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The days of running a real estate business by the seat of your pants are dead. Today, the best real estate leaders out there draw on a range of technologies, systems, and leadership philosophies to drive business forward.
One such system, the Entrepreneurial Operating System (EOS)® created by Gino Wickman, is getting a lot of attention from brokers and team leaders looking to scale their business faster and with fewer headaches.
EOS and its Traction series of books are designed for entrepreneurs with ten all the way up to 250 employees who are looking for a practical approach to some of the most common business-scaling obstacles, including:
Sounds pretty awesome, right? If you’re curious about what EOS is, how it works, and whether it’s a good model for your team, you’re in the right place!
From the sound of it, you might think EOS is a software program or even hardware.
But despite its techie-sounding acronym, the Entrepreneurial Operating System is simply a systematic approach to planning, managing and growing your business using a set of proven tools and templates from EOS Worldwide®.
EOS Worldwide can also connect business owners with certified coaches called ‘Implementers’ to help train team leaders and managers and assist with adopting the system company-wide
“Vision without traction is merely hallucination.”
“I'm really digging in hard on the EOS stuff. It really opened up my eyes to how an organization can successfully run. We were definitely winging it.”
Those words are from leading New England broker Steven Rovithis, owner of ROVI Homes. Despite having a highly successful team spanning multiple states, Steven was tired of “winging it.”
Everything changed the day he discovered the book Traction: Get a Grip on Your Business.
The book unpacks the EOS model, including its six core components:
The EOS system comes complete with an app, templates, worksheets, videos, ebooks, its own software, and many other tools designed to help entrepreneurs put these components into everyday practice.
Let’s take a closer look at how it works.
Your team’s vision is your core reason for being.
For companies that run on EOS, this includes your long- and short-term goals, company values, marketing strategy, and even your ‘issues’ (in EOS terms, these are the things stopping you from attaining your goals).
The idea is to clarify and quantify your goals, strategies and issues so team members can uncover and resolve problems, make better decisions, and work together more efficiently.
There’s even a vision worksheet to help you get it all down in black and white.
As a real estate leader, you know where you want to take the business.
Problem is, it’s not always easy to define and communicate those ideas in a way that gets the rest of the team motivated.
EOS helps get your vision out into the open so everyone can clearly see and understand it. And it all starts with these eight questions:
EOS recommends setting three to seven goals for each timeframe, including revenue projections, number of team members, and any other new opportunities on your radar.
You may want to be the highest-producing team in a year, or the biggest brokerage in the region in three years, but you’ll have a tough time achieving those goals if you don’t set out the steps you need to take in order to get there.
That’s where Rocks come in.
Rocks are the goals you want to achieve each quarter. Typically, agents will set one to three Rocks and team leaders will have three to seven Rocks every 90 days.
To make sure your Rocks are achievable, you’ll need to make them SMART — specific, measurable, attainable, relevant, and timely.
SMART Rocks should include:
You know you can’t accomplish your goals unless the right people are in the right seats, but hiring the right team members isn’t always easy.
Fortunately, EOS gives you tools to identify and position your real estate team members to win.
Meet the People Analyzer. This handy tool helps determine whether potential hires are a good fit by evaluating how closely they represent your values.
An accountability chart lets you clearly define each team member’s responsibilities and structure your team based on their abilities.
Using the accountability chart, you’ll be able to:
Everyone holds meetings. After all, they’re essential for communicating information and getting everyone rowing in the same direction.
But all too often, meeting attendees see them as a necessary evil, and in the worst-case scenario, a waste of time that could be better spent closing deals.
EOS combats meeting fatigue by providing templates for meeting agendas that actually yield measurable results.
The 90-minute Level 10 (L10) meeting agenda ensures your time in meetings is well spent. It includes reviews of the progress on long- and short-term goals and sets aside time for sharing updates and solving issues that may be getting in the way of meeting your Rocks.
There’s even an issues solving portion of the meeting agenda with a three-step process that helps focus attention and facilitate problem solving.
Here’s how it works:
This simple process, called IDS, makes it easy to break through the roadblocks and hit your quarterly Rocks.
Plus, the process is super democratic. L10 meeting participants have the opportunity to grade meetings to help keep them as productive as possible.
It’s hard to know what to fix (or reward for that matter) without some clear yardsticks for what to expect.
One thing business owners love about EOS is that it puts a considerable focus on metrics to help team leaders create accountability, nurture commitment, instill competition, and move the business forward.
Among the tools EOS provides is a scorecard to help set down weekly metrics for each department and the company as a whole. This makes it easy to assess whether the team is on track and flag any potential problems while they can still be addressed.
The scorecard tracks the metric for each of three to five chosen performance categories against the target set and the team member responsible for meeting the target.
With the scorecard, team leaders can see the latest metrics and how they match up to the target set. When targets are missed, team members and managers can include them in their issues list for discussion and resolution at the next Level 10 meeting.
Twice a year, team leaders and managers perform an organizational checkup, a run-through of 20 questions to determine whether the system is working and where improvements may be needed.
The EOS approach is designed so that managers can step off the treadmill of dealing with the same problems over and over again by clearly defining goals, identifying the steps to getting there, designing an action plan to make it happen, and creating accountability for getting it done.
You can also take your management game to the next level with resources like the EOS How to Be a Great Boss Toolkit and the books in the Traction series including Traction Assessment and Management.
Whether you’re running your business on EOS or another business management method, a systematized lead management process is crucial to achieving consistent sales.
Follow Up Boss is the CRM that connects all your lead sources and marketing systems, organizes your data, and automates follow up to help you and your team consistently close more deals. Top performers use Follow Up Boss as the core of their lead conversion system. See for yourself with a free 14-trial.
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