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Written by Written by Karuna Dimelow | Coronis COO
Our market has changed. We’ve all had to adapt, and one of the most effective ways of meeting the new demands is to move away from discrete, individualistic practice and towards team-based business models.
Effective Business Units (EBUs) are a bold change for many businesses, but there’s little doubt that this multifaceted, team-based approach works. A notable example lies with Coronis lead agent, Chris May, who in FY21 wrote $245,000 GCI in his first year of real estate. Realising his potential, he really doubled down and had the courage to set up his own EBU and is now on track to write almost $800,000 in GCI in FY22 – his team have followed a clear system, with a daily structure and they’ve done an outstanding job working together, achieving great results for their clients. Chris is the perfect example of how an EBU can double your GCI and move your career to the next level, while giving you more time with your family and friends.
But as with any organisational change, there are bound to be hurdles at implementation. There are risks in adopting the model, but perhaps the biggest mistake you can make is not starting an EBU at all—and there are signs that can help you determine the right starting point.
Signs you’re not ready for EBU
Among the biggest mistakes agents and BDMs make is starting an EBU when they’re not ready.
Major failures occur when team members are operating under vague titles without clear job descriptions. In order for the EBU to work, all the separate components need to function effectively: where team members understand their role in the EBU, they will perform efficiently each day. Clear separation of roles, comprehensive job descriptions, and strategically defined tasks are essential to success.
And secondly, it’s time to let go. Delegation is essential in EBUs, which means you’re no longer a separate entity, but a team leader with enough insight to hire an associate with strengths that offset your weaknesses. If you’re not ready to let go of control and trying to do everything yourself, you’re not ready for EBU.
Key indicators of EBU readiness
If you feel ready, and you’re looking for a signal that it’s a good time to implement an EBU, the most obvious key indicator is your financial status.
An EBU should be considered when you’re writing more than $100,000 in GCI per quarter and have a minimum of $100,000 in projected settlements for the upcoming quarter. This will allow you to fund an EBU and an additional team member without causing unnecessary financial stress.
EBUs don’t deliver immediate returns on time and listings. You’ll need to invest time and resources into training new team members, leadership and purposefully defining the structure of the EBU.
Implementing and supporting EBUs
EBU implementation isn’t a quick process, but it does deliver significant long-term benefits if you do it the right way.
Plan according to your current capacity and your EBU size, and strategise ways to improve your performance in prospecting, database management, and building your pipeline by delegating tasks (like administration and marketing) to other team members. Clearly define roles, and recruit as we do at Coronis, by focusing on specific skills and personality traits to address any weaknesses or time-consuming tasks that aren’t dollar productive. Once roles are defined and filled, commit to the structure, and avoid encroaching on tasks that are no longer yours.
At Coronis, our leadership team works directly with our agents to help them build their own brand within our brand, and to help them successfully set up and run their EBU.
We run regular training and development sessions, where we specifically help our EBUs define targets, develop daily structures and action plans, contribute ideas and refine their marketing strategies to help them get up and running as a team as fast as possible.
This allows us to help create winning careers for our team members—and sustainable ones, with a supportive framework that allows time off (preventing burnout) without compromising their business or clients.
If you’re ready, set yourself up for success by starting an EBU. With the right company, brand and team around you, you’ll reap the benefits of better results, faster growth, and more free time.
One Brand, Many Solutions, Nationwide: https://www.coronis.com.au/your-future-here/
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