Real Estate Business Planning and Delegation
While many of us may long for an assistant to which we can offload tasks, the reality is that effective delegation is a learned skill.
For perfectionists, handing off even small chores can be hard, as they don’t believe anyone can do them better. On the other hand, delegation doesn’t mean dumping off only the most onerous tasks on your subordinates.
According to a Forbes magazine article, a survey of business managers showed only 30 percent think they are effective when it comes to delegation.
But, the ability to allocate chores successfully is crucial in real estate. For you to close enough deals to meet your goals, you need to develop your skills in delegating.
- Pick the tasks you are willing to delegate. As the principal in your business, it’s critical you focus on the items only you can do. You should also hand off tasks for which you lack skill or interest. For example, if you don’t understand the ins and outs of marketing and social media strategy, that’s ideal to pass to someone with knowledge of it.
- Hire the right people.Employing someone who has skills you lack is crucial. It’s pointless to hire someone exactly like you or giving a job to a friend. To succeed, conduct a search for the tasks you need most help with and be willing to pay a fair wage: As with any product, you get what you pay for.
- Trust your assistant. Once you delegate, don’t hover. Nothing undermines a direct report’s confidence faster than being micromanaged. Stay focused on the end goal, and not the method by which the goal is achieved. In other words, even though your assistant might use different tools than you would, don’t take a ‘my way or the highway’ approach.
- Accountability is necessary. Accountability is a two-way street. That means it’s your responsibility to give clear instructions to your direct reports as well as a completion date. Establish a system for milestones so you can measure progress if the project is long-term. Delegate your authority to the person to whom you assign tasks, so they can access the resources they need to complete the job.
- Avoid reverse delegation.Assuming you have the right staff member in the right seat, you shouldn’t accept a direct report giving a task back except in extreme cases. The success of your system – and your subordinates – rests on staff members assuming responsibility and sometimes learning new skills.
Finally, don’t forget to give credit for a job well done. Recognize the team members who make your life easier by recognizing their work through sincere thanks. Honoring the people who make your whole team successful will inspire loyalty and lead to further accomplishments for you all.
For more tips on effective selling, check out this earlier post.