It’s safe to say that brokers, or decision makers, often times make poor calls. That’s totally ok because we are all humans.
But if we think about it, most decision-making processes are left to the authoritative figures. Information goes in, decisions come out. But the processes employed, the information used, the logic relied upon, have been solely left to them. But what happens in between?
Brokerages rarely take the time to look at even the ways they are making their very own decisions. Even a smaller percentage have formalized alternative ways to decision making processes.
In today’s dynamic market and competitive online stage, it might be a good practice to take decision making out of individuals onto the collective of managers to altogether make a better decision-making process.
Making decisions doesn’t mean that you have to spend a lot of mental effort. It can further mean prioritizing which decisions need to be prioritized, the key roles in the process, what information is provided, etc. Smart brokers take multifaceted approaches to making decisions. They take into account technology, the information provided, the organizational structures, and people involved.
So here are 4 ways you can improve decision-making processes.
By asking yourself “what are the top 5 decisions I have to make in order to reach our business goals?” you’ll be able to be more highly strategic. Without prioritization, all decisions are treated the same and you lose opportunities for maximizing revenue.
2) Examining your resources:
Determine the factors that go into every decision you need to make. Ask yourself, “who needs to be helping with this decision or carrying it out? What information do we need to make wise decisions? How often does this situation occur? If it happens often, should we begin putting a process in place?
3) Assigning responsibilities:
When you hone in on your prioritized decisions to make and what’s required for each, you can allot roles and processes needed to follow through. The important note to consider is that taking a holistic approach that considers all methods and aspects for the decision process is critical to making a decision that will not fail.
Consistently provide your subordinates with the tools, methods, education to be able to make better, faster and safer decisions. By having them be able to take on these responsibilities wisely, you, as the broker of your firm, will succeed in even the details of the business (the ones that your subordinates are leading).
Remember, with accelerated and improved decision making processes at all levels of your firm, you’ll be able to stay competitive.
So as you begin looking at how your firm approaches decision-making, take a moment to understand how analytics and decision making are among the most powerful tools your firm can have. Again, poor decisions can take a financial toll on your business.
Here are a few quick tips that your firm should begin practicing in order to make better decisions:
· Take a look at your biases so that they don’t obscure the information and numbers that should direct your decisions.
· Keep track of all the ways you make decisions within your firm so that you can see what works and what doesn’t.
· Multiple perspectives are better and provide higher results – empower all your agents to make the best decisions they can make for a more lucrative real estate business.
Making smart decisions is important for staying current in today’s fast-changing real estate market. Examine the ways your firm is making decisions, the tools and processes you’re providing your agents, and gather all this to continuously improve your firm's decision making-process.