Tag Archives: Real Estate Brokerage

How to Develop Managers in your Brokerage

Real estate franchise coachingA broker recently told us about his first ever performance review as a manager. “I remember my boss telling me that though I was very smart and energetic I had to learn to ‘let go of the bench’. It is a lesson I took to heart when I became a real estate broker.” This is great advice for all brokers and something we stress to the many brokers we speak to on a regular basis. And it’s not hard to see why.

For many brokers, such as yourself, the decision to open your own business simply made sense – after all, you’re experienced in the industry, have a great track record and know how a brokerage runs, so taking on the business side of things is just one more task. Except sometimes, it’s surprising just how much time it really takes. Running your own brokerage means recruiting your own real estate agents, real estate marketing, and managing it financially and administratively. When you are dedicated to seeing your business succeed, this often means you try to take on everything yourself. And if you don’t–or can’t–get something done, it doesn’t happen – and that doesn’t help your business. This is where learning to “let go of the bench” comes in.

Developing the ability to delegate managerial and sales work properly is one of the keys to successfully running any business, but is especially true for brokers because so much of your time is spent is spent on essential, but non-sales related tasks. There’s no way you can multitask while running an open house, for example. Delegating not only means that you have access to additional people to take on certain tasks, it also means having access to people that you can trust to do those tasks properly. This is an essential part of the process of taking yourself from real estate agent, to effective leader of a brokerage, and having the time and resources to be able to put in place the plans, processes and support needed to build and grow your business. Without it, you risk being overworked and overwhelmed, and your business has trouble moving forward.

How to Delegate Effectively and Turn Employees into Managers

  • Learn to let go: Dedication is the name of the game, but overseeing your own business means focusing on the big picture and letting go of other tasks. Start small and build up to bigger tasks as you get to know and learn to trust your team. Reward good results with more responsible tasks.
  • Prioritize: No two tasks are made equal, so sit down and develop a strategic plan that prioritizes tasks in different categories from those needing the highest skill level to those needing the lowest. This will help you decide who should be capable of taking on what.
  • Strengths and weaknesses: Everybody has them and your team is no different. Spend time getting to know them so that you can play to their strengths and match up tasks with the individuals with the most relevant skills and experience.
  • Instruct and teach: You are likely to have the most managerial experience of anyone on your team, but that means that your role is more effective for some tasks as a teacher rather than actively working on the task. Transferring those skills so that you can focus on growing your brokerage may take some time in the short term, but it will pay off soon.
  • Trust, verify and feedback: Don’t micromanage your team leaders while they work or else you won’t benefit from letting go of these tasks. Give them a certain amount of time and step in casually on occasion to ask how they are progressing. As you learn to trust your managers and as their skills increase, you can rely more on them. Feedback is very important at this stage, both in terms of correcting errors constructively and in praising work well done.

At the end of the day “Letting go of the bench” is easier said than done. To do it properly you need a plan, a strategy for the cultivation and motivation of team leaders in your brokerage. You need discipline and a plan for managing at a different level and finally focusing on the things you need to. You need to have a system and a set of activities that if properly executed, will help you consistently meet your growth targets. It’s this type of process and tools that the Weichert System for Growth and our real estate coaching program provides.

For more information visit https://www.weichertfranchise.com.

This blog was originally posted at: https://www.weichertfranchise.com/real-estate-agent-marketing/develop-managers-brokerage/

Improve Your First Online Impression

These days, buyers, sellers, and agents are finding you for the first time online more than ever before. According to a study conducted by NAR in 2018, more than 90% of home buyers conduct their home search online. So, whether it is from a listing that matches their search, social media, a third-party website, or a blog post, you want to make sure that their first impression of your brokerage sets you apart from the competition and leaves a lasting impression. Here are some things you can implement to help you start these relationships on the right foot.

Keep Agent Team Webpage and Social Profiles Current and Active.

For both Gen X and Gen Y clients, nothing raises a red flag quicker than a Facebook page that hasn’t had a post in a month. Website and social profiles should regularly showcase the skills and experience of you and your team in a visual and relatable way. It tells customers why you’re the right partner for their real estate transaction.

An effective profile contains:

  • A high-quality photograph (headshot only) presents your team members as likable and trustworthy. You don’t necessarily need to hire a professional photographer but avoid ‘selfie’ shots with shadows or odd angles. Encourage your team to dress professionally (no ballcaps or sunglasses) in their online photo. Update photos about every 2 years or when a team member’s appearance changes significantly. People expect to meet the person they seen online.
  • An engaging bio that tells a story about each team member. The bio establishes credibility with potential clients by being relatable; avoid using the bio like an advertisement. A useful bio will outline qualifications, personal background, and the kind of partnership approach you will take with clients. Team members can also use their bio to explain their knowledge about the local market and share client testimonials.

Since each team member is an extension of your brand, the language, and style of their bio should be consistent, and reflect the values of your real estate brokerage.

