The professional business coaching industry is estimated to generate revenue of nine billion dollars worldwide this year with an annual projected growth of .02% going forward (according to IBIS World Market Research).
Why would so much money be invested into the arena of coaching? The easy answer is "it’s worth it." Many large global companies have done their homework, measured the performance improvements and have decided to invest even more in coaching their employees.
The real estate industry is no different than many of the Fortune 500 companies. In fact, in some ways coaching is an even more valuable tool in this field. The National Association of Realtors has indicated that agents who are coached successfully can increase their performance by 20%. That of course relates directly back to the real estate company in the form of increased revenue. But how do you know your coaching program is the right one?
What makes an outstanding coaching program? As in every discipline, the science and art of coaching cannot be successfully executed without sound philosophy and techniques to guide interactions with those you are charged with coaching. Coaching is not just cheerleading or meeting a randomly set goal. The successful coach must take a more holistic approach to a very complicated and sophisticated branch of learning. The following are examples of what I would consider to be the top three elements to be fulfilled:
- Attitude and Philosophy
- Methodology
- Proven techniques for assessing goals and measured results
The good news is, if your company learns to “coach” well (all other variables being equal) you can easily beat the competition. Remember, if you miss even one step of a successful program it can have a negative impact on the final results.
Over the next six months, I will be expanding on this subject matter. Ben will continue to write articles on other interests, but I want you to expect one article each week on coaching and how to do it better. I hope that this concentrated time of learning will be valuable to you, your managers, agents and your organization.
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Editor's Note: This article was written by Dr. David Mashburn. Dave is a Clinical and Consulting Psychologist, a Partner at Tidemark, Inc. and a regular contributor to WorkPuzzle.
