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Creating a Flexible Brokerage for Tomorrow’s Leaders

Dec 6, 2018 by

Brian Copeland, 2019 vice president of the National Association of REALTORS®, has two words for agents and brokers across the country: “Be flexible.”

Before he founded and became CEO of Doorbell Real Estate in Nashville, Tenn., in 2018, Copeland was the 2011 National REALTOR® of the Year. He founded one of the largest technology camps in the country, attracting 1,500 real estate professionals from 30 states. He is one of the most sought-after real estate speakers in America, as well. He has emceed and keynoted some of the largest conferences in the profession, served as the 2017 president of Tennessee REALTORS®, and advocates for property rights at the local, state and national association levels.

His message about creating a flexible brokerage for tomorrow’s leaders involves encouraging brokers to step outside their current assumptions about what makes an effective, productive brokerage. It also means learning and practicing your leadership skills, as well as your brokerage skills.

“No matter where you are on your path, make sure you’re developing your leadership skills,” says Copeland. “The one thing that rings true for me is that people want to work with great leaders. Being a salesperson is part of being a great leader. So, what are you doing to develop great leaders among your brokerage?”

To create a flexible brokerage, companies need to consider and implement five steps that are the key to agent happiness and success:

  1. Identify Your Customers
    Be very clear about who your customer is. Know who they are and what they actually want—not what you think they want. Be aware they’re not the customer or agent of the past; they want what they want when they want it, because they can get what they want when they want it. With the power and immediacy of the internet and technology, today’s agents and customers can find, do, see and watch the things they want on their time schedule. They expect the companies they engage with to deliver the same kind of experience.
  1. The Value of Space
    In 2017, Copeland, along with 99 other brokers and agents, attended a two-day brainstorming event with Facebook founder Mark Zuckerberg. The meeting was focused on the concept of space and community-building.

Copeland says everything from employee dress codes to the size and configuration of offices is changing the way people interact, create and engage. Space—meaning office space, brokerage space, and where people work and do business—isn’t what it used to be, Copeland explains. Be prepared to make changes to space, community and culture that allow for more employee and client comfort—even if they’re radically different from what you’re used to.

  1. Payment Flexibility
    It may be uncomfortable to talk about, but payment flexibility and options for changing how and when agents get paid is also important. Using the example of Chick-fil-A’s food app, Copeland talks about consumer-centric service and how to adapt and change the customer service experience to make payment and other services streamlined and positive for everyone.
  1. A Resilient Community Culture
    Create a culture that’s agent-friendly.

“As brokers, we’re the only cheerleaders our people have. So what kind of culture are you implementing on a daily basis to show your people you truly care?” Copeland asks.

He points out how many current sales meetings are flawed. Rather than being dull, must-attend events that eat up time and aren’t helpful, they need to be powerful, motivational and valuable to your agents. Being able to remotely access a meeting, rather than drive in, park and attend the meeting in-person helps a lot, too. He practices what he preaches. Doorbell Real Estate has three sales meetings a week, each 15 minutes long, and they are all accessible through Zoom so agents don’t have to waste time commuting to a meeting unless they want to.

One of the secrets Copeland uses to structure his sales meetings is to rethink the time of the meetings. Most consumers want to meet with agents at 9 a.m., so he has his sales meetings at 10 a.m., giving agents time to meet with clients at the preferred 9 a.m. time slot before coming to a sales meeting. By having the sales meetings online, it makes it possible for agents to “attend” a meeting before moving on to meet with their next client. This, and other tips, he attributes to the book “Rockefeller Habits,” based on the leadership and management principles used by John D. Rockefeller, founder of Standard Oil. Sales meetings shouldn’t be the same old tired sharing of listings, but should address issues agents find critical to doing their jobs well: 

  • How do I save time?
  • How do I make more money?
  • How am I protected? (Copeland warns about copyright violations from the use of property photos, floor plans and other things REALTORS use daily.)
  1. Harmony of Expectations
    What does your agent expect of you? Are you doing what you think they want, or what they really want? Copeland’s company pays for their agents’ MLS dues, century or supra entry cards, state, national, and local dues, and E&O insurance. There are terms agents have to follow, but those things are part of the package Copeland offers to meet agent expectations.

