What Role Should Inexperience Have On Your Team?

In This Article

• The Dynamic Partnership in Commercial Real Estate
• Finding the Perfect Balance for Your CRE Platform
• The GPARENCY CRE Marketplace Platform
• FAQs
  • About the Author

While there may be drawbacks to inexperienced hires, there are also great benefits! 

I’ve very passionate about equitable access—it’s a driving force behind a lot of what I do and our structure at GPARENCY—and I feel how and who we hire is a critical part of the role we play in this. Hiring inexperienced people is not only a way to give back, but it can also have huge advantages… but only if done correctly. When you don’t have the right structure in place, it can create a lot of frustration. Or, as the old adage goes, your business can turn into “a genius with a million helpers.” That’s not the business model you want.

Despite the risks, I’ve found that some of the best people I’ve ever hired were also the ones who had no experience at all. As long as people are willing to invest in themselves, they can be the most self-motivated, driven employees.

So what makes the difference?

The Dynamic Partnership in Commercial Real Estate

When I started GPARENCY, I knew I would need a team of experts in their respective roles to disrupt the Commercial Real Estate (CRE) industry. If I was too busy training my executive team on how to do their jobs, we would never have been able to achieve the success we have in such a short amount of time. I don’t have to teach my executive team my way of doing things; their unique perspective is essential to driving us forward.

I’ve been passionate about equitable access long before starting GPARENCY, which is why I always was happy to hire people with zero experience. The issue was, I didn’t equally value the importance of having experts on the team to help train the less experienced, which meant the brunt of that training and frustration fell to me. I was trying to create a vision, integrate it, and build a team from scratch all at once, and it simply wasn’t sustainable.

Now, with the model we have set up at GPARENCY, our experienced team members can help nurture the less experienced team members. Creating these strategic partnerships will help your business achieve perfect symbiosis. Plus, it will allow you to bring on more inexperienced hires than ever, and with less frustration!

Never underestimate the power of someone just getting started. Even if someone doesn’t have the years of experience, if they’re willing to invest in themselves, I truly believe they can accomplish anything.

Just take it from me: I was 21 when I got my first job as a mortgage broker with Meridian. I had no previous experience, but I was a quick study. Before long, I convinced Meridian to open a division called TeleMeridian, where we would organize teams to cold-call real estate owners whose mortgages were coming due. This was a first for the commercial mortgage business! While I may not have had all the right knowledge, I did have the right drive and passion, and this made all the difference. At the end of the day, you can always gain more experience, but passion and drive cannot be taught.Lawrence Bossidy once said, “I’m convinced that nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies.”

Finding the Perfect Balance for Your Team

Inexperienced hires are an investment—of time, money, and resources. It’s a good investment, but it’s still an investment.

When hiring, I ask people, “Why do you want to be a part of this?” If they reply, “Well, I want to have my own business someday,” I love it. To me, that means they’ll work harder, and if they are good enough to go on their own, imagine what we can do together. My biggest objective in life is to train more people that make millions a year than anybody else, but only if it’s the right people. Figuring out the “why” is incredibly important. I want people who are honest and maintain a strong moral and ethical compass. After that, I look for people who are self-motivated, driven, and humble.

One of the biggest advantages of hiring inexperienced people is that they often possess these traits right off the bat because they can’t rely on experience alone. They are usually highly motivated to prove themselves and eager to learn and grateful for the opportunity.

It’s essential to have experienced leaders heading your business, but inexperienced hires can offer a new perspective and a different way of doing things that the experts in your organization might not have considered. With their insights, drive, and ability to integrate what the visionaries have laid out, inexperienced hires have the power to take your business to an entirely new level!

The secret sauce is hiring both—experts and new talent.

Let the beginners on your team challenge your experienced team members to think in new ways and bring a new zeal to the table. I personally still learn from our new talent to this day! Encourage the experts on your team to train the inexperienced to be the top-tier talent of tomorrow. Invest in people who are self-driven and motivated, and there’s nothing your team won’t be able to accomplish.

Remember, commercial real estate is a dynamic business, one that requires experimentation and a willingness to take risks to find new opportunities for growth.

The experts will bring their years of knowledge and insight to bear on the challenges you face, while the newcomers will provide fresh ideas and approaches.

The GPARENCY CRE Marketplace Platform

The GPARENCY CRE Marketplace Platform is an online platform that provides transparency and efficiency for commercial real estate (CRE) investments. The platform allows investors, property owners, and brokers to manage and track their CRE investments in real-time, using data and analytics to make informed decisions, as well as get access to the top lenders in the nation.

