Tag Archives: Real Estate Brokerage

5 Characteristics That Make You A Leader Instead Of A Boss

As an experienced real estate broker, you already understand that the agents that make up your team are not truly your employees. However, they do look to you as their broker and many will look to you the captain of the ship. After all, you are the one in charge of recruiting new members, guiding your brand, keeping everyone in compliance with the law and basically make the rules for the brokerage. Still, if you want to empower your team to achieve optimal success, you need to influence their performance more as a leader than a boss. The experts at Weichert recognize that these five characteristics are what make the type of leader that achieves the most success.

  1. Leaders Motivate, Not Intimidate

One of the most distinguishing differences between and leader and boss is how they achieve performance results from their team. While a boss may resort to scare tactics and confrontation to compel a team to meet benchmarks, a leader will take the time to discover what motivates each person and deploy appropriate methods to keep them motivated. If you are determined to build a positive culture within your brokerage and continuously elevate performance, you would be better off behaving like a leader that motivates your agents on multiple levels. For example, you can establish financial, emotional, and professional motivators like bonuses, awards for performance, and promotions within your team.

  1. Leaders Focus On Sustainable Solutions

Anyone can throw together a lackluster short-term solution for problems that arise within their brokerage. However, a true leader takes the long-term future of their agents and their brokerage seriously and avoids applying the proverbial band-aids on bullet holes. If you plan to lead your agents rather than boss them around, you should include contingency plans within your annual business plans. The more that you plan ahead for things that could go wrong, the better you will be at leading your team to success with ease throughout those challenges.

  1. Leaders Listen, Support and Share the “Why”

Nobody enjoys working with or for someone that runs their business like a dictatorship. In fact, brokers that don’t listen to their agents will experience a higher rate of costly agent turnover and  issues. If you are the type of broker that strives for the best for their entire team, it would be in your best interest to keep your eyes, ears, and mind as open as possible. Not only could you open the floor to your agents during team meetings to allow for free expression of ideas, but  make one-on-one appointments to check in with agents on their progress, guide them through challenges, and allow them to share their opinions or ideas with you. These are the perfect opportunities to show every agent in your brokerage that you care about them and are happy to support them in their career as their leader rather than their boss. And if there are specific practices you need agents to engage in, make sure you are not just “ordering” it to happen. Make sure you are giving them the context of “why” it is vital for them to engage in it.

  1. Leaders Strive For The Successes Of Others

Another noticeable difference between brokers that behave like a leader vs. a boss is their desire to see each and every member of their team succeed for more than their own personal gain. They put the goals of their agents above their own. Obviously, when your agents make money, you do too, but the more you invest in helping each agent achieve their personal and professional goals, the more success you will all achieve. It’s a feel-good way to approach your business and a win-win for you and your agent. Agents that know that their broker truly cares and helps them, are far more driven to produce results.

  1. Leaders Build Confidence

As you probably remember, starting a career as a real estate agent can seem a bit overwhelming at times. It can be difficult to build up the necessary confidence to run a profitable real estate business in the face of all the rejection that inevitably confronts agents. You can define yourself as a leader by instilling your team with the confidence they need to approach leads, negotiate contracts, and navigate unexpected issues that arise. You can remind them that failure is ok; it happens to everyone, and the key is to let it go and move forward. The more you invest in training, educating, and supporting your agents through every stage of their growth, the better they will be able to perform with confidence.

Be The Leader you Always Imagined

Ironically, it can be challenging to build up your own confidence as a real estate broker and leader, especially if you are trying to navigate these waters on your own. One of the main reasons that many brokers choose to join a franchise like Weichert, is that they can get their own support as a broker and a leader, as well as the educational tools they need to empower their agents.

For more information about how joining Weichert can help you grow as a leader, please visit www.weichertfranchise.com.

Recruiting Your Team – Finding the Right Fit.

 

All brokers know that bringing talented and energetic real estate associates into your team is the key to long term success. But for many, sustaining and increasing headcount growth is both a quantity and a quality issue. It turns out that not every sales associate may be a good fit for the culture and the kind of team you are trying to build and with limited space and energy to give to your staff, choosing carefully is well advised.

Here are some thoughts from the experts at Weichert on what to ask and what to look for to see if the fit is truly right.

