Top 5 tips for running your real estate agency efficiently
Running a real estate agency can be hard work. Aside from listing and selling properties, you also need to think about a range of big picture issues such as working with your staff, implementing best practice processes around everyday activities, and generally maintaining compliance with regulatory bodies in your State. To help you stay on track, we’ve put together our top five tips for staying on top of your game and running your real estate agency efficiently.
1 – Establish a governance system
Getting a basic governance system in place is an excellent first step. Some agents get put off by the idea of governance, but basically it’s all about making sure that you have a robust organisational structure in place throughout all levels of your agency.
Having the right structure in place means that you can easily allocate and track accountability through your organisation, making each member of your team accountable for their actions. If you’re not sure where to start with this, consider mapping out your organisational structure in a flow chart, and then writing up clear position descriptions for each role.
2 – Put systems and processes in place
We can’t overstate the importance of putting easy to follow systems and processes in place for your agency. With the right systems and processes, each task becomes simple and repeatable. This is great for not only ensuring that your staff are doing things correctly each time, it also helps with getting new staff members up to speed quickly.
3 – Train your staff on the systems and processes.
Once you’ve put your systems and processes in place, the next step is to train your staff on how to follow them. Afterall, there isn’t much point in having systems and processes if no one actually follows them.
Set some time aside to work with your staff to ensure that they understand what is expected of them. Consider setting up a checklist process for each task and giving that list to the staff member who will be responsible for getting the job done. Once a task is broken down into smaller components, it’s easier to learn and implement.
4 – Periodically review your performance
Don’t forget that setting up your processes and training your staff is only going to work if you take the time to periodically review your agency’s performance. Make sure you put some time in your calendar (let’s say once a fortnight or once a month) to ensure that things are being done exactly as you have requested they be done.
Not only does this help you stay on top of what’s going on in your agency, it also gives you a clear idea about what your staff are up to, and whether or not they need support in particular areas.
5 – Establish a culture of compliance
To operate effectively and efficiently your real estate agency should embed a culture of compliance. In addition to establishing the above points, it’s also important to do the following:
- Ensure that your leadership team not only obeys legislation, but also demonstrates it in everything they do.
- Insist that your management team applies your organisational values around integrity, trust and compliance, and communicates these clearly to staff.
- Make sure that your culture of compliance starts with your hiring process. Also take the time to ensure that your values and adherence to compliance are reiterated throughout the various stages of their employment cycle
What’s next? So, there we are, 5 simple and easy to implement changes that you can make to your agency right now that will help you run a more efficient and profitable agency. If you’d like more information about governance and compliance issues for your real estate agency, talk to the team at Apex HR today.