Finally, he says you’re not always going to be able to keep or make all your agents happy. 

Give Unhappy People the ‘Gift of Goodbye’
“Stop trying to make unhappy people happy. You can’t make unhappy people happy,” he says. So, spend your time and money keeping your happy people happy and flush the others out of your life. Create powerful moments for the people who will make a difference in your brokerage.

Copeland offers a variety of tips on how to attract great agents and great clients by creating a brand that attracts the kind of agents he wants, and urges others to do the same. To hear his webinar in its entirely, go to https://register.gotowebinar.com/register/4162145586086184451?source=bcopeland-RIS.

Mark Mathis is VP of Sales at Homes.com. For more information, please visit marketing.homes.com.  

For the latest real estate news and trends, bookmark RISMedia.com.

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Make Your Own Noise: Keeping Your Brokerage Relevant and Valuable

Nov 6, 2018 by

“Gino Blefari, CEO of HSF Affiliates LLC, co-moderates RISMedia’s 23rd Annual Power Broker Forum at the REALTORS® Conference & Expo. (Credit: AJ Canaria of PlanOmatic)

Staying relevant—that’s the name of the game in today’s highly competitive real estate industry, and the key to not only surviving the endless barrage of new technological trends and disruptive business models, but thriving, as well. At RISMedia’s 23rd Annual Power Broker Forum, “Compete—and Win—in a Changing Real Estate World,” held at the REALTORS® Conference & Expo, industry experts weighed in on how today’s brokers can beat out the competition and adapt to the modern era of real estate.

The forum was moderated by John Featherston, founder, president and CEO of RISMedia, and Gino Blefari, CEO of HSF Affiliates LLC, which operates Berkshire Hathaway HomeServices and Real Living Real Estate. Lacey Conway, president and principal broker of Latter & Blum, Inc.; James D’Amico, CEO and president of CENTURY 21 North East; Whitney LaCosta, executive vice president of Coach REALTORS®; and Mike Schlott, president of Kinlin Grover, Page Taft and Randall REALTORS®, were panelists.

2018_PB_Forum_Group_Sitting
(L to R) John Featherston, Founder, President & CEO, RISMedia; Mike Schlott, President, Kinlin Grover, Page Taft and Randall REALTORS®; Whitney LaCosta, Executive Vice President, Coach REALTORS®; Jim D’Amico, CEO & President, CENTURY 21 North East; Lacey Conway, President & Principal Broker, Latter & Blum, Inc.; and Blefari (Credit: AJ Canaria of PlanOmatic)

With new entrants to the real estate space commandeering attention on what seems like a daily basis, there’s a lot of noise to work through in order for
brokers to make themselves heard—and this noise can distract from recruiting strategies, retention efforts and agents’ lead-generating and client conversion strategies.

“Present-day companies are looking to appeal to agents and the consumer, but there’s a threat to conventional full-service brokerages: companies that are looking to disrupt the industry’s value chain,” Blefari kicked off the forum. “We are about to see an epic battle between discount brokerages and consumers who think they are being overcharged versus full-service brokerages who believe in their core that they deserve what they earn. You’ve got to treat these guys very seriously—you don’t attract hundreds of millions in capital without having a compelling business plan.”

“There’s a lot of noise out there, and you can lose your focus,” said LaCosta. “You have to know what your value is to agents and clients, and stick to that value. Focus on that and you’ll be successful.”

Going a step above means brokerages have to make enough of their own noise to stay relevant and draw away some of the attention that today’s disruptive business models are reaping—after all, they’re primarily catching the eye of the media because they’re new and unproven, reminded Featherston. For brokerages that have a set track record and have made a name for themselves in the industry, it’s crucial they use their value proposition to make their own commotion and let their voices be heard.

