Here's how you can successfully restructure a team in Corporate Real Estate.

1 Assess Needs

Before making any changes, thoroughly assess the current and future needs of your corporate real estate team. Consider the types of projects you handle, the skills required to manage your portfolio, and the goals your organization aims to achieve. This assessment should be comprehensive, factoring in market trends, portfolio diversity, and internal company forecasts. Understanding these elements will help you identify the gaps in your team's expertise and structure, guiding you toward a more strategic realignment.

2 Plan Carefully

Once you've assessed your needs, develop a detailed plan for restructuring. This plan should outline the new team structure, including roles, responsibilities, and reporting lines. It's crucial to consider how each role will interact with others and how they contribute to the overall success of the corporate real estate function. Clear communication of this plan to your team is vital, as it will help minimize confusion and set clear expectations for everyone involved.

3 Communicate Clearly

Clear communication is essential during a restructuring process. You must articulate the reasons for the change, the benefits it will bring, and how it will be implemented. This transparency helps to maintain trust and morale within the team. Ensure that all team members understand their new roles and responsibilities, and provide them with the support they need to transition smoothly.

4 Train Effectively

Training is a critical component of any restructuring effort. Your team may require new skills to adapt to their revised roles or to operate new technologies that come with an updated real estate strategy. Provide comprehensive training that is tailored to the individual needs of team members. This investment in your team's development will pay off in their performance and job satisfaction.

5 Monitor Progress

After implementing the restructuring plan, it is important to monitor progress and make adjustments as needed. Set clear metrics for success and regularly review them with your team. This ongoing evaluation process will help you identify any issues early on and allow you to address them promptly. It also reinforces the idea that restructuring is a continuous improvement process rather than a one-time event.

6 Provide Support

Finally, provide continuous support to your team throughout the restructuring process. Change can be challenging, and some team members may struggle with new expectations or dynamics. Be available to listen to their concerns, offer guidance, and celebrate their successes. A supportive environment not only eases the transition but also fosters a culture of collaboration and innovation.