Tag Archives: real estate coaching

Awards & Recognition: Why A Little Can Mean A Lot in Retention

comprehensive support

One of the biggest challenges that even the most experienced real estate brokers face is constantly keeping their agents motivated toward achieving their goals. This is because the real estate industry poses many challenges – and there is a lot of rejection that goes along with the job. Your ability to support your agents and provide them with positive reinforcement can make them much more appreciative, less likely to leave you, and much more motivated to contribute to the business. If you’re looking to reignite the fire in your team and get the ball moving again, try some of these ideas:

Build A Culture of Support

You have probably heard many people talk about things like “company culture”, but maybe you’ve wondered how that is ever implemented in a meaningful way at a brokerage. At Weichert, we believe that getting this right is one of the most important elements of keeping your team in place over time. One way to build this culture is through awards and recognition. They don’t have to be elaborate ceremonies, or expensive gifts, but public and regular recognition of achievement is a proven way to create positivity in your environment. It can appeal and motivate your entire workforce in a way that transcends money. Recognition tells people you notice and you care about the big and little things they do. Recognition will go a long way in creating the culture of trust and support that every broker should want.

Everyone Enjoys Being on a Winning Team

Everyone is an individual and is motivated by different things. But if there is one thing everyone has in common, it’s that they want to be on a winning team. Being recognized, seeing their colleagues recognized, celebrating collective milestones and achievements of the brokerage all contribute to positive feelings throughout the company. Everyone is working toward common goals, they can visually see progress being made, can cheer each other on and celebrate success. In short – it just makes everyone feel good! Who doesn’t want to be part of that? That energy motivates a team to continue to move forward and is especially powerful to have in the bank to get tough times.

Recognize Success at Many Levels

Awards, or acts of recognition, both big and small, both public and private, do a number of things for you and your agents. So what are some of the things you can recognize?

  1. The closing of sales is an obvious cause for celebration
  2. Monthly awards such as Top Listing Agent, Top Closing Agent, Most Homes Shown, or Most Open House Traffic
  3. How about a distinguished service award for someone who volunteers at a charity in the company name? Or who generates the most donations for a particular drive.
  4. End of Year recognitions based on GCI or Transactions. Create different levels. Recognize your best Rookie.
  5. You can recognize people for particular skillsets or expertise they possess, such as your client management system or recognize an agent for delivering the best listing presentation, most phone calls made, most direct mail pieces sent. Use your imagination, but keep it real.

Brokers Need Motivation Too

As a broker, you are constantly leaned upon to play the role of the fearless leader and keep your agents motivated. However, you also deserve to have a support system that empowers you to stay motivated, improves upon your success, recognizes your achievements, and helps you grow as a leader. Who helps motivate you and encourage you to keep going?

When you partner with a franchisor like Weichert, not only do you get the coaching and guidance to help you implement awards and recognition in your office, but our coaching team is there to support and cheer you on as an owner. Plus, we support a national awards program that recognizes both agent and company achievement. This includes an annual season of local events that take place around the country, where members of your office as well as from fellow franchisees in your region will come together to congratulate, celebrate and cheer each other on. It’s all just another way to be in business for yourself, but not by yourself. After all, everyone likes to be part of a winning team.

For more information about how you can be part of the winning Weichert brand, visit www.weichertfranchise.com or call 877-567-3350.

How to Make Millennial Real Estate Agents Feel at Home in your Brokerage

As you recruit agents into your brokerage, it’s important to acknowledge there are differences in the way various generational groups communicate, respond, work and interact. Understanding these differences can be your secret weapon in motivating and communicating effectively with your team. Millennials currently make up the largest portion of the workforce and account for 50% of workers in the next 2 years. Here’s how you can make sure your brokerage is a good fit.

