OKRs, short for objectives and key results, is a work methodology that includes teams setting up large, tough-to-reach goals that provide measurable results. It requires the OKRs of a company and the OKRs of the individual team to align together so that they are the same.
That being said, when it comes to integrating OKRs into your real estate businesses, you may be wondering how exactly this will benefit you and how to set them in the first place. In this article, we will tackle those and more to help you understand why you should integrate OKRs into your business.
The benefits of OKRs
The OKRs method comes with various benefits your company can thoroughly enjoy. First, it aligns the efforts of individuals and teams in the company to all point at one goal. Whether or not you can achieve that goal, you will still gain a substantial result from it, a progress that would have otherwise not been gained if not for the methodology.
Second, because the goals set in OKRs are ambitious, your employees will be much more committed to achieving their objectives to contribute to reaching the final goal. Third and finally, the results are measurable, meaning that you will see what your company’s progress has achieved in reaching a specific goal.
There are many other benefits to OKRs, and although the challenging nature of the methodology can be a little uncomfortable for anyone, it does nothing more but grow the business and push it forward.
Setting the goals
Just as hard as reaching the goals is setting those goals in the first place. It has to be challenging but not impossible. This is the fine line between a team that is motivated to reach something that is still reachable and one that is doomed to fail from the start.
A great way to ensure that everyone still has the mindset of success is to set a threshold in which the goal-achieving efforts can be deemed successful. For example, you can deem an activity successful if it achieves 70 percent of its objectives while completing them all. In this case, your goal may be reaching the top 1% in the real estate business. To do that, you will need to put in $720,000 a year. Now, if you achieved 70% of that, you could consider yourself successful, while achieving all the objectives can be considered phenomenal.
Now, when setting the goals, you need to keep in mind a few things. First, you should choose no more than five goals. You can set more, but you will need to have the resources to accomplish them.
Second, avoid using something that can lead to a status quo, such as “keep maintaining X objective.” You want to achieve something new, so your goals must reflect that.
Third, the goal must be clear, concise, and unambiguous. It should be obvious to anyone what the goal means so that everyone knows exactly what to do to achieve it.
OKRs are all about placing ambitious goals on the shoulders of your teams. While it may seem to be a demotivator to some, the challenge of achieving huge success for a business and being a part of it can be a massive motivator for others. As such, implementing OKRs into your real estate business is an excellent way to grow successfully.
That being said, do remember to keep things still achievable. You do not want to set unrealistic and impossible goals your team cannot achieve, and you do not want to get lost in the thick of things trying to achieve any goals. Put the time and effort to set the right goals, and before you know it, you will be enjoying plenty of results on your way to success.
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