Challenges that Real Estate Managers Face: WorkPuzzle Manager Survey Results—Part 2

Hopefully you've had an opportunity to read and digest the summary of the data from the WorkPuzzle survey that was conducted in September.

While you’ve probably drawn some conclusions on your own, I thought it might be helpful to share some additional insight. This insight comes from the internal discussions we’ve had on the Tidemark team, as well as individual discussions with many managers, executives, and owners since the survey was commissioned.

Let me start the discussion by acknowledging that in most real estate companies, the first-level manager position (often called a branch manager or sales manager) is a very difficult assignment. Because there are so many “hats” to wear in this position, we rarely see individuals who perform at a high level in every role.

In many non-real estate organizations, a person in such a diverse role would typically be supported by others on a team who shore up the manager’s weaknesses. But, the profit margins in most real estate companies are too thin to support this arrangement. The branch manager is left holding the bag…or for that matter, several bags.

So, what’s to be done? I would suggest making the most of the realities that exist in both your company and your professional life. Here are some thoughts based on the data that we collected:

1. Setting clear and realistic performance objectives. A significant portion of real estate managers do not have clear performance objectives, and even a larger portion do not believe those objectives are realistic. This is a problem that needs to be solved. If you find yourself in this situation, here’s some advice: Don’t wait for your boss to solve it—solve it yourself. Develop your own set of performance objectives and present it to your managing executive. This is commonly called “managing your manager,” and it is lacking in the real estate industry. As you develop the objectives, make sure you focus on roles and outcomes that not only address legitimate business needs, but also play to your strengths. I know this may feel a little scary at first. But, to your surprise, you’ll find that most executives appreciate this type of exchange. You may not get everything you envision, but you will most likely exit the process with some clear performance objectives—exactly what you need as a foundation for success.
2. Re-Thinking accountability. Everyone seems to hate accountability. Most managers dislike being under it, and most bosses really hate to administer it. Why? Because it usually requires a lot of attention to detail (by both parties) and causes us to notice and address failures frequently. As the survey results suggest, it’s much easier to just assume that everything is OK and focus on the more non-confrontational and mundane tasks of our roles. But, accountability produces results—results that both you and your company need to be successful. If your managing executive is not willing or able to keep you accountable, keep yourself accountable. Set measurable short-term goals and keep track of how successfully you’re able to check off items you complete. Also, share these goals with your peers (other managers in your company), and ask them to keep you accountable to the things you’ve set out to accomplish. As the fitness industry figured out long ago, peer accountability is one the best ways to lose weight and stay in shape. While it is not practiced as much in the business world, it may be something you find effective—especially if your manager is not willing or able to perform this function.

In the next WorkPuzzle, we’ll discuss what the survey revealed about the state of recruiting in most real estate companies. Why is it that what owners and executives want most, managers have the most difficult time accomplishing?

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Editor's Note: This article was written by Ben Hess. Ben is the Founding Partner and Managing Director of Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

Comments

[real estate queens]

Fund managers will need to have an excellent marketing strategy if they are to succeed in this extremely competitive fundraising market.

[Toronto Real Estate]

A real estate manager has to go through many hurdles.We need an attitude of “managing your manager".This is exactly what we need as a foundation for success.