If we analyzed successful real estate brokers, we’d probably find a pattern of daily rituals and a common mindset across the board. You can easily find articles on Google about successful business mindsets, but let’s be honest, you’re here for the big three. And to deliver those three, we’ve found that you need to focus on the business side of things. Are you doing what it takes to become a successful real estate broker?
Successful brokers frequently meet with their team members and evaluate their recruitment and retention strategy.
You’re just one piece of your brokerage. Your business is not a successful system without your team, and that’s why recruitment and retention is such an important habit of successful real estate brokers. We wrote about the additional ways you can offer value to your agents because retaining them is significantly more cost effective and productive than hiring new staff. It’s simple, retaining your agents is crucial to the operation of a successful brokerage. So, how do brokers retain their top producers?
- They build strong relationships and frequently meet with their team. This might look like leading presentations, quarterly group or individual meetings and education opportunities. If you don’t support them with budgeting tips or how to review their Profit and Loss Statements, they’ll look for that help elsewhere.
- Brokers who offer career support to their agent, especially newer ones, such as a mentorship program or provided training create a company culture that agents want to be a part of.
- Frequently assess technology tools. According to NAR’s 2021 Technology Survey, there is a significant gap in the tech offerings and tools that brokerages provide. About 40 percent of those surveyed did not agree that their brokerage provides them with all the tech tools they need to be successful. On top of that, the survey found a huge increase in the use of digital tools from esignatures to social media, cloud storage and cyber security.
- Involve your team in the recruitment and hiring process to ensure any recruits are the right fit for your brokerage.
They invest in technology and work daily to evaluate technology’s role in their business strategy.
The pandemic sparked a quick process of digital adoption that the industry (and many brokerages for that matter!) probably weren’t ready for. Although disruption was occurring, the pandemic sped up the adoption and reliance on technology. For brokers who stayed up-to-date on tech trends and new processes, the digital evolution was smooth. However, brokers who didn’t spend much time evaluating technology’s changing role in their brokerage found the digital evolution to be incredibly challenging.
In order to be an early adopter, or what we call the Netflix in the Netflix/Blockbuster equation, brokers need to regularly evaluate technology’s role in their business strategy.
- Be a regular consumer of tech information. Subscribe to blogs, attend webinars, etc. to make more informed decisions.
- Evaluate their systems in an ever-changing digital landscape. One area to consider is the back office and accounting system. Is it cloud-based? Can you access your financials from anywhere at any time? How can you leverage the data to better understand the business and market? How much time is wasted on manual data entry? Brokers who are constantly looking to improve their systems will gain more insights and better utilize the data, time and their money.
- Look for ways to simplify real estate processes. The industry is well-known for being behind the times, stressful and slow to adapt to technology, but there are plenty of tools and softwares out there that speed up the process and offer a better solution to outdated, legacy systems.
They’re open to brand evolution that offers a more specialized experience.
The brokerage world is changing almost daily, and there is plenty of concern over the life expectancy of the traditional brokerage. How can it compete in a fast-paced, digital world? One characteristic that has really changed in the past few years is the wide range of options available for both agents as well as home buyers and sellers. Real estate professionals used to be the sole keepers of market information and listings, but now, clients can gain access to that, frankly, anywhere. NAR’s Real Estate in a Digital Age reports that the typical buyer seeks out information online, views photos and home listings and researches the purchase process all before they contact a realtor. They can receive an increasingly accurate home appraisal online, view 3D tours and browse the property history. On top of that, buyers can turn to a digital brokerage and operate completely online and sellers can receive an all-cash offer through an iBuyer. To grab the interest of a client, brokerages have to evolve and offer a more specialized experience. Successful brokers are open to brand evolution and seek out ways that they can offer more value.
- Utilize new technology to cut down on operational costs. When there are tech-enabled brokerages out there that charge a flat fee or take a much smaller split, it’s challenging for traditional brokerages to continue to pay their agents and stay afloat.
- Partner with national companies who enable system access and tools all the while keeping your local brand identity.
- Consider ways to offer a more specialized experience, and question, what can my brokerage do that others can’t? What’s going to keep the progress wheel turning is thinking of ways that your brokerage can improve and get better. Brokerages who are too stuck in their ways and avoid advancing technology will struggle to survive as the industry evolves.
- Think ahead to reimagine the home buying process. We previously mentioned the stress that’s associated with buying a house, which is an easy area to focus on when it comes to improving your client experience. By considering digital tools, esignatures, and even being open to tech like blockchain, your brokerage can advance itself and stand out from competitors based on the customer experience alone.
Zipi reimagines a fractured system to easily facilitate and transact real estate with our back office, accounting and digital payments products. Request a demo to get in contact with one of our expert team members.