BrokerPulse

RealTrends Q32021 BrokerPulse sees brokers still optimistic about the market, wary of competition and wondering when inventory will rise.

Market Leaders

Ranking the top residential real estate firms in over 160 different metropolitan markets.

@properties leaders poised for strategic growth

Mike Golden and Thad Wong, co-founders of @properties talk growth through franchising.

Newsletter

The RealTrends BrokerSource and HousingWire OpenHouse newsletters deliver twice weekly information on trends, strategies, analysis, people, and news shaping the real estate industry.

Brokerage

10 habits for flawless execution of your real estate strategy

You can have the best growth plan and hard-working agents, but it could all be covering up a weak execution plan. Here are 10 habits for flawless execution of your real estate strategy.

Are all your processes running effectively, without drama, and driving industry-leading profitability? If you have a remarkable strategy or incredibly dedicated people working long, tireless days, you might cover up a weak execution process. But you’re probably burning through cash and burning out people along the way.

“Scaling Up” Author Verne Harnish created the Rockefeller Habits Checklist named after John D. Rockefeller, one of the wealthiest and most successful businessmen ever. In his company, which is now ExxonMobil, he implemented 10 fundamental habits that led to the masterful execution of their strategy. Over 100 years later, these 10 habits haven’t changed and can be the game changer for your real estate company.

I’ll start with the first and most critical habit to embrace. The other 9 can actually go in any order.

No. 1: The executive team is healthy and aligned.
Does your leadership team have a high level of trust? Do you have healthy debate? Do team members understand each other’s differences, priorities and styles?

No. 2: Everyone is aligned with the No. 1 thing that needs to be accomplished this quarter to move the company forward.

Is everyone focused on the real estate strategy and highest priority or an endless to-do list? Has a critical number been identified and is there a clear finish line?

No. 3: Communication rhythm is established and information moves through the company accurately and quickly.

Are your meetings effective? How do you know everyone is truly listening to your key messages?

No. 4: Every facet of the company has a person assigned with accountability for ensuring goals are met.

Do you have the right people in the right seats and most importantly, are they doing the right things, right? Is someone in your company assigned to each of your most crucial processes?

No. 5: Ongoing employee and agent input is collected to identify obstacles and opportunities.

Are you getting real-time input from the frontline? What are you hearing when you ask what the company should start doing/stop doing/keep doing?

No. 6: Reporting and analysis of customer feedback data is as frequent and accurate as financial data.

 How is your management team reaching out to hear from your customers? What are you doing with the customer data and comments you collect?

No. 7: Core values and purpose are alive in our company.

Does everyone know your core values — your guiding principles and fundamental beliefs? And do they demonstrate them in how they conduct their business and deal with each other? Does everyone know your company’s Purpose-the critical “Why” behind everything you do (the difference your company is making in the community)?

No. 8: Employees and agents can articulate the key components of your company’s strategy.

Do they know the BHAG (big hairy audacious goal) of the company? Are they all aligned with your three key brand promises they need to deliver in their service to all customers? Do they understand your brokerage’s real estate strategy?

No. 9: Employees and agents can answer quantitatively whether they had a good day or week?

 Does everyone on your team have their priorities and a critical number to know if they are crossing the finish line? Does each person have someone holding them accountable?

No. 10: The company’s plans and performance are visible to everyone.

 Is there complete transparency and a system in place to track, manage and share the company’s progress?

The Rockefeller Habits Checklist is great, but what how do you implement it? As a strategic business coach, I start by having the CEO and their leadership team rate each of the 10 habits 1 to 10.

One is the lowest, meaning it’s not at all evident in their company all the way to a 10 rating, which means it is highly evident in their company. By doing this exercise, you can see where there’s alignment (or not) and where to begin your focus. My best advice is to work on one or two of these habits each quarter, and you will begin experiencing much improved execution, less drama and improved profitability.

Jill Belconis is a strategic business coach and RealTrends contributor.