There are many paths to becoming a successful real estate broker. The keys to pave it are thinking big, thinking clearly, and harnessing team energy toward your ideal vision.
Better Real Estate Brokers Begin at the End
Successful brokers begin with the end in mind. Creating a successful brokerage requires a clear and compelling vision. A compelling vision is a result of knowing what you want at a deep level. You must base it on who you really are.
It is your ideal that you are passionate about creating. Do you know what IDEAL looks like for YOU? Not ideal for what someone else thinks, not for what others have done, but for who you really are.
The successful brokers can articulate their vision in incredible detail. They know the ideal expectations or standards. They know the ideal agent profile. They know the ideal market positioning and messaging.
This does not mean they always operate within this idealized vision. But their passion and energy centers on bringing the ideal into reality
Think Big – Like a Small Business!
The economic reality today is one of independent contractors and gig workers. The days of a lifetime spent with one company are over – unless that company is your own. Real estate brokers were early adopters of this trend. Whether you work independently or hire associates.
You became a broker because you didn’t want to be an employee, right? So, don’t be one. This is your business; own it. Here are three ways to do that:
1: Vision First!
2.) Develop a Business Plan: A strong business plan focuses on two or three key elements. If you try to do everything, you won’t do anything well. So put all your attention into the areas you know you do well.
It is also lean. This could not be more important as this business relies on weathering the ups and downs of the market. Employing effective financial literacy will allow you to do this. It will also free your mind to focus on business growth as opposed to just staying afloat.
Successful entrepreneurs know that relying on one source of income results in stagnation. It’s okay to have a niche, but brokers need a diversity of agents, serving a diverse array of clients and markets. The question of whether to niche or diversify is an ongoing one in real estate. But in the current economy, it is best to be ready to pivot.
4.) Educate Yourself:
A solid business plan depends a lot on your ability to get it right. And this requires projections born of knowledge. You need to do detailed research on:
– Industry Trends
– Sales and Marketing Strategies
– Location Specifics
– Inspiring and managing others
When you take ownership of something, you are more attached to it. As a broker, you need to take responsible ownership of your business.
Better Brokers are Aware of the Success Cycle
To be a better broker one must be aware of what the success cycle of a brokerage is. In its simplest form, the idea is to create a brokerage business that serves you, the broker.
You, the broker, are there to serve and support the agents. The purpose of the agents is to serve and support the clients and customers.
The fees earned from the clients and customers support the brokerage. It’s simple, but so many brokers are not focused on this. This results in scattering, or even dividing, the energy of the brokerage.
Surround Yourself With Excellence:
With this in mind, we turn to the team. Successful brokers know they can accomplish more surrounded by good people.
The ideal team is much easier to build once your ideal vision is in place. You need to set ideal expectations and standards for your agents. They need to fit into your ideal vision.
Then you can focus on attracting, retaining, and training the right agent team.
An office filled with just “any” agents disrupts the energy and chemistry of the office.
Next, you need to implement the best systems, processes, and procedures to support the agents and client experiences. This needs to be done throughout the transaction with:
- Documentation and compliance systems,
- Financial systems
- Training systems
- Retention systems
- Lead and lead nurturing systems and much more.
Great brokers create systems that leverage the team and provide a consistent experience.
Culture is overused and misunderstood. Culture is the result of chemistry. The clarity of vision and ideals drives the chemistry of the business. Think about team sports. Teams with the right chemistry often outperform those with the best talent.
Chemistry in this context is the result of various key ingredients. The most important are:
– Targeted Skill Sets
– Ideal Personalities
These seven factors combine to drive focus, energy, passion, and synergy.
The best brokers manage energy. Great brokers manage their staff in a proactive way. If a disruptive agent’s energy cannot be corrected, they will be released. Successful brokers are willing to suffer short term pain for long term gain.
The best brokers run the brokerage as theirs because it is. But they encourage the team to celebrate and share in the success of the entity.
Good brokers never lose control to the independent contractors. They do not allow the tail to wag the dog. The good ones hold onto their ideal expectations and standards and are willing to lose.
Better Brokers Expand their Vision of Team
So now you’ve nailed down and implemented your ideal vision of your brokerage. It’s time to turn to your external team, because in real estate, teams are a lot more complex and far-reaching. They consist of key partnerships with:
– Builders and Contractors
– Interior Designers
– Bankers who specialize in home loans
– Community Leaders: They can give you valuable insight into what your target market is thinking.
You can’t build a successful brokerage without providing the tools. A good brokerage should provide training live and on-demand, on a wide range of topics.
There should be effective training available on market trends and sales and marketing. Two other key topics today are creating an online presence and business strategy.
Become a Better Broker with an Effective Sales Strategy
You took the broker’s exam because you wanted a variety of business options. You are now at your leisure to operate as a real estate advisor. This means analyzing the market to find the best possible listings for your client.
Know Your Target Demographic:
This will enable you to select the listings with the best chance of meeting your client’s dreams.
Employ Experiential Marketing:
You’ve heard the saying “A picture is worth a thousand words.” This especially applies to real estate sales. So stage a tour of the area you’re promoting. Host an information session for prospective buyers.
Experiential Marketing 2020:
There are some very creative tools out there for virtual tours and open houses.
Here, you want to partner with local businesses. Ask these same businesses to promote your firm and listings. As a thank you (or enticement), promise to promote them to your clients.
Location is just as important as the actual home. Let prospective buyers meet neighboring businesses at an open house. Try setting up a pop-up shop at your open house with local vendors. One room could be the neighborhood’s best deli, another a home decor shop. This is not only good mutual advertising, it’s also fun.
Be a Better Real Estate Broker with a Mentor
A lot of these are new and complex ideas, and they can be scary. This is why you’re going to want to learn from someone who has already tested them. A mentor can help you determine your ideal vision, business strategy, and team.