Brokerages fail for many reasons, but sadly many real estate businesses
follow the same, time-worn path. Is yours one of them? To ensure
success, you’ll want to avoid common mistakes. However this is a lot easier
said than done, as in real estate, brokers often assume the path to success is
the most heavily traveled one. Here’s how to avoid taking the wrong exit.
The Recruitment Express Lane
Many brokers don’t focus on recruiting. It’s a sporadic activity at
best, often prompted by a vacancy left by another agent. Yet recruiting is
critical to putting your agency in the fast lane for growth. Jim Weichert
discovered this early on. By making recruiting an organized activity of your
office, you create a pipeline of agents that will ensure a steady flow of
business. Agents will always come and go, but a strong pipeline will minimize
any disruptions in business. What makes up a strong recruiting strategy?
Setting goals for hiring and staffing. Consistently engaging in the right
activities to attract prospects and having attractive marketing materials to
effectively market your brokerage. Once you’ve hired them, you want to retain
them. This requires you to consistently promote your value as a brokerage. What
do you offer your agents? How do you support their professional
development? How do you help them secure listings? How do you help them
find buyers? What types of farming support and systems do you provide to help
them grow their business?
Sales & Listing Rubbernecking
Many of today’s agents tell us that they’re feeling the pain of today’s
low inventory market and are always on the hunt for a leg up on lead
generation. This can too often leave your best agents peeking over the fence toward
the seemingly greener pastures of competitive brokerages. A recent Inman survey
of agents identified buyer leads (32%) and listings (30%) as topping the list
of valuable services their brokerage does not–or could do a better job of–
providing. What are you doing to help generate sales and listing leads for your
agents? Do you have a highly dependable and productive lead and
listing system for keeping agents engaged? Or brokerage specific Customer
Relationship Management (CRM) software for effectively managing customer
contacts? In today’s high-stakes, instant-access mobile world, minutes could
cost you a solid lead. Stop looking back at what competing firms are doing, and
zero-in on what you can do in your own brokerage to reach success by developing
a coherent and disciplined action plan with tried-and-true methods. When your
agents perform well – so does your brokerage.
Agency Bypass
How do you stand out in your market to avoid being bypassed? Building a
strong presence requires consistency. Consistent marketing, consistent
promotion and a consistent level of customer service by your agents to create a
memorable experience for clients. However, it can be a daunting task to implement
those things and keep up with them all by yourself. Joining a national brand is
a great way to raise your profile. It also allows you to tap into constantly
refreshed resources for marketing, promotion and training of agents so they are
confident, productive and can provide the best real estate service in the
market and stand out from the crowd. You also benefit from networking with
peers to learn what has worked for others with similar challenges.
Paving a Smooth Road Ahead
You wear a lot of hats to ensure your brokerage’s success – but you
don’t have to go it alone. Tested and proven systems and tools exist for
successfully addressing your brokerage’s growth challenges. You already know
you have to attract agents, stand out from the competition, boost listings and
move inventory faster. A franchise partner such as Weichert is an example of a
resource with proven, successful systems that businesses can plug into
encompassing everything from recruiting and securing listings to attracting and
managing leads to marketing your brokerage. Discover how to put a Weichert®
real estate franchise opportunity to work for your business today.
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