Why accountability is a key skill for real estate Rainmakers.
What is the one word that will determine a real estate team’s success or setbacks in the next 12 months? For me, it’s accountability. In my view, it is the consistent process of ensuring that expectations translate into actual results.
When considering the growth of a real estate team over the next year, there are two crucial areas that business owners, particularly the Rainmaker, need to focus on. First, there's the aspect of people accountability. Often, in the real estate industry, businesses hire promising talent only to discover that after a few months, these individuals aren't performing as expected.
While recruiting talent is a good start, regular accountability checks play a vital role in fostering growth and meeting the desired standards of your team members. Interestingly, with talented individuals, accountability conversations tend to be positive, encouraging, and motivating. On the other hand, with less talented individuals, accountability discussions can be challenging and may even lead to reduced responsibilities or parting ways if handled appropriately. Therefore, honing people's accountability is essential for the success of your team.
The second area of accountability is related to finances, specifically capital accountability. As a Rainmaker and business owner, you bear the responsibility for the financial inflows and outflows of your business. Many business owners tend to overlook their financial situation, lacking awareness of their financial health and spending patterns.
To ensure your real estate team runs smoothly over the next 12 months, it's crucial to maintain a regular cadence of reviewing your profit and loss statements, income projections, and overall financial health, whether on a weekly or monthly basis. Accountability in this area is challenging, but with the right tools and guidance, you can nurture and strengthen your accountability skills.
Ultimately, your ability to master accountability in both people and financial matters will be the deciding factor in whether you succeed or face setbacks as a real estate Rainmaker in the coming year.
If you need more guidance on how you can hold your people accountable, call or email me. I’m happy to help.
Comments