2018_PB_Forum_Whitney
“(L to R) Schlott; LaCosta; and D’Amico (Credit: AJ Canaria of PlanOmatic)

“We are making noise on a daily basis, so it’s hard to hear the other noise,” D’Amico shared. “Our new office, our new lead generation strategies, our new logo, our new tools—that’s the noise that will drown out the pestering emails and the weak recruiting attempts.”

The crashing sound of symbols dominating the conversation? That’s technology, which needs to be embraced to be able to perform and meet today’s “tap and get” consumer expectation. The competition is regularly introducing business models that use technology to target and alleviate the leading pain points for clients today.

“You have to look at your company’s history with the consumer and figure out the pain point. How can we take it away?” LaCosta posed. “If you can do that, you make the experience better for the consumer—and if you don’t take it away, another brokerage will do it for you.”

Culture also plays a significant role—there’s hardly anything as powerful as core values to attract attention and create a boisterous presence. Many real estate disruptors use financial incentives to lure agents; however, many who sign on with these initially-appealing brokerages find that the culture is not what they expected, nor an environment in which they can flourish.

2018_PB_Forum_John
“Featherston co-moderates RISMedia’s 23rd Annual Power Broker Forum. (Credit: AJ Canaria of PlanOmatic)

“Recruiting isn’t about emails or postcards anymore; it’s about contact and finding the right people that fit with the culture of the organization, and going after those people,” said Schlott.

Standing above the competition doesn’t have to mean taking in any and all agents; in fact, relying primarily on agent count can backfire on brokerage productivity. Filling the agent base with quality, professional members—who will not only bring in profits, but also market the brokerage simply because they believe in the cause and have an innate loyalty to the business—will ensure the brokerage outshines the continuous influx of recruitment emails that competitors send.

“Our managers and our agents are our best advertisers,” said Conway. “If they are out doing business and doing well, we don’t have to call around—they want to be with us. We have to do a better job of telling our story, and that’s simply about the people that make up our company—they make us what we are.”

The keys to marketing through the noise and winning in a changing real estate world?

“Culture trumps strategy—tell your story better,” stated Blefari, who also summarized four tips that can lead to a higher chance of attracting and retaining agents and clients:

  • Focus on production, rather than bodies.
  • Get your people to use and adopt technology.
  • Go where the expectations are high and deliver the next big skill.
  • Become better, stronger and more unique.

2018_PB_Forum_Group_Standing
“The panelists presenting at RISMedia’s 23rd Annual Power Broker Forum (Credit: AJ Canaria of PlanOmatic)

Continuing coverage of the REALTORS® Conference & Expo to come.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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There’s No Room for ‘B.S.’ in Today’s Brokerage Landscape

Aug 12, 2018 by

In early 2017, one of our upstart East Coast franchises, HomeSmart Realty Advisors in Philadelphia, adopted the phrase “No B.S.” (no broker splits) in their marketing to agents. This statement is powerful because it clearly summarizes the frustrations agents have with “traditional” models. It also explains why thousands of agents continue to look to a model like HomeSmart’s as the place where they want to grow their business.

A Transaction-Fee Business Model Is Not a Discount Brokerage

When I was an agent, there weren’t a lot of options. If you wanted to be an agent, you had to deal with broker splits—or B.S., as many agents would say. You gave up 20, 30, 40 percent or more of your commission every time you sold a house—and, you worked hard for that commission. Paperwork and file review was a slow and inefficient process. More time was spent chasing approval and signatures than getting leads and listings.

That’s why, the day I opened HomeSmart in 2000, I started building technology that, combined with brokerage business systems, would allow brokers to offer agents an alternative to brokerage splits (B.S.) by keeping 100 percent of their commissions, and, at the same time, run a profitable brokerage business.

Early on, there were dissenters and those who labeled us as a discount brokerage. Nearly 20 years later, the industry finally caught up to what I knew then. Technology, efficiency and customer service would become the recipe that enables growth for both the brokerage and its agents.

New Models, Old Problems

Today, there are new models and brokerage concepts emerging by the week, it seems. Some of them follow changing consumer preferences. Others promise ownership in various formats. All ask the agent to give up portions of their commission.

