Managing a real estate company is like managing any business. You need to set up structures and build systems that will make your business successful. Effective real estate company management involves building processes that empower your agents and other employees to do their best work.
What Is Real Estate Company Management?
Company management in a real estate business refers to the way a real estate business operates. It deals with the systems a real estate business has put in place to generate leads, assign the leads to agents, manage agents, and close sales.
Efficient company management in real estate is important because it sets clear goals for everyone to follow and ensures smooth business operation.
Real Estate Company Structure
A real estate company needs the following roles and resources to operate.
Important roles in a real estate company include:
- Admin: A real estate administrator supports real estate agents with clerical and administrative tasks. They help agents keep track of the important documentation they need in each transaction.
- Office manager: A real estate office manager oversees the daily business operations, supervises the administrative staff, and ensures that business operates efficiently.
- Listing manager: A listing manager works with sellers from when their house enters the market to when it goes into contract. They provide administrative support to the listing agent at all stages of the sale. They are also responsible for providing accurate information on properties, creating and updating listings and promotional materials, and scheduling marketing programs for listings.
- Regional manager: A regional manager will supervise the activities of real estate managers in a given geographical area.
- Agents: Real estate agents are professionals licensed to help others to buy, sell, or rent properties. Agents represent buyers or sellers in real estate transactions and often negotiate on their behalf.
- Agent assistants: Agent assistants help agents with the day-to-day administrative assistants and other mundane tasks. This helps agents to focus on income-generating activities.
- Mortgage broker: Many real estate transactions will require a mortgage. A mortgage broker works with mortgage borrowers and mortgage lenders to make it happen.
Equipment and resources needed in a real estate company include:
- Real estate software
- Access to legal, title, and technical resources
How To Manage Your Real Estate Company Like A Pro: 7 Best Practices
Managing your real estate company doesn’t have to be overwhelming. Follow the tips below to get a handle on it.
Define Your Standard Operational Procedure (SOP)
An SOP is a document that provides clear instructions on how team members perform tasks and steps they’ll follow in carrying out business processes. An SOP helps in making business processes more precise, uniform, and predictable. It helps make onboarding and training easier and more effective. A well-written SOP ensures team members are in sync and they follow best practices at every point.
There are different formats an SOP can follow depending on the goals you want to achieve—step-by-step, hierarchical, and flowchart.
Establish Clear Goals for Your Real Estate Team
Setting clear goals for your team sets the pace for your business growth. It’s vital to involve your team while setting goals. Goals with clear objectives provides structure, builds trust, helps to develop a system of accountability, improves performance, and lets your company reach your long-term visions.
You’ve probably heard that you should set SMART goals. It’s because it works. SMART stands for specific, measurable, achievable, relevant, and time-bound. Setting these criteria helps to ensure that there is a definite expectation and a system of measuring results.
Provide Realtor Autonomy, But Offer Support When Needed
Effective management empowers your team to work how they work best. In real estate business, your real estate agents will have different approaches to work. The important thing is that they are producing results. Micromanaging them and forcing them to fit into a particular mold will hardly work.
Employee autonomy can increase job satisfaction, engagement, motivation, and retention. You can provide autonomy and support by instilling a growth mindset, communicating often, acknowledging hard work, and hiring the right team.
Define and Communicate Your Home Sales, Marketing and Lead Management Protocols
Every real estate company thrives on the strength of their ability to generate quality leads and convert those leads. For starters, clearly define your sales and marketing strategies and goals. Your team members should know your marketing and lead generation strategies. You should also provide a clear structure on how you manage leads and follow up on communications.
This supports consistency and more efficient office management as team members know what to do at every point. For instance, if you use a CRM like HubSpot and a contact center software like Aloware in nurturing your leads with calls and text, everyone on your team should know how to use it in managing leads.
Hire the Right Team for Your Realty Business
In hiring team members, look for those who fit in with your company’s culture and values. The right team will share similar values and supply the skills that your company lacks.
To find the right team members, you can conduct tests, creative interview questions, and involve other employees.
Review Your Realty Insurance and Risk Management Policies
Risk management involves proactively assessing your risk factors and taking steps to prevent them from occurring or minimizing their impact.
You can limit your risk by having the right insurance, implementing a quality assurance program/protocol, or creating a risk management team.
Communicate Effectively and Regularly With Your Home Selling Team
Good communication is how team members interact with each other to reach organizational goals. Your home selling team is an integral part of your real estate business, and you need to communicate with them efficiently.
To create an environment that encourages communication, use the right channels/tools, listen, and consider non-verbal communication nuances.
How Can You Bolster Your Real Estate Management?
Setting up the above structures will require some work, but your real estate company will be easier to run when you have those structures in place. Your real estate company management will be easier when you have tools like Aloware that help in automation.
Aloware empowers real estate businesses with contact center software that automates lead nurturing. With Aloware, you have a contact center solution that integrates seamlessly with your CRM, saves you time and effort, and skyrockets your conversion rate. Get a demo to see how Aloware can be a game-changer in how you manage and nurture your leads.