Personal Connection

Building a cohesive brand and company culture is dependent upon your ability to hand select new members that will be able to form a strong personal connection to you, the rest of the team, and the type of clientele that you are targeting. Even if an agent is talented, you should not invite them to join your team if they will become a disruption or point of conflict because of their personality. In addition to their professional appearance on paper, it is wise to take your time measuring your connection with each prospective agent. You should do this each time you meet and introduce them to other members of the team to see if they jive with your company culture. Trust your instincts.

Level of Experience

Depending on what type of brokerage you strive to run, you may want agents with different levels of experience. For example, if you thrive as a real estate mentor and want to be very involved in training, you may be better suited for recruiting new agents. However, if you are targeting sophisticated luxury clients, you need to recruit agents that have the maturity to cater to those demands and needs. You also want to take into consideration, their level of experience in business at all. For example, a former teacher versus a former mortgage lender will have very different preexisting knowledge about running a real estate business. . Keep in mind, too, the cost to your brokerage for experienced vs. new agents. It is often good to have a mix of both to optimize brokerage profitability.

Level of Commitment

As you already know, recruiting and agent turnover are one of the highest operating costs for any real estate brokerage. Therefore, it is imperative that you stay focused on quality agents that will be motivated to stay with you after they benefit from your training. When trying to understand what the commitment level of a new hire might be, asking about the future is always a good idea. Don’t hesitate to ask agents about their five or ten year plans. Folks with a serious commitment to being a professional agent will have thought about how they want their career to evolve, and may even have set revenue goals. This is a sure sign that you are dealing with a more committed agent with long term potential.

Spend Your Time on Recruiting – It’s Worth it

There is no question that recruiting, training, and molding a real estate team is much easier said than done. The amount of time needed to generate recruiting and training materials, host events, and provide support can be significant. A partner like Weichert provides real proven processes that also offer the busy broker relief.  Relief in the knowledge that an experienced partner with real support, proven processes and tools is there for them and their agents 24/7.

For more information about how a partnership with Weichert can help you grow your brokerage go to www.weichertfranchise.com.

You’ve Built A Successful Real Estate Team, What’s Your Next Move?

 

As a successful real estate team leader, you may feel you have yet to reach your full potential and are ready to take the next step forward in your career: owning your own brokerage. For many, the move from team leader to brokerage owner can seem daunting. Here are a few thoughts from the experts at Weichert® to help you understand whether taking your skills to the next level is the right move for you.

This is Evolution, not Revolution

It turns out that making the leap from team leader to brokerage owner is not that big of a step from the skill set you developed as a team leader. This is not to say that there aren’t things to learn and new challenges to embrace, but many of the most important management skills of a successful broker/owner may already be part of your experience.  For example, you already spent time leading and motivating your team members to set and achieve ascending goals. You understand the importance of creating a positive customer service experience for buyers and sellers. You also have the experience of recruiting new members, establishing individual roles within the team and delegating tasks based on the personal strengths of each team member. All of this experience will come into play as a broker, but on a progressively larger scale.

You Don’t Have to Take the Leap Without a Net

It is a good thing that you already understand the fundamentals of operating as a leader because as you make this next step, there is no shortage of milestones you will need to complete. Although requirements vary on a state-by-state basis, it is typical that you will have to do the following to become a broker:

  • Get your broker’s license
  • Establish a physical office
  • Decide what tools and technology you plan to use
  • Set a budget for expenses like daily operations, recruitment, training, and marketing
  • Write out a formal business plan
  • Decide between being independent or affiliating with a national franchise

Aligning yourself with an franchise can provide you with a roadmap, alleviate these growing pains and allow for a smoother transition. For example, joining the Weichert franchise, gives you access to professionally designed sales and marketing materials, powerful technology to market and service clients and extensive training support to continually keep your agents sharp. With personalized websites, CRM and libraries of marketing resources already at your fingertips, you can focus on continuing to build and manage your business. As a broker/owner, you benefit from Weichert’s strong culture of support, from its collaborative network of owners to your personal business coach and service team. You won’t have to go it alone. Find out how Weichert can enable you to do more as you graduate from team leader to broker/owner.

Real Estate Team Leaders Make Great Weichert Broker/Owners

Not only will affiliation allow you to eliminate the time-intensive guesswork of trying to develop your own systems, but it will provide you with the hands-on coaching, education and mentoring that you need as you continue to grow your team to reach your full potential.

If you are ready to truly run your own business and want the tools, resources, technology and coaching support you need, bring your team over to our team. Contact Weichert Franchising today.

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/