While these trends continue to get headlines, what we’re experiencing is that agents would rather have control of 100 percent of their commissions, and make their own personal decisions on how to invest in their businesses and their future.

Why the 100 Percent No B.S. System Wins

What many of today’s trending brokerages continue to ignore is balance. Some take the extreme position of being all-in on technology, but in ways, agents still end up paying heavily in commissions and extra fees. iBuyers have started to retrofit agents into the transaction, but not in a way that allows agents to be in control of their business.

Tech-enabled systems must help agents effortlessly navigate their day-to-day business and their sales transactions, so they can prioritize their relationship with their clients at every step. Balance of technology, process and people has always been the core focus of the HomeSmart brokerage business system, and, it works.

That same start-up franchise in Philadelphia adopted our model and grew from zero to just under 100 agents in one year. As our industry continues to grow and change, at HomeSmart, we’ll continue to stay focused on a business model that removes the B.S., leverages technology that supports operational efficiencies and allows our agents to provide exceptional customer service to their clients.

Widdows_Matt_85x100Matt Widdows is the CEO and founder of HomeSmart International. HomeSmart is built around technology that provides franchisees and agents with cutting-edge tools, which enable them to spend more time focusing on clients and the profitability of their businesses. Learn more about franchising opportunities at HomeSmart.com/Franchising.

For the latest real estate news and trends, bookmark RISMedia.com.

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Building a Virtual Brokerage with Strong Agents and Superior Online Leads

Apr 2, 2018 by

Monroe_LucasFor Lucas Monroe, broker and chief executive officer of Kendrick Realty, Inc. in Pleasant Hill, Calif., it’s all about accountability, systems and success with online leads. In the following interview, learn how in just the first few months of the year, his office has already surpassed last year’s sales.  

Region served: Greater San Francisco Bay Area
Years in real estate: 8 in real estate, 2 years as a broker
Number of offices: 1 in California under Kendrick Realty, Inc., and a second in Florida under a different name
Number of agents: 17 in California; 19 in Florida
Average sales price: $ 550,000 in California; $ 285,000 in Florida
First thing you do when you arrive at the office? Power up the computer and have an assistant give me the daily schedule.

Can you tell me about your office structure? I got my start on the real estate investment side of things, and this approach has carried over to the way in which my co-owners Dan Sundberg, director of people and culture, and Lisa Sickman, director of learning and performance and I operate Kendrick Realty. Our view is agent investment-focused. We spend a lot of our time looking at our REALTORS® as individual businesses that we as a brokerage are investing in.

Do your agents work from your office or remotely? We own our office outright, and it’s available to our agents, but while we get agent traffic every day, not everyone comes in every day. For the most part, our agents are virtual, which is how we set up our business model. Our view is that agents are most productive when they’re out in front of clients, so we try to provide enough opportunities so that they can do that daily rather than spend time in the office.

Since your agents spend less time in the office, how are you creating camaraderie within your company? Once a week, we have a team huddle call, which is a quick phone call with each agent where we go through stats, goals and company announcements. Since real estate is all about community, we’re very involved in ours, so we participate in monthly charitable events. We rotate month to month between our covered counties. We might do a local beach cleanup or a food packaging day, and we invite our whole team to come help with those events to do something social together and give back. We also do a monthly all-hands meeting where we invite the entire team to our office to go over new company updates.

All of our agents have a unique level of access to us as owners. We make ourselves accessible for one-on-one discussions to make sure our agents can continue learning and overcome difficulties to maximize productivity.

Who pays for the marketing and advertising? We put our money where our mouth is: we invest about $ 4,000 a month per agent, just in lead generation.

What gives you confidence that these opportunities are not wasted? Our custom CRM gives us a lot of transparency. We can look at agent leads and see how our agents are planning their day to make sure nothing falls between the cracks. We also have a core team of 20 full-time employees that we refer to as our client concierge. They are responsible for following up with our pipeline of leads and focusing on lead engagement.

Where are you getting your leads? We get the majority of our leads from realtor.com®.

