Effective Business Unit for your real estate career
Sometimes referred to as EBU, is basically a team of professionals working for the common cause to effect a sale for the vendor. The team usually comprises of the listing agent, vendor manager and buyer’s agent. The lister wins the business in the lounge room and chases the leads (a bit of a go-between), the vendor manager handles the administrative tasks (sometimes this may involve another person depending on size of business), marketing and communicates with the vendor (except on price) and the buyer’s agent works with buyers on a daily basis to get to an offer. Once they receive an offer, it will be passed back to the lister to close the deal. Ideally, a vendor manager is someone with a combination of event management and administrative skills. The buyer’s agent and lister possess a more typical real estate sales skill set, with one more proficient than the other.
However, this team is not a place for excessive egos – for the unit to work effectively it must be three people working in harmony as a team to achieve amazing results. The desired outcome is finding a sale for the vendor at the right price.
There is only so much work one real estate agent can do, so it makes sense to consider an Effective Business Unit (EBU) to get higher numbers, keep up the level of service and build the consistency clients have come to expect in today’s market.
Of course, you would have to be writing a fair amount of sales to leap to this status and grow beyond just a Personal Assistant to grow your business. At some point, your business will need to be super-charged to have a power EBU driving it. The agent is still the front man and his marketing will reflect that accordingly but he/she will still acknowledge the other members of the team in all the marketing.
So how can you make this happen? It’s a careful, strategically planned process to hand select the right members for your team.
First decision is to make the decision to invest in an EBU for your business.
Then interview and confirm team members ensuring they have a real estate mindset (and necessary licence) and sign off on contracts with a performance KPI included. Ensure all members have a full job description and understand their roles and goals. The team will also need to be equipped with the team with the tools to perform the work i.e. I-pad and programs.
Ensure your team can all communicate and access all programs necessary to perform the work.
Schedule weekly meetings to keep updated, drive the business, and build the team with an action plan the unit can follow with confidence.
Have all your promotional material, stationery, email signatures, signboards etc in order to showcase the team. Create a simple business plan with projected income and targets for performance management. Also commit to attend professional development workshops to ensure your team is always growing and evolving.
It is effective because most people are able to concentrate completely on one or two things and do them exceptionally well, rather than split their attention across multiple different areas. It’s not dissimilar to running your own office within an office, it enables individual agents to have their own leadership. But it can be tricky to do when most people can manage themselves, but taking on a team is a big leap. Communication will be key.
So how can you ensure the success of your EBU?
Make an EBU work for you
- Having the right leader (not a boss) is crucial to a successful EBU.
- Make sure everyone has very clear and specific job roles.
- Everyone in the team must be committed to success because job roles are so specific, if one person isn’t delivering then the whole team suffers.
- Take the time to find the right people for your team.