Viewing by month: September 2012

Tips for establishing a strong corporate culture

While the real estate industry is often driven by the work and actions of individuals, it is important that real estate principals develop strong collective values and practices to help grow their businesses into the future. A clearly expressed and fostered corporate culture can play a valuable function in helping to achieving this, enabling businesses to build strong rapport and brand recognition with their key stakeholders. 

The following tips may prove useful for business owners looking to grow and maintain a positive corporate culture:

One of the most important steps towards building a strong business culture is to ensure that staff members have positive workplace relationships with one another. To this end, you should consider taking your staff members out of the office on occasion to interact in an informal context. This will provide them with an opportunity to get to know each other on a more personal level – something which often works to boost team morale and closeness. 

It is important for senior employees to understand and consistently apply the values and practices associated with your business’ corporate culture. The attitudes of managers and senior employees can often have a ‘trickle down’ effect on the actions of junior staff members.

Ensure that the values and principles of your corporate culture are clearly documented and circulated throughout your business. This can help to ensure that all staff members have access to and are working with a set of commonly understood corporate values, goals and principles.   

Allow for innovation within the framework of your corporate values and practices; corporate values and practices should not be expressed or enforced in a rigid way so as to discourage employees from expressing original ideas and concepts.  

When seeking to develop corporate values and practices, it is important to consider your business’ key stakeholders including employees, customers and competitors.

Recognise that you, as the leader or your organisation, should be the living definition of your business’ corporate values and principles. Leading by example is the best way to ensure that values and standards are adhered to across all levels of your business. 



0 comments | Posted by George Tarbey on 27/09/2012 at 12:00 AM | Categories:

Mentoring young real estate agents

 

Employing a real estate agent based on promise rather than experience can be likened somewhat to long-term property investments; rewards are often not immediate, but can potentially accumulate over time.  Rewards are unlikely to result – however, unless a business has sufficient training and mentoring platforms to unlock the potential of their up-and-coming employees. 

The following five tips may be helpful for real estate principals looking to develop their up-and-coming agents: 

1. A mentoring program can often be an effective way to integrate and develop inexperienced employees into an organisation. A mentoring program may involve placing an agent with an experienced peer or steering an agent to identify a mentor on their own accord. Whatever the case, it is important to make sure that agents are matched with mentors that have both the capacity and willingness to provide consistent advice and guidance.

2. While it is often best to identify one central mentor for an agent, it is also important to ensure that the agent is properly introduced to and integrated with their broader team network. In effect, the optimum development outcome for an up-and-coming agent is to absorb and adopt the skills and know-how of all of the professionals around them – not just their mentor’s.

3. Encourage up-and-coming agents to attend as many open houses and auctions as possible; this is often one of the most effective ways for agents to refine their verbal communication skills and direct selling techniques.

4. Encourage young agents to continue educating themselves and utilising the information resources available to them. Sources such as RP Data and trade magazines and websites can be extremely beneficial in helping young agents to stay up-to-date on industry news, emerging market trends and property data.

5. Once an agent starts to develop their listing portfolio, you may want to consider attending open houses with them in order to evaluate their performance and provide constructive feedback. 


 


0 comments | Posted by George Tarbey on 13/09/2012 at 12:00 AM | Categories:

The importance of networking

Fostering strong interactions and relationships with community members and organisations is as key element for any business wishing to maximise its success in today’s marketplace. Otherwise known as networking, this process entails the cultivation of a positive business image within the community as well as the building of mutually beneficial relationships with other businesses and key individuals.

Here are two key factors to consider when building a business network:

Establishing a place in the community

Getting involved in local community causes through sponsorship and charity initiatives is often a highly effective tool for businesses wishing to develop their goodwill and relationships with individuals and other businesses.

Sponsorship and charity activities can often provide not only an opportunity for businesses to give back to their communities, but can also an ideal setting for professionals to get to know their clients and prospects on a more personal level (and vice versa), which can may help to increase their levels of  client rapport, loyalty and respect.

Building a referral network

Networking is one of the primary ways through which businesses can build strong referral networks. As such, it is important for business owners to proactively prospect for mutually beneficial relationships with key individuals and other businesses.

One key way to do this is through attending and encouraging staff to attend relevant conferences and workshops; these events can provide some great opportunities for businesses to learn from leading experts, share and receive advice, build professional relationships and alliances, and develop an industry presence.

In addition, there are smaller-scale strategies that business owners can employ to build their professional networks: casual corporate luncheons, informal meetings, friendly sporting competitions, and networking societies are all relatively cost efficient – but effective – ways to build strong relationships with both clients and businesses.

Arguably, the most cost efficient (and sometimes overlooked) strategy for strong business networking is to ensure that all staff members have their own business cards, so that they can then hand them out in both professional and non-professional contexts.


0 comments | Posted by George Tarbey on 10/09/2012 at 12:00 AM | Categories: