7 Steps to Building a Better Real Estate Investing Team

How can you build a better team to fuel your real estate investing success?

Even for those starting out as solo real estate investing entrepreneurs, the need for enrolling assistants for various aspects of the business quickly becomes clear.

Whether this is a local team of in-house staff or remote part-time freelancers spread around the globe, the strength of that team makes all the difference when it comes to productivity, turn over, effectiveness, ROI, and potential.

However, so much else is going on that team building is often barely on the radar for many real estate investors, leading to devastating consequences down the road.

So how can you turn it around and build a tight unit that brings in big real estate investing profits?

1. Get Together
A strong team is achieved easier when strong relationships are built and people actually get the chance to know, like and trust each other.  Clearly this can be a little more challenging for those real estate investing companies relying heavily on remote staff.  Annual get-togethers for fun, inspiration and motivation are still a great idea and are well worth it.

2. Team Building Activities
If the above seems too extreme, what about at least putting together regular team building activities?  There are plenty of companies specializing in these services and a pretty extensive menu to choose from including fitness boot camps to group yoga, sales seminars and more.  If getting everyone together in one place isn’t feasible explore your options for doing something online together.  Use Skype or some other tool where you can see and talk with each other.

3. Developing Company culture
Defining and building a distinct and purposeful company culture goes a long way, not just for attracting the best talent but for increasing staff loyalty too.  Make it a good place to work even if it’s virtual.  Show you care about the individuals and tie in their personal lives too so that it’s hard for them to break away.

4. Get Rid of Trouble Makers NOW
There is nothing that destroys a real estate investing company or team faster than a problematic employee who spreads discontent and sour feelings throughout the organization.  There is no room for that and no acceptable excuse for it.  If they are messing with the morale of the team, then they are messing with everyone’s livelihood.  You owe it to the other members on the team to put a stop to it right away.

5. Empower vs. Micromanaging
Micromanaging is out (a long time ago) and only breeds bitterness and poor job satisfaction.  Instead empower your team to do their best possible work.  If you can’t trust your team members then you’ve got the wrong team.  remember no one gets out of bed, looks in their mirror, and says “I want to really mess up today.”  Make sure you are giving them clear objectives and people will generally get accomplish them.  Just make sure they know they should come to you for help if they need it.

6. Listen & be on Their Team
Instead of parading around like the big bad boss, firing off threats, consider listening and being on your staff’s team instead.  This doesn’t mean you always have to agree with them or let them have their way, but let them know their view is valued and when feasible let them test their ideas otherwise educate them on why it can’t or shouldn’t be done.

7. Unite & Conquer
Make sure that the entire team and every new hire is united behind your real estate investing company’s mission and share its vision.  When they do, they will live it and use it as a basis for correct decision making.

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