Craft A Content Plan

Content remains king in the information age. At the core of every successful real estate content marketing strategy are three things:

A clear vision: In order to best optimize your content and resonate with your ideal clients you need to create a comprehensive profile of who they are, what they seek, and what problems they face. Decide what you want to accomplish through your content plan.

Altruism: Make sure that all the content you post is in the best interest of the target audience. If you constantly try to promote yourself throughout your blog and other content, you will alienate the people that you are trying to attract. Instead, aim to inform and entertain them by delivering the content that they crave without any expectation of getting something back.

Consistency: Create consistency with all of your content to present a more polished perception. Not only should everything look, sound, and feel the same, it should be posted and updated on a consistent basis.

Since you can never be sure which piece of content someone will find first, it is important to regularly update your content on brokerage blog posts, social media channels, and pay careful attention to your images and videos. An active and relatable set of digital channels can be like honey to the bees for creating a first impression that leads to engagement.

Leverage Testimonials

One of the main driving factors behind a buyer’s decision-making process is social proof. Here you really only get one chance to make a first impression. With so many competing brokers and agents out there, the one with visible, authentic sounding, properly attributed reviews will often be the one who gets the call.

Luckily, online reviews are easier to collect and control than traditional word of mouth. Get the most out of every testimonial, no matter where it was collected from, by posting them everywhere people can find you like your website, profile pages, various social media profiles, third-party websites, printed materials and newsletters. There are many resources out there available to help you do this.

Affiliation Can Help Make Your First Impression Stronger

Making a great first impression is one thing, but you have to have the infrastructure to live up to customers once you get them. Sure, you can build all the tech, tools and systems on your own, but it takes a lot of blood, sweat and tears and you have a business to run! By finding the right brand to affiliate with, much of the heavy lifting will already be done for you.  All you have to do is apply it to your already successful business. Weichert franchisees benefit from a comprehensive suite of branding, technology, lead generation, marketing tools, and training that allow them to always put their best foot forward on and offline.

The power of a carefully built brand, like Weichert, gives every franchise owner a leg up in their local marketing and recruiting. When coupled with our proven systems for everything from personal branding, to training, to brokerage management, you can finally spend more time working on your business, instead of in it.

For more information about how Weichert can help you strengthen your brokerage’s first impression, go to www.weichertfranchise.com or contact us at 877-567-3350.

Using Facebook Video Ads to Supplement Brokerage Lead Generation Activities

Of course, there is nothing new about the concept of using Facebook’s ad platform to try and attract new business, increase brand recognition, and build the overall size of a real estate brokerage. However, as the platform continues to evolve and become more sophisticated, fewer and fewer agents are using videos to take advantage of its tremendous power. While Facebook Ads can’t completely replace all other lead generation activities, they can be a valuable portion of your overall strategy. The key is being able to understand how to get your ads to stand out and capture the attention of the right people.

What Video Ads Should You Create?

Just Listed or Just Sold- This option supplements direct mail as a way to let people know that you have a property that was just listed or sold. Create a stunning ad to show off your new accomplishment and use Facebook’s advanced targeting tools to get it in front of the local audience.

Neighborhood Profiles- Show everyone that you are the local expert by creating a video that profiles various neighborhoods in your market. Include key details like what makes the neighborhood unique and the benefits of buying a home there.

Testimonials- Testimonials are an invaluable marketing assets that truly help prospects feel more comfortable about working with you. When you complete a transaction, ask your happy clients if they would be comfortable filming a brief testimonial to share with other buyers and sellers about why they enjoyed working with you.

Open Houses- Taking a video of a busy open house and the property is a fantastic way of getting more exposure for the property and showing future sellers how aggressive you are about marketing your listings.

Real Estate Tips- Sharing interesting and actionable tips in an entertaining way are a great way of showing buyers and sellers that you are knowledgeable and eager to help them make the most of each transaction. Videos like these go a long way to building trust with your audience.

Charity Work- Videos that show the community how well you work with charitable organizations build tremendous brand value and go far to illustrate that you care about more than commission checks.

Who Should You Target with Your Ads?

The target audience that you select for your video ads is just as important, if not more so than the content of the videos themselves. It is easy to overthink placement, but there are three main factors to focus on.

Your Database- One of the best targeting options allows you to upload a CSV. file of your contact database and place your video ad in front of those people. This is an easy and effective way of staying on their radar throughout the year.

Locals- Farming your area has never been easier thanks to Facebook’s capability of targeting people that live within a specific geography. This is particularly helpful for all of those “just listed” and “just sold” videos.

Behaviors & Interests- In addition to being able to reach people based on where they live, you can also reach people based on how they are behaving online. For example, you can target people that are showing interest in buying a home and are trying to learn about your farm area. This is extremely helpful in making sure you’re reaching the right people rather than wasting money on “spray and pray” marketing.

