Is your estate agency team grappling with low morale and lacklustre results?

Estate agency becomes increasingly competitive year-on-year. If you struggle to keep your team productive and determined to succeed, your business will not stand out and you are likely to struggle with obtaining new business, maintaining or increasing your market share, and with keeping your clients when things go wrong in their journey with you. If you find yourself grappling with low morale and lackluster results, fear not – you're not alone. In this blog post, we'll delve into the practical strategy of SMART goals – what they are and how they work for UK estate agency owners and managers who are yearning to reinvigorate their teams and drive productivity.

A note on Diagnosing the Productivity Gaps:

Before we jump into solutions, let's take a moment to diagnose the root causes of unproductivity within your team. It could be a lack of clear objectives, ineffective communication channels, outdated processes, or a combination of these factors. Conduct a thorough analysis of your team dynamics, gather feedback, and identify pain points. Understanding the issues at hand is the first step toward implementing targeted solutions.

Define and Communicate Clear Objectives

The first step in boosting productivity is to define clear objectives for your team. As an owner of the business, it is common to struggle with taking your dream and big ideas and implementing them throughout the business. This is where SMART goals come into play.

SMART is an acronym introduced by George T. Doran in 1981 and is still used by some of the most successful business in the world today. These goals, when done right, transform the day-to-day jobs your team currently work into steps taken toward your business’s ultimate goals.

SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound.

Let's break down what each component entails:

Specific: Clearly outline what needs to be achieved. Instead of a vague goal like "increase sales," specify "increase monthly property sales by 20%."

Ask yourself:

• What needs to be accomplished?
• Who is responsible for making this happen?
• What steps are needed to succeed?

Remember: a big project can be broken down into pieces with different team members taking on just one or two tasks, but you must have a leader or champion who oversees the project. This could be you or someone else.

Measurable: Set tangible criteria to track progress. In the case of sales, you can measure success by the number of properties sold or the revenue generated.

This does not always have to be numbers – but you want to have a solid bit for your team member to present as showing this was successful.

• If it is numbers, increase by how much or achieve what percentage, number etc.
• If it is a change otherwise – ability to show that change with either a presentation or other physical/digital proof.

Achievable: Ensure that the goals are realistic and attainable. Setting overly ambitious targets may demotivate your team, so strike a balance between challenge and feasibility.

This could be trial and error at first – be honest about this with your team members when setting the goal. It’s okay to shoot too high or maybe too low. After, the first review, you can adjust going forward.

Relevant: Align the goals with the overall objectives of your estate agency. For instance, if expanding your property management services is a priority, set goals that contribute to this objective.

Those big ideas we mentioned earlier come into play here. You build castles in the air, let your team build the steps to the door.

Time-bound: Establish a timeline for achieving the goals. This creates a sense of urgency and helps your team stay focused. For example, "increase monthly property sales by 20% within the next quarter."

It is important to advise the team member of how much time they have to complete this project and to immediately book in a chat with them for it. So, if they have until the end of first quarter, book the review for end of March.

Coaching Your Team to SMART Goals:

Now that you understand the components of SMART goals, the next step is to coach your team effectively. Here are some coaching tips:

Collaborative Goal Setting: Involve your team in the goal-setting process. When individuals contribute to defining their objectives, they are more likely to be motivated and committed to achieving them.

Don’t tell, ask for suggestions from them on how to achieve your big goals. They may have better ideas than you! Afterall, you hired them for a reason.

Regular Progress Reviews: Schedule regular check-ins to review progress.

During these meetings, provide constructive feedback, celebrate achievements, and address any challenges your team may be facing. This ongoing dialogue ensures that everyone stays on track.

Training and Development: Identify any skills gaps that may hinder goal attainment. Invest in training and development programs to empower your team with the necessary knowledge and skills.

Without the correct training and development, your team will struggle to make the goals regardless of how much time you provide. Make sure to provide the resources they need to fully understand what is expected of them.

The journey to reinvigorate your estate agency starts with a keen understanding of productivity gaps and a commitment to addressing them strategically. The SMART goals framework provides a practical and effective solution, offering a blueprint for clear, measurable, achievable, relevant, and time-bound objectives. By involving your team in the goal-setting process and conducting regular progress reviews, you foster a sense of ownership and accountability, ensuring everyone stays on track toward shared objectives.

Coaching your team through SMART goals not only enhances their skills and capabilities but also aligns individual efforts with the broader vision of your estate agency. Embracing this approach is not just a remedy for low morale and lackluster results; it's a proactive step towards creating a dynamic, motivated, and goal-oriented team poised for sustained success in the competitive real estate landscape.