Learn how to set clear goals for your corporate real estate team to drive success and align with business strategies in our latest article.

Whilst SMART goals are one way, I think SMART tasks to achieve a balanced score card result is a better way forwards. This way the "tasks" along the pathway to success can be celebrated by both individuals and teams.

Last updated on Jun 28, 2024

Here's how you can establish clear goals and objectives for your corporate real estate team.

Understanding the importance of setting clear goals and objectives for your corporate real estate team is crucial for successful property management and strategic growth. In a field where maximizing the value and efficiency of a property portfolio is paramount, having a well-defined direction helps align your team's efforts with the company's overall business strategy. Whether you're managing office spaces, retail properties, or industrial complexes, a focused approach can significantly enhance performance and contribute to your organization's bottom line. The following insights will guide you in establishing a roadmap for your team that fosters clarity, accountability, and progress.

1 Align Vision

To set effective goals for your corporate real estate team, it's essential to align them with your company's vision and strategic objectives. Start by reviewing the broader business goals and identifying how the real estate portfolio can support achieving them. Whether it's cost reduction, facilitating expansion, or optimizing asset utilization, ensure that your real estate objectives are in harmony with the overall direction of your business. This alignment ensures that every team member understands the bigger picture and works towards common targets that contribute to the company's success.

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Mark Lack

Board Level Director | Global Retail Manager | Change Management | Coaching and Mentoring | Customer Centric Strategy | Leadership Development | Global Scot
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As with any goal setting exercise, the first thing you need to do is make sure that you, as the manager, actually understand the organizational goals. You must set goals that align with the organization and what it has the ability to achieve, within its remit. You can use multiple goal setting techniques from SMART to OKR to BHAG's. I have tended to use the balanced score card method (I know, boring, but it works) and then have a BHAG that is mostly aspirational as but also inspirational. When setting goals there must also be milestone tasks attached that ensure "successes" on the path to achieving the overall goal are also celebrated. This is the "how to eat an elephant" approach that means goals are broken down into manageable chunks!

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2 SMART Goals

Utilize the SMART criteria—Specific, Measurable, Achievable, Relevant, and Time-bound—to formulate your corporate real estate goals. For instance, instead of setting a vague objective like 'improve property management,' aim for a specific goal such as 'reduce operational costs by 10% within the next fiscal year.' This approach not only provides clarity but also makes it easier to track progress and adjust strategies as needed. By setting SMART goals, you provide your team with a clear roadmap and benchmarks for success.

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Mark Lack

Board Level Director | Global Retail Manager | Change Management | Coaching and Mentoring | Customer Centric Strategy | Leadership Development | Global Scot
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Whilst SMART goals are one way, I think SMART tasks to achieve a balanced score card result is a better way forwards. This way the "tasks" along the pathway to success can be celebrated by both individuals and teams.

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3 Stakeholder Input

Incorporating input from all relevant stakeholders is critical when defining your real estate team's objectives. Engage with executives, finance, operations, and facilities management to gather diverse perspectives on what success looks like. This collaborative process ensures that the goals you set are comprehensive and take into account the needs and expectations of different departments. By fostering an inclusive environment, you can create objectives that are more likely to receive broad support and commitment.

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Mark Lack

Board Level Director | Global Retail Manager | Change Management | Coaching and Mentoring | Customer Centric Strategy | Leadership Development | Global Scot
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It is vitally important to ensure you get stakeholder input to all goal setting. If you already trust your team and know your team, you will know their capabilities, what the market will accept as your own targets (you can't achieve 100% market share!) and of course, which buttons can be pressed to achieve the goal. You also need to take into account individuals and then teams capabilities, some are just out and out achievers but are like a bull in a china shop, whilst others are more meticulous but end up achieving the result all the same. Match tasks, within the main goal, to those that can achieve each of the steps needed.

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4 Action Plans

Once your goals are set, develop detailed action plans to achieve them. These plans should outline the steps needed, assign responsibilities, set deadlines, and allocate resources. For example, if one of your goals is to enhance the energy efficiency of your buildings, your action plan might include conducting energy audits, implementing retrofit projects, and monitoring energy consumption regularly. Clear action plans help your team stay focused and provide a framework for accountability.

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5 Monitor Progress

Regularly monitoring progress towards your goals is fundamental. Establish key performance indicators (KPIs) that will help you measure success and identify areas for improvement. For instance, if your goal is to increase tenant satisfaction, KPIs could include survey results or lease renewal rates. Schedule periodic reviews to assess progress, celebrate achievements, and address any challenges promptly. This ongoing evaluation helps maintain momentum and ensures that your team stays on track.

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6 Adjust Strategies

Be prepared to adjust your strategies if circumstances change or if you find that certain objectives are not being met. The corporate real estate landscape is dynamic, and flexibility is key to adapting to new market conditions or organizational changes. If you discover that a particular goal is unattainable or no longer relevant, don't hesitate to revise it. Continuous improvement should be part of your team's culture, allowing for refinement of goals and approaches as needed to ensure long-term success.

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Anatolio Nogueira

Especialista em Lançamentos Imobiliários | Empreendimentos Imobiliários | Gestão Comercial
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Trabalho no mercado imobiliário há quase 20 anos e o erro mais comum das grandes empresas é não ajustar estratégias e comunicação às mais variadas praças. Sob a desculpa de se manter a identidade, as empresas não adequam seus descursos e ficam sem compreender a razão do sucesso ou do insucesso quando estão em novas praças. Vendemos benefícios e a imagem de um benefício em uma praça pode não importar em outra. Altamente recomendável ter um profissional da região ou que se disponha a estudar e compreender verdadeiramente a região onde a empresa quer se estabelecer.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Here's how you can establish clear goals and objectives for your corporate real estate team.

1

2

3

4

5

6

7

1 Align Vision

2 SMART Goals

3 Stakeholder Input

4 Action Plans

5 Monitor Progress

6 Adjust Strategies

7 Here’s what else to consider

Corporate Real Estate

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Here's how you can establish clear goals and objectives for your corporate real estate team.

1

2

3

4

5

6

7

1 Align Vision

2 SMART Goals

3 Stakeholder Input

4 Action Plans

5 Monitor Progress

6 Adjust Strategies

7 Here’s what else to consider

Corporate Real Estate

Rate this article

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