OK, the title of this one might be a bit obscure for some, but basically it means things have gone a bit wrong.
But how could things go wrong at the moment you ask? The market is doing well, the agents are making sales, the money is coming in.
Well, with the market changing and things heating up all over the place, our offices are getting busier and staff are being put under pressure. And that’s where mistakes happen, service falls off and clients go elsewhere. We have been geared for a slow or downturn market, but that’s certainly not what is happening at the moment and it’s causing problems.
Here’s the dilemma many principals are facing:
- Do I put on new staff to help with the increased workload?
- Will this be short-lived, and then will I have to get rid of more staff again?
- If I wait will it be difficult to find good staff as is always the case during boom times?
- Myself and my staff are so busy already how are we going to train new staff?
Does this sound familiar?
Unfortunately, there is no easy fix for these problems, but if you do not act and act quickly things will get much worse for your business. For example:
- If you do not get help for yourself and your team, they will potentially burn out and leave, creating an even more severe staffing situation.
- It doesn’t matter if the heated market is short lived, you can gear up for the next boom by investing in your new staff to create systems and processes so when it booms again you will be prepared. Or you can shift your focus with your new staff to lead generation to enable your business to be more sustainable in any type of climate.
- If you wait, keep in mind the cost for staff will rise as the boom continues so the sooner you hire the less you will pay in the long run.
- Training should be an ongoing part of all businesses and you should have an intranet that includes all your job descriptions, ideal working weeks, systems, structures and processes so that when staff leave, as they do, you can replace them and plug the new people into the business with as little fuss and distraction as possible. This is how leading businesses in any industry operate.
The reality is that things change, they can change very quickly, and we must change with them. Good leaders can predict events that are about to happen or that are on the horizon. The mark of a top leader is that they can prepare their business for any type of weather, be it storm or beautiful sunshine. You just need to learn how.
Come along to my upcoming Real Estate Brilliance seminar and see how you can lead your team to success through a boom or bust. Simply click on the button below to secure your spot.