Building a Winning Multifamily Team
In any industry, building a strong and effective team is crucial for success, and this is especially true in the multifamily industry. To build a strong team, you need a team leader, effective communication, clear goals and expectations, feedback and recognition, and professional development. There must be the right people with the necessary skills and experience to fill each position. In order for a team to be highly skilled and successful, there are a few key elements:
Every successful team is led by a leader. There can be several leaders or just one, but there must be one. The team leader is responsible for setting the WHAT. What needs to be done, NOT HOW. It is not the team leader's job to micromanage the team or tell them how to do their job. If they were hired and chosen carefully, they should possess the necessary skills to do or find out how to accomplish a task.
The team leader's role is to cultivate a positive, rewarding, and fluid team. The leader ensures everyone is on track and provides guidance if needed. The leader should be in touch with their teammates on a deep level. Knowing the team in and out builds trust, respect, and connection. The best teams have the highest level of respect for each other.
Leading by example is of the utmost importance, where high standards of professionalism and customer service are expected. As the leader of the team, it is important to model the behavior you want to see in your team members and demonstrate the values and qualities you want to instill in them.
Communication is key. Especially between all team members, but also between vendors, brokers, residents, and anyone else involved in the process. To achieve this, regular team meetings, one-on-one meetings, and the use of some tech such as email, text, google chat, video calls, and task management software are essential.
Setting clear goals and expectations.
The team is responsible for hitting their projections. Clear goals and expectations help to ensure that everyone is working towards the same objectives and provide a framework for measuring progress and success. A team without clear expectations will not get far. Everyone needs to know what they are expected to accomplish, by when, and the quality of the work. Goals and expectations should be set by the team leader and continuously monitored.
Providing feedback and recognition
A feedback loop is essential for all parties, not just leaders. Providing regular feedback to team members on their performance, both positive and negative, can help them improve and grow, and it shows that you are invested in their success. Recognizing and celebrating team achievements and milestones can also help to build a positive team culture and improve morale.
Encouraging professional development
Continuous learning and development help a team grow quicker and more effectively. Providing opportunities for team members to learn new skills, attend industry events or training sessions, and take on new challenges can help them to grow and develop, and it demonstrates that you are invested in their long-term success.
Building a team is hard work and it takes time. However, it is also one of the most gratifying and exciting aspects of any industry. It takes a lot of time, discipline, and mistakes to learn how to lead a team, let alone build one, but it is worth it. There are good days when the team crushes it, and there are bad days when someone has to be let go, but these ups and downs create the integral strings that hold a team together. At first, it's about work, then it becomes something bigger.