Bringing it All Together

While you can’t depend on Facebook video ads to be your only source of lead generation or expanding brokerage awareness, you can develop results from videos with a limited budget. In fact, if you create high-quality video content for your ads and target them correctly, you can reach people for only pennies per impression.

Being in business for yourself, doesn’t mean you have to go it alone. For more information about how to plug into the Weichert system, so you can always get answers to your questions on marketing and more, contact us today. Go to www.weichertfranchise.com.

Tough Love: How Mentors Can Bring Out Your Best as A Brokerage Owner

It takes an entrepreneurial spirit to build a successful real estate brokerage. You’ve crafted a long-term vision for your brokerage and hired a skilled real estate team, putting your talents and efforts into creating value for customers. As an entrepreneur, you’re always looking for ways to improve your processes and your people and ultimately grow your business. You don’t have to do it alone. Partnering with a mentor for support, frank talk about your bottom line, and new ideas is a great way to ensure your brokerage meets and exceeds your goals and keeps moving forward.

Benefits of Having a Mentor

A mentor, like any good coach, will be able to identify and hone your strengths.  Your mentor will also help you recognize and remove obstacles to success. Beyond those two comprehensive benefits, a mentor helps challenge you and can bring out your best performance in the following ways:

  • You’ll gain knowledge your mentor gathered through experience. Real estate training and textbook information are essential, but first-hand accounts of challenges (and solutions) are valuable lessons only a mentor can offer. A mentor can guide you past potentially expensive missteps and find more efficient ways for your team to work.
  • A mentor’s objectivity makes it easier to improve performance. Yes, a mentor will encourage you, but more importantly, will be honest and direct with you. Great mentors deliver ‘tough love.’  You and your real estate team become stronger when you receive constructive and respectful feedback.
  • Your mentor can assist with goals, strategies, and best practices. You know what’s worked well for your real estate brokerage. A mentor brings new ideas for you to think about when you’re setting goals, developing a yearly business plan, choosing tools and technology, and recruiting and retaining staff, as well as just best practices for good operational management in a brokerage.
  • A mentor helps hold you stay on track. You are there to help keep your agents on track with their goals, but who is there to keep you on track? Your mentor or coach will help keep you on track when you start to veer off course, and help you dig in and cheer you on to the finish line when you are tempted to settle for less.
  • A mentor provides networking opportunities. As you know from your own experience, personal connections and relationships are vital to real estate brokerages. Your mentor will have a network of people you can tap into for additional support if needed.

Choosing the Right Mentor

Qualities of a mentor or coach mirror those you’d expect from a good manager. Look for a real estate coaching program that has the following characteristics:

  • Responsiveness. Your mentor or coach won’t be an active member of your real estate team, but should be available to answer your questions within a reasonable time. Having scheduled times to connect is recommended to ensure accountability. Regular meetings also give you opportunities to discuss current performance and adjust plans and tactics as needed.
  • Favorable track record. Experience and proven results are crucial qualifiers for a mentor’s effectiveness. You’ll benefit most from working with a coach who has been successful in areas you want to improve.
  • Communicator and collaborator. A trust-based relationship starts with an honest and transparent conversation about expectations and boundaries. A good mentor will have your back, but also expects you to be direct about your needs for support.
  • Realistic and positive. A mentor who brings out your best will be frank about what’s possible and rein in ideas that may be a bit unrealistic. Remember, good coaches encourage growth and find ways to remove obstacles.

The best mentors and coaches care about your team’s success, providing the direction and resources you need to achieve your goals. They view their role as an opportunity to help your real estate brokerage thrive and grow.

Finding the Best Real Estate Coaching Program

Interacting with a mentor or coach is more than a week or month-long program. A real estate mentor will coach you and provide feedback as needed. The relationship with your mentor will be most useful when it develops and endures over time. You’re both committing to working together to achieve long-term success.

If you’re ready for the next level of success in your brokerage, then joining a team like Weichert may be worth considering. The Weichert franchise model gives you access to one of the best real estate coaching programs available. You are assigned a business coach who will work with you. The model is based on proven processes that are always there for you and cover almost every aspect of real estate, including solutions to common problems related to brokerage growth. You’ll get:

  • One-on-one business coaching including business planning, recruiting support and financial management training, as well as things such as building culture, implementing change and increasing engagement.
  • Regional broker meetings, rallies, chat boards and national conferences that connect you with other broker/owners in the Weichert network who openly share their solutions to the similar challenges you may be experiencing.
  • A regional service manager to provide day to day support on accessing and using the Weichert tools available.

The comprehensive coaching program from Weichert helps bring out the best in you as a leader and supports your efforts to build your business with proven processes, not guesswork. It’s all part of being in business for yourself, but not by yourself. Like all things Weichert, it starts with “We”.

If you think you might be ready to get started with one of the best real estate coaching programs available, Call us at 877-567-3350 or contact our team today.