How an Accountability Partner Can Skyrocket Your Real Estate Business

"Accountability breeds response-ability." – Stephen Covey

Independent Contractors

The Allure Of Going It Alone

According to the NAR (National Association of Realtors), 87% of its members are independent contractors. To be classified as an independent contractor, the following must apply:

• An individual is free from direction and control applicable both under the contract for the performance of service and in fact.
• The service is performed outside the usual course of business of the employer.
• The individual is customarily engaged in an independently established trade, occupation, profession, or business of the same nature as that involved in the service performed.

Source: https://www.nar.realtor/advocacy/nar-issue-brief-real-estate-professionals-classification-as-independent-contractorsTop-producing agents often say that independence drives them. They have the freedom to plan their lives and manage their businesses as they wish on their own terms. Perhaps best of all, they can make as much or as little money as they want. They decide how much time and energy they want to invest in their success.Independence sounds alluring, but it doesn’t guarantee real estate success. At the beginning and end of each day, you must look at yourself in the mirror and ask: “Did I do enough to move my business forward today?” The only “performance review” for a real estate agent is performance itself. Did you make the calls? Did you follow up? Did you get the listing? Did you close the deal?Top-earning real estate listing agents, like those who use ESPRESSO AGENT’S LEAD GENERATION SYSTEM, love their independence. But they also know that they must be able to hold themselves accountable for their independence to pay dividends.This post will examine strategies for staying on track by working with an accountability partner. Let’s look at a few words or phrases often associated with the idea of accountability:

• Accepting responsibility for your actions.
• Being answerable to someone for sticking to your commitments.
• Receiving feedback.
• Using feedback to make necessary adjustments.

Regardless of your definition, accountability is about using another professional to help you establish and adhere to standards that will guide your real estate lead generation efforts.

What Is A Real Estate Accountability Partner?

What Works Best For You?

Simply put, an accountability partner is someone you trust who will hold you to your goals and your actions related to achieving those goals. In real estate sales, you can use any or a combination of the following accountability partners:

• A real estate coach. This is someone you pay to keep you on your game with weekly (or more frequently if required) update calls when you review your numbers and production-related activities for the previous week.
• An accountability partner (or partners). If you’re not ready or able to invest in a coach, you can find another real estate agent with whom you can share a mutual accountability partnership. To keep it light, some accountabilitypartners will maintain a fund used to pay the other person if accountability goals are missed (i.e., not making an agreed-upon number of calls the previous week).
• Mastermind group. Some agents get support and accountability by forming a mastermind group.

Of course, we can’t overlook “internal accountability,” meaning holding yourself to certain standards and goals. No matter how good your accountability partner may be, if you don’t hold yourself accountable, you’ll waste time and possibly money.

The Benefits Of Accountability Partners

What Are Your Standards?

If we’re being honest, it’s not always easy to hold ourselves accountable. That’s why there is value in having a partner with whom you mutually agree to coach and provide feedback regularly. There are myriad benefits to having a real estate accountability partner, such as:

• Improved performance: Research from the Association for Talent Development indicates that when someone publicly shares their goals, they have a 65% chance of success. More importantly, having a specific accountability partner boosts that chance to 95%.
• Constructive feedback: You need brutal honesty from your accountability partner. Otherwise, the process will not deliver the results you are looking for. In fact (as we highlighted above), it may be worth having monetary consequences for any lapse in accountability performance (calls, listing presentations, etc.)
• Consistent progress: An accountability partner can keep you on track, especially when you’re going through a cold spell. It’s sometimes a natural reaction to take a break (or give up) when we’re feeling discouraged. An effective accountability partner can empathize with your frustration but will push you to get back on the horse post-haste.
• Perspective and clarity: Accountability partners can help reinforce your goals weekly to ensure you focus on the most critical work for your success. In addition, it helps to have someone on the other end of the call or Zoom who has been where you’ve been and can assure you that things will improve by sticking to your game.
• Fundamentals: Accountability partners can help you improve on two critical aspects of real estate prospecting. First, you can practice your SCRIPTS so that you’re able to deliver your pitch smoothly and confidently. Second, an accountability partner can work with you on HANDLING THE OBJECTIONS, an inevitable part of real estate sales.

Perhaps another, less obvious, benefit of working with an accountability partner is stress reduction. It’s great to have a trusted partner with whom you can laugh and share your frustrations.

How To Choose An Accountability Partner

Honest Is Key

Whether you are new to accountability partners or thinking about making a change, here are a few strategies to consider when choosing a partner:

1. Integrity and honesty are critical. Working with someone you can trust is imperative because you will be opening up about your business. You need to feel comfortable that what you discuss with your partner is held in the strictest confidence.
2. Balance strengths and weaknesses. Find an accountability partner who differs in personality and has different strengths than you. In this regard, you don’t want a “yes person,” but someone who will challenge you and push back. The best way to grow is to have someone you can trust to be brutally honest with you.
3. Set clear parameters. You should both understand what you want out of the accountability relationship. If you want someone to work with daily but your partner wants more flexibility, you might want someone else. Share your specific goals so you are on the same page about how the accountability relationship will proceed.
4. Agree about consequences.True accountability entails consequences. If you’re late for a session or fall short of your weekly goals, should you pay a “fine?” Fines or penalties remind both partners that they must pay for dropping the ball. But, if we’re being honest, you shouldn’t need the threat of a “fine” in order to hold yourself accountable.
5. Peer support. Accountability partnerships are between peers and, thus, equitable in nature. It’s different than a hierarchical relationship, such as a coach or a mentor. An accountability partner is not your sales manager but a friend who keeps you on track. It’s an important distinction to remember.

One final thought on choosing a partner. You need to find someone who is committed and passionate about the partnership. You don’t want someone “half-in” because you need someone’s full energy to make the process work.

The Espresso Agent Community

Here To Help

Top-performing agents often cite accountability partners as a critical reason for their success. They want someone who will be honest with them and hold them to a higher standard.If you don’t have an accountability partner (or aren’t fully satisfied with your current partner) NOW is the time to find one.In addition to our REAL ESTATE LEADS and industry-leading CRM PLATFORM, Espresso Agent takes pride in its community of agents who share tips and celebrate victories.Check out TODAY’S BREW, where Noel LaFerme talks to agents from across the country about their processes, challenges, and success stories.CONTACT us to learn more about Espresso Agent or to get help finding an accountability partner.