Your brokerage's success can depend on anything from recruiting and retention to the state of the economy. These factors, pulled from a recent RISMedia and Better Homes and Gardens Real Estate (BH&G) survey, "What Keeps Brokers Up at Night?" were discussed in the latest RISMedia ACE webinar, "Mission Possible: Get Ahead in 2018 With These Broker Best Practice Insights," sponsored by BH&G Real Estate and moderated by Verl Workman, CEO and founder of Workman Success Systems.
Survey results pinpointed inventory shortages, recruiting, broker competition and economic uncertainty as the most pressing issues brokers are currently facing. Two BH&G executives—Amy Chorew, vice president of Learning, and John Sylvester, senior director of Broker Services—provided insights on how to address these challenges by:
Rounding Out Your Business Model
As a broker, you need to face everyday market challenges such as inventory shortages. Use your knowledge of the market to address the issue, but also come at it from a stronger perspective.
"Set clear expectations and control the narrative when inventory is your biggest challenge," said Sylvester.
Also, consider that these challenges may not be as significant as they appear. Do not become your own obstacle; find creative ways to solve your problems.
"There's data that can be shared every month from the MLS that prove there is business out there," said Chorew.
Take a step back and look to see who your client in the market is. If you're looking to traverse new client opportunities, look at those consumers who might be convinced to move up or down by "motivating the indifferent," said Sylvester.
Outpacing Your Competition
Don't overreact to new business models that are introduced, no matter how disruptive. This can lead to feeling less confident in your own model, making it more difficult to sell it to other agents. Use these opportunities to "test your model and develop some resiliency and confidence in what you're trying to do in the marketplace," said Sylvester.
And when it comes to new, competing business models, keep an eye on them, but don't be too quick to adopt strategies that may not work for your brokerage.
Improving Your Agent Productivity
Don't waste time by helping those who don't help your brokerage. Chorew said that "more experienced agents means more business for everybody." And while that doesn't mean you can't help newer agents reach a level of expertise, if you can't change their mindset from a real estate agent to an entrepreneur, they may not be worth your time, according to Sylvester.
Being aggressive is essential to running a successful brokerage. Sylvester said, "Tell [agents] that results matter and we want to be a results-oriented organization. If they can't do that, we may not be the right place for them."
Chorew agrees and suggests you cut agents loose if they are dragging you down. But removing unproductive agents isn't enough. Track your agents' productivity, provide training on scripts and introduce support staff in your brokerage so that no one flies under the radar.
Refining Your Value Proposition
The industry is constantly changing, especially in an innovative, technology-driven world where new tools are constantly introduced. Your value proposition will have to change over time to adapt to new technology. This will also make your company culture more relevant and attractive to other agents.
"Change is inevitable and technology is no different. The agent who embraces technology will replace the one that doesn't," said Sylvester.
Last, but not least, you need to deliver on anything you promise through your value proposition. Don't get bogged down with too many tasks. If you know someone who is better at recruiting, then pass off the responsibility so you can focus on other things while still delivering on your promises.
"Delegate it or outsource it and create a system," said Workman.
Learn more from the webinar in the recording below:
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