What kind of results are you getting? Realtor.com® has allowed us, as a brand-new company just over a year old, to build up a lead pipeline of about 22,000 leads between California and Florida, which is incredible for any brokerage, but especially for one as young as ours. In addition, realtor.com® has enabled us to grow and scale into new areas, providing us with a predictable look at a fixed cost and a fairly consistent pipeline.

How do you train your agents to close online leads? Dan and Lisa have put together a new agent boot camp that all our agents go through. This boot camp is a week-long, eight-hour-a-day intensive intro to the way Kendrick Realty approaches the business, and a big part of that is focusing on how to be successful with online leads. The biggest problem other real estate professionals typically have with online leads is a lack of consistency. A typical real estate professional investing in their own business might spend $ 400 – $ 700 a month and that might bring in 4 – 8 leads, which is not a sufficient volume. So, a big focus for us is making sure we have enough lead scale that we’re able to sift through everything. Some will be golden, easy sales, some will be hard work, and some won’t turn into anything. But with a sufficient volume, we’re able to make consistent money for our agents and ourselves as a brokerage.

Any projections for the future of the company? We have intentions to open two additional offices this year. On the financial end, our sales from January and February 2018—plus what we have in contract—is already equal to our entire sales for all of last year. So, we’re having phenomenal growth. Last year was all about making sure our fundamentals were strong, that our systems were in place. Now, we’re looking forward to continuing to grow in 2018.

For more information, please visit www.realtor.com/brokerwin.

Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at zoe@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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Is Your Brokerage Millennial-Social or Anti-Social?

Feb 5, 2018 by

It seems that with each passing week, another report, study or survey is published pointing to the impact social media can have on a real estate agent’s marketing mix. Coincidently, this data suggests a direct correlation with the world’s largest and most powerful market segment: millennials. While many real estate agents are attempting to embrace social media channels in their marketing mix, real estate brokerages are noticeably absent.

It’s difficult to deny that social media has surpassed traditional media, including cable television, with respect to audience engagement, time spent, and media consumed. Equally undeniable is the fact that the largest, most socially engaged and technology-dependent demographic in the history of the world has made social media the most powerful marketing channel. Millennials have become the largest segment of buyers and potential buyers in the history of the United States. This shift in marketing is creating opportunities for real estate brokerages to build one-to-one relationships with this group of customers like never before. Brokerages should be investing aggressively in social media, becoming the experts at using this channel to engage and interact with tomorrow’s customers, today.

After almost two decades of consulting brokerages, I can imagine that most would be asking the 64 million-dollar question: How? Building relationships with millennials requires social media specialization to maximize value. It’s important to note that if you don’t already have a social media specialist on staff, it’s time to recruit and hire one, or find qualified third parties that can assist.

Statistical data proves that recommendations and referrals from people via social media channels convert to clients at more than 70 percent, which is incrementally better than the traditional 2-3 percent conversion rates from channels like online portal leads. Add to this the fact that in 2015 and 2016, almost 80 percent of all revenue generated in real estate was procured via spheres of influence, not from random strangers. While the methods for connecting with people are evolving, the concept of persuading and influencing customers through direct contact is a time-honored practice that works. The cliché that real estate is a belly-to-belly activity still holds true, though the approach is shifting dramatically. Social media presence and targeted engagement is proving to deliver the highest returns on investment for those that understand how social media “works.”

Additionally, brokerages that focus on social media as a cornerstone for their marketing mix are emerging as the leaders in recruiting efforts while simultaneously finding new customers and business opportunities for fractions of the customer acquisition costs compared to traditional methods. The greatest challenge for most brokerages is that they lack the necessary knowledge to create an effective and impactful social media strategy. Fortunately, companies like Elm Street Technology offer social media consultation at the brokerage level and provide free social media boot camps for agents onsite in the brokerage office.

If the plan is to grow your business with the largest demographic of consumers in world history—and you agree that social media is a cost-effective method—invest the time to create a robust social media strategy or invite professionals to help you map out a plan. Avoid being anti-social and embrace more millennials with a commitment toward building more relationships.

Frank Chimento is vice president of Brokerage Development at Elm Street Technology. For more information, please visit www.elmstreettechnology.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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