Finding a Real Estate Accountability Partner
Regular readers of this blog know that we tend to pound away at some basic tenets for success in real estate, including:
- Importance of phone prospecting on a regularly-scheduled basis (i.e. daily).
- Investing in yourself; for example, using a lead gen/CRM software system such as Espresso Agent
- Embrace the value of paid coaching advice
Another tenet we’ve written about, and will reinforce in this post, is the value you get out of working with another person to hold you accountable.
WHAT IS A REAL ESTATE ACCOUNTABILITY PARTNER?
Simply put, an accountability partner is someone who you trust will hold you to your goals, and your actions related to achieving those goals. In real estate sales you can use any or a combination of the following accountability partners:
- A real estate coach. This is someone you pay to keep you on your game with weekly (or more frequently if required) update calls when you review your numbers and production-related activities for the previous week.
- An accountability partner (or partners). If you’re not ready or able to invest in a coach, you can find another real estate agent with whom you can share a mutual accountability partnership. In some cases, accountability partners will put their own money in a fund that is used to pay the other person if accountability goals are missed (i.e. not making an agreed-upon number of calls the previous week).
- Mastermind group. Some agents get support and accountability by forming a mastermind group.
Of course, there is also “internal accountability,” meaning holding yourself to certain standards and goals. No matter how good your accountability partner may be, if you don’t hold yourself accountable you’ll waste time, and possibly money
THE BENEFITS OF ACCOUNTABILITY PARTNERS
If we’re being honest, it’s not always easy to hold ourselves accountable. This is why there is value in having a partner with whom you mutually agree to coach and provide feedback on a regular basis. There are myriad benefits to having a real estate accountability partner, including, but not limited to the following:
- Improved performance: Research from the Association for Talent Development indicates that when someone publicly shares their goals, they have around a 65% chance of success. More importantly, having a specific accountability partner boosts that chance to 95%.
- Feedback:You need brutal honesty from your accountability partner, otherwise the process will not deliver the results you are looking for. In fact (as we highlighted above), it may be worth having monetary consequences for any type of lapse in accountability performance (calls, listing presentations, etc.)
- Progress:An accountability partner can keep you on track, especially when you’re going through a cold-spell. It’s sometimes a natural reaction to take a break (or give up) when we’re feeling discouraged. An effective accountability partner can empathize you’re your frustration, but will push you to get back on the horse post-haste.
- Perspective:Accountability partners can help reinforce your goals on a weekly basis to ensure you are focused on doing the work that is most critical to your success. In addition, it helps to have someone on the other end of the call/Zoom who has been where you’ve been, and can assure you that things will improve by sticking to your game.
- Fundamentals: Accountability partners can help you improve on two critical aspects of real estate prospecting. First, you can practice your SCRIPTS so that you’re able to deliver your pitch in a smooth and confidence manner. Second, an accountability partner can work with you on HANDLING THE OBJECTIONS that are an inevitable part of real estate sales.
HOW TO CHOOSE AN ACCOUNTABILITY PARTNER
Whether you are new to accountability partners or thinking about making a change, here are a few strategies to consider: When considering entering into an accountability partnership with another agent, here are a few things to consider in building an accountability partnership:
- Integrity is critical. It’s imperative to work with someone you can trust because you will be opening up about your business. You need to feel comfortable that what you discuss with your partner is held in the strictest confidence.
- Balance strengths and weaknesses. Find an accountability partner who differs in personality and who has different strengths than you. In this regard, you don’t want a “yes person,” but someone who will challenge you and push back. The best way to grow is to have someone you can trust to be brutally honest with you.
- Set clear parameters. You should both understand what you want out of the accountability relationship. If you want someone to work with on a daily basis, but your partner wants more flexibility, you might want someone else. Share your specific goals in order to be on the same page as to how the accountability relationship will proceed.
- Agree about consequences. True accountability entails consequences. If you’re late for a session or fall short of your weekly goals, should you pay a “fine?” Fines or penalties remind both partners that they must pay for dropping the ball. But, if we’re being honest, you shouldn’t need the threat of a “fine” in order to hold yourself accountable.
- Peer support. Accountability partnerships are between peers, and thus, equitable in nature. It’s different than a hierarchical relationship, such as a coach or a mentor. An accountability partner is not your sales manager, but a friend who is there to keep you on track. It’s an important distinction to remember.
Top-performing agents often cite accountability partners as a critical reason for their success. They WANT to have someone who will be honest with them and hold them to a higher standard.
If you don’t have an accountability partner (or aren’t fully satisfied with the partner you have) NOW is the time to find one. In fact, Espresso Agent can help find you a partner. Contact us HERE.