear on what you expect. Property management is a great example of this. Instead of insisting on being personally involved and in control of every decision, let someone else handle it. Start them off with the authority to spend or order work for up to $150 without needing your approval. That will take all the headaches and time drain away from the small tenant issues. Then, if the team member proves themselves, you may want to increase their authority and limits.
3. Surprise them with bonuses.
Many companies have bonus structures. Many of them are terrible. Too often, they are performance-based structures, where the goal posts are constantly moved just out of reach. They are rarely obtained. Instead of motivating the team, these just cause negative feelings. Instead, what if you gave a small surprise bonus or pay raise for above-and-beyond acts of kindness?
4. Say thank you.
Too often, we forget to say thank you. We might think it — or just think people should know. Saying it makes a difference. Say it verbally, email it, or send a letter.
5. Share plans and accomplishments.
Teams are a lot stronger when they are united in the mission. Does your team even know what your goals are? Do they know your “why”? Do they know if their work is having any positive impact? It may be worth sending a memo to fill them in.
6. Connect them.
We are all super busy. Meetings can be a drain. But there can be benefits of connecting the team. Let them know they are a part of something bigger — because they ultimately are. You can do this with an emailed team roster, an annual meetup, or online tools.
7. Give them some freedom.
Micro-managing is out. Give team members tasks or goals, as well as some freedom to figure out how to get it done. That could be bringing in leads or getting the utilities connected at a new rental.
Try giving these tips a shot in your venture. Ultimately, as a business owner, it is up to you to figure out what motivates your colleagues. It will take some reverse engineering to determine this. Maybe one associate is more motivated by money. Another may be driven by having more free time to travel and to work remotely. Giving them what they want shows that you’re actually paying attention. That can go along way in building a great working relationship, which also propels the team’s goals.
What would you add to this list?
Be sure to leave your comments below!
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.