In our recent report, “The 7 Success Secrets of Market Leaders,” we identified 7 characteristics exhibited by market leaders. Knowing how you compare to these best practices will help you grow your business. Last week, we addressed the fifth of these seven characteristics: all market leaders maintain their market presence.
The sixth characteristic that all market leaders share is
THEY BUILD INFRASTRUCTURE TO SUPPORT THEIR GROWTH
As we shared with you in the first section of this series, market leaders know themselves, they understand their strengths and recognize where they are challenged. From this knowledge, they build a support team around them so they can be as productive as possible. In some cases, this support team can be an internally provided, shared administrator, or even a virtually located assistant. In most truly dominant teams, all the team members are physically located in the same office and are not shared but focus completely on the team opportunities.
Market leaders empower their team members, which in return provides the market leader with the ability to take on a greater number of higher quality opportunities and enhance their, and their team members’, personal income.
Market leaders also assess where their team members are strong and where they are challenged, both from an experience perspective and a natural behavior perspective. As such, market leaders learn to align each team member with responsibilities where they will excel.
3 Areas Market Leaders Leverage Their Team Members for Maximum Production
1) Finding Opportunities
Finding business means prospecting, which requires networking, connecting, and uncovering the opportunities. It is important that you or your team members are social and outgoing, willing to pick up the phone, go to networking sessions, and most importantly, ask for business. Most of the time this is where market leaders excel, but not always. Market leaders may leverage others to prospect, allowing them to get in front of more opportunities overall.
2) Winning Opportunities
Winning the business requires team members who can secure the listing, tenant/buyer rep, financing, CRE management or consulting agreement. These team members are usually highly assertive, but also are at least midlevel on sociability. They are likely less conforming and more independent and self-reliant. These team members see a “no” as a temporary obstacle. Again, many times this is the market leader him or herself.
3) Fulfilling Opportunities
Once the assignment is secured, it needs to be serviced and ultimately closed. Market leaders align themselves with team members who possess a higher level of structure and detail, especially when compared to initially finding and winning opportunities. These team members may include research, analysts, juniors, and administrators. This is not generally where you will find many market leaders, but there are certainly exceptions.
Market leaders understand these three most basic principles of the CRE management continuum. They recognize that individually they cannot master each stage. As such, they build teams to better serve their client’s needs and ultimately their personal production.
Step #6 to being a market leader is building an infrastructure to support growth.
At the Massimo Group, we have worked with our market leader clients in strategically building personal teams that afford them significant growth in their business. If you would like to speak with someone at The Massimo Group about how we can work with you to build your team for greater success, contact us today.