IF YOU WANT YOUR REAL ESTATE BUSINESS TO GROW LET GO

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Education & Training with Performance Development Strategies

 

Are you afraid to let go and is this hurting your business growth? To be totally clear I am not talking about compliance and standards.  I am talking about telling how to do everything rather than telling them what needs to be done. Why do you want to be a control freak when there is a much easier and more productive way?

This problem could have had its roots in the founding of the business when owners and principals were very involved in the production of business. The owner must spend most of the time working in the business to make sure that the sale is closed, the money gets collected, and the bills get paid. That is very important for business survival.

There comes a time when the business grows, and one person can’t get it all done. Now you, the owner, hire someone.

You are at the pinnacle of a growing business. At this point you are now not only the owner but also a manager.

But beware! You hire an employee but continue to stay totally involved in the business. The new employee asks a question, 'don't worry, I'll take care of that. It's involved" is the answer.

Before long you might feel that the employee is not working out because you have to do everything. What went wrong?

The owner is still working IN the business. He or she believes that the person hired knows what needs to be done and is expected to do so. Besides the owner is still too busy working on the minutia of the business details.   The owner must learn to let go, train, and delegate with confidence.

If you are that business owner here is how to fix it. Engage your employee from the very first day. Explain, train, encourage, and ask for input. Once you are certain that the employee understands encourage him or her to make decisions on his or her area. Encourage the input. Then monitor. But gradually let go. Learn to look at key measurements that indicate the employee is on track such as number of calls answered, complaints resolved, orders processed, customer feedback and other key areas related to business outcomes. Then you get out of the details.

Instead of watching the details and the minutia keep your eye on the direction of your company and your overall results. Set up overarching monitors and measurements to measure the direction and success of your business. This measurement is your DASHBOARD. Think of it as the dashboard on your car. You look at the dashboard on your car to make sure that everything is working under the hood. Likewise, a business DASHBOARD helps you make sure that your people are performing the activities related to positive business outcomes. When you see something wrong with your car dashboard you ask a repair garage to handle it. Likewise, when you see a key business measurement change you ask your employees why and ask how it will be corrected. You maintain control but you are not controlling. You have more important things to do such as promoting the growth of your business.

Encouraging High Performance

Get out of the way. Get out of the details. Let go, let them drive and watch your stress level decrease and your business grow.  For a similar post on our web site see ARE YOU AFRAID TO LET GO?

Are you ready to let go so that you can grow?

Contact us to learn more

or call 914-953-4458.

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Roy Kelley 11/09/2019 01:00 AM
  2. Mott Marvin Kornicki 11/11/2019 12:44 PM
Topic:
Real Estate Best Practices
Location:
New York Westchester County
Groups:
Coaching and Mentoring
Tags:
business growth
let go to grow

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Rainmaker
3,178,652
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Grant... you are speaking to the ultimate control freak... fortunately, I've not had issues growing my business because of it... but I also control how much I let my business grow... I'm just at that stage of my life, I guess.

Nov 04, 2019 02:42 PM #15
Rainmaker
5,467,204
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Grant, for sharing your experience and your advice.

Nov 04, 2019 03:09 PM #16
Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Grant well said.  I wrote a blog a few years back ruffly on the same topic.  How we waste time on doing jobs that we can someone $10 to $20 an hour to do, when we could be using that same time to do the work that earns us $100 to $1,000 an hour. 

Nov 04, 2019 04:54 PM #17
Ambassador
3,935,101
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Grant- another excellent post. So many companies and managers suffer from this. When I became a manager and our first vacation came up, I was worried about leaving. It was only for a few days. He said that if I can't leave for a short time, then I'm doing something wrong as a manager. 

It's important to empower those on our team to do what's best for our clients and our company. 

Nov 04, 2019 05:28 PM #18
Rainmaker
2,975,771
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Grant.

That's a lesson some just never learn.  Enjoy the day

Nov 05, 2019 12:08 AM #19
Rainmaker
1,969,679
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Nina - that is ok for your situation, right.

Roy - thank you.

George - yes that is right.  We should be spending our time on strategic things.

Kathy - we taught people to always take their vacations.

James - yes, some just can't help themselves.

Nov 06, 2019 03:45 AM #20
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I have had to learn not to micromanage...it's one of the toughest things I've ever had to learn, Grant! Great post, as always!

Nov 07, 2019 09:55 PM #21
Rainer
55,567
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
Relocation to NW AZ with elbow room & more freedom

Congrats on the feature.  A good reminder for many folks.

Nov 08, 2019 05:41 AM #24
Rainmaker
3,040,491
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I see this often and the result is never good. It is a great remnder how things should be done, 

Nov 08, 2019 05:55 AM #25
Rainmaker
1,969,679
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Debe - it's true with all of us.  It is pride in work product and sometimes we don't let others have new ideas.

Leanne - yes we all need that reminder.

Scott - yes.  We see it all the time.

Nov 08, 2019 06:12 AM #26
Rainmaker
797,961
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

When I ran the family antiques business in London I had several employees and I wanted them to be able to sell to our clients who came in. We had some who always wanted to deal with me as they thjought I would give a better price, not so and I taught them that so that eventually they realized the people in the shop knew what my bottom line was and could negotiate as freely as I would. I also wanted my staff to know even if they took less than I would it was OK, hopefully we made a profit, but it was always best to make the sale if we were going to make a profit. There were plenty of things to buy, so selling was importnasnt.

Nov 08, 2019 06:18 AM #27
Rainmaker
1,969,679
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Nick - that ias so true in real estate with a super broker.  Everyone wants to deal with that person but if the broker wants to grow he must let go.

Nov 08, 2019 06:32 AM #28
Rainmaker
785,219
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Grant Schneider 

This post offers solid insight into managing a business and employees. Sometin=mes letting go can be a difficult task

Nov 10, 2019 04:19 AM #35
Rainmaker
1,324,448
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

For years, we've been on the precipice of having just a tad too much to do ourselves but not quite enough to expand to a team. Your advice is good.

Nov 10, 2019 06:23 AM #36
Rainmaker
1,969,679
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Doug - it is tough when you want to have the best work but it is important if you hire.

Wayne and Jean - you will know when it is right to get another person.

Nov 10, 2019 07:59 AM #37
Rainmaker
527,588
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

The letting go and hiring someone can be a challenge at first-sometimes you are busy enough to delegate; other times it's slow.  I like the partnership plan, where two agents handle everything.

Nov 10, 2019 09:34 AM #38
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Your post makes so much sense Grant. When I was employed by a graphic design company, the owner would stand over my shoulder to make sure she was getting her money's worth. Theirs was a revolving door as everyone ended up leaving due to their lack of business experience and her trust issues. Her husband said she wouldn't be happy if she had a $1MIL in her back pocket!

Nov 10, 2019 05:52 PM #39
Ambassador
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Michelle Cherie CarrCrowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

I think delegating and truly letting go of micromanaging is very hard for entrepreneurs.

Nov 14, 2019 01:20 PM #40
Rainmaker
1,969,679
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Michelle - micro managing is never a winning formula.

Nov 15, 2019 09:33 AM #41
Rainmaker
1,969,679
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Wanda - standing over one's shoulder is really uber control.

Mary - it is hard to let go the first time.

Nov 15, 2019 09:59 AM #42
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