With the holiday season approaching, brokers likely have a a lot of prep work on their plate before the end of the year. However, one thing that's vital to prioritize is meeting with individual real estate professionals to talk about their performance over the previous 12 months to ensure everyone is on the same page.
The good news is that most brokers probably laid out some performance goals for their agents at the start of the year, so checking how real estate pros performed relative to expectations shouldn't be that difficult, according to Nonprofit AF. With that in mind, however, brokers also need to be flexible. After all, if local housing market data showed that there weren't a lot of properties up for sale in the region, it might not be fair to criticize agents for failing to meet some aspects of their goals.
What to look for
Beyond that, there are plenty of things for brokers to keep in mind when preparing for any one agent's review, or the collective process overall. For instance, if the amount of sales activity stretched everyone a little thinner than usual, that's something to keep in mind and could point to a standard to apply to all reviews at this time of year.
Likewise, it might be wise to evaluate team performance overall instead of - or in addition to - individual efforts, and solicit feedback in addition to giving it. In this way, brokers may be able to find areas for the whole company to improve, or for ways they can be better at their own jobs.
Of course, brokers also need to keep in mind that there are plenty of inputs that go into performance and that allows them more wiggle room to assess agents' performance accurately, according to Zillow. For instance, an agent's behavior and work ethic is heavily linked to their ability to meet benchmarks they set for themselves, or brokers set for them. While there are plenty of things outside an agent's control that could impact their efforts, it's important to consider how much went into their jobs in the first place.
Moreover, if agents can find ways to track productivity and quality of work going forward, that's another way they can boost performance. For example, if agents keep tabs on what they're doing each week, that might seem like overkill, but it will really help them get a more granular look at areas where they might be able to improve, with the help - and encouragement - of a broker. Similarly, establishing metrics to track other aspects of performance, like client satisfaction and marketing success, can be a big help going forward.
Generally speaking, real estate professionals are going to perform better when their reviews are more carrot than stick, so brokers would be wise to make sure they have plenty of positive feedback to provide while also putting a positive spin on any suggestions that could improve performance down the road.
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