A GPARENCY membership not only gives you access to the GPARENCY CRE Platform, but you also get access to:

1. Exclusive Brokerage Pricing: Enjoy our special pricing of $11K upfront or ¼ point at closing. This flexible structure empowers investors to close deals on their terms, ensuring greater control and flexibility.
2. Data-Rich Marketplace: Explore our digital marketplace with over 50M data references, providing real-time insights into commercial real estate listings. Stay informed and make confident investment decisions.
3. Expert Guidance: Our seasoned commercial real estate veterans are here to support you at every step. From financing inquiries to deal structuring, our team offers knowledgeable assistance to help you succeed.

Overall, the GPARENCY CRE Marketplace Platform offers a comprehensive solution for managing commercial real estate investments, providing transparency and efficiency that can help investors maximize returns and reduce risk.

FAQs:

1. What are the five major expectations, roles, and responsibilities of any team member?
   • Accountable and Responsible: A team member is expected to take ownership of their tasks and be accountable for the quality of their work. They should take responsibility for meeting deadlines and ensuring that their contributions align with the team’s goals.
   • Active Communication: A team member should communicate effectively with the rest of the team, providing regular updates on their progress and seeking help when needed. They should also be open to constructive criticism and feedback
   • Collaboration and Teamwork: A team member should work effectively with others, sharing ideas and resources to achieve common goals. They should also be able to resolve conflicts in a professional and respectful manner.
   • Adaptability and Flexibility: A team member should be able to adapt to changing circumstances and be flexible in their approach to work. They should be willing to take on different roles and responsibilities as needed and be able to adjust their priorities to meet the needs of the team.
   • Professionalism and Positive Attitude: A team member should maintain a professional demeanor at all times and exhibit a positive attitude towards their work and colleagues. They should be respectful and supportive of others, and consistently demonstrate a commitment to the team’s success.
2. What specific skill can you most naturally and directly teach an inexperienced team member?
   • An inexperienced commercial real estate team member can be taught a variety of skills, but here are some that are particularly important in the industry:
     • Market Analysis: Understanding market trends, researching properties, and being able to analyze data and present findings is an important skill for commercial real estate.
     • Financial Analysis: Being able to evaluate financial information and make recommendations based on market trends, property values, and rental rates can help inexperienced team members succeed in commercial real estate.
     • Negotiation Skills: Commercial real estate often involves negotiations between buyers, sellers, landlords, and tenants. Understanding the principles of effective negotiation can help inexperienced team members in this industry.
     • Networking: Building a network of contacts in the commercial real estate industry can be crucial for success. Inexperienced team members can be taught the importance of networking and how to develop and maintain professional relationships.
     • Customer Service: Providing excellent customer service is a key part of commercial real estate. Inexperienced team members can be taught the importance of responding to client needs and communicating effectively with clients, partners, and other stakeholders.
     • Legal Knowledge: An understanding of real estate law and regulations is important in commercial real estate. Inexperienced team members can be taught the basics of real estate law, contract law, and other legal issues relevant to the industry.
3. How do you motivate inexperienced employees?
   • Motivating inexperienced employees can be a challenge, but it’s important for their success and the success of the team. Here are some ways to motivate inexperienced employees:
     • Provide Clear Goals and Expectations: Inexperienced employees need clear direction and a clear understanding of what is expected of them. Setting clear goals and expectations can help them focus and stay motivated.
     • Offer Regular Feedback: Regular feedback, both positive and constructive, can help inexperienced employees understand what they are doing well and what they need to improve. Feedback can also help them stay on track and motivated.
     • Provide Opportunities for Growth and Development: Offering opportunities for growth and development, such as training or job shadowing, can help inexperienced employees feel valued and motivated. This can also help them build new skills and increase their confidence.
     • Recognize and Reward Their Contributions: Recognizing and rewarding the contributions of inexperienced employees can help them feel valued and motivated. This can be as simple as verbal recognition or more formal rewards such as bonuses or promotions.
     • Encourage Collaboration: Encouraging collaboration and teamwork can help inexperienced employees feel supported and motivated. This can involve assigning them to work on projects with more experienced team members or allowing them to participate in team-building activities.
     • Provide a Supportive Work Environment: Creating a supportive work environment that fosters trust, open communication, and collaboration can help inexperienced employees feel more motivated and engaged in their work.