Values That Match Their Own

As an experienced broker, you already have a good handle on the basic qualities that an agent looks for in evaluating a brokerage: leads, commission splits, support, education, etc. However, if you want to both attract and retain Millennial real estate agents, you’re going to need to appeal to more than just those cornerstones. The desire for self-fulfillment is strong in this generation and drives them to seek out companies that strongly support their growth and learning at this stage of their career and down the line. Millennials are especially driven towards companies that promote a positive, well-rounded and healthy culture. If they do not form a strong connection with your company culture and trust in its genuinely altruistic nature, they will not hesitate to leave for greener pastures. This is a key difference from the Baby Boomer generation who has more of a “pay your dues” mindset and would usually stay with a job for years to gain experience. By contrast, a Millennial will leave quickly if the fit isn’t there.

Technology That Supports Their Goals

Although it is not their top priority, tech is still an important factor for Millennials that have grown up with it. Tech-savvy tools like a CRM, modern website, and lead generation systems are mandatory to them. Like your company culture, this is an area where you will need to both talk the talk and walk the walk. If you are not yet familiar with all things mobile and social, now is the time to bone up. Remember, these tech-savvy newbies are looking for you to take them by the hand as their leader and show them the way. If you can’t show them at least some acumen and understanding with social, mobile and technology as well as real estate, you will struggle to convince them that they are in the right place.

Someone to Turn to For Guidance

Taking less experienced agents by the hand and making sure that they know they can turn to you for help or guidance is crucial; a rule that applies to new agents of any age or generation. Millennials seek out leadership that frequently engages in positive reinforcement. One way to do this is to find regular ways to recognize your agents for their various accomplishments. If you hold regular team meetings, this would be a good time to hand out various awards for goals reached or at least acknowledge those agents that are making progress towards goals set like listings taken or open houses held. This will also contribute to the positive company culture you are trying to foster.

Team Meetings

Team meetings help to build camaraderie and give a brokerage that familial feeling that Millennials crave from their place of work. The more that you can make them feel as though they are a part of a family working towards a shared goal, the more invested they will become in the overall success of the brokerage. Again, injecting your team meetings with positive reinforcement and recognition for a job well-done will resonate with Millennials. They are also a great time to offer continuing education on day-to-day issues that real estate agents face and technological advances that could help the team with their goals.

Do You Have The Right Stuff?

As Jim Weichert emphasized when he started Weichert, Realtors® over 50 years ago, it’s all about the personal. As a successful real estate broker, connecting with people on a human level is in your wheelhouse, so don’t be afraid to tap into those fundamental skills when working with Millennials. Making your brokerage more attractive to Millennials is just a small evolution, not revolution. If you have a holistic company culture, tech-savvy tools, an abundance of leads, and good systems for ongoing education, then Millennials, and everyone else will want to join you.

Weichert supports its affiliates with things such as sales meeting templates, an awards and recognition program, ongoing training, technology support and more, providing a perfect plug and play system to help brokerages create an optimal fit for Millennials.

With Weichert at your back, you can do even more. Give us a call today at 877-567-3350 or visit us at weichertfranchise.com for more information.

Best Way To Get Full Commission? Know Your Value.

In the ultra-competitive market for local home listings, the pressure to discount commissions is ever present. Some brands in your market may even make the discounted commission their primary marketing differentiator while selling themselves as full service agents. How do you compete with that?

Is discounting simply devaluing your services or something you have to do to survive? Here is some insight from the online real estate marketing specialists at Weichert.

Educating Clients About the Value of your Services

If you want to keep your full commission, you have to sell the value of what you do for it, plain and simple. A 4% commission from the other guy may sound great, but we all know he’s cutting corners somewhere to do that. Yet for clients, cutting broker commission seems to be the easiest route to saving money – and in their heads, this makes sense because they often lack the insight into what it is that real estate agents actually do. Taking the time to keep the client informed of the services you will provide at every step of the way is key. These include, but are not limited to:

  • Start with a great listing presentation and local market analysis. If you impress them with the professionalism and thoughtfulness of your competitive research, you’ve immediately set yourself apart as a professional who is deserving of full compensation.
  • Do the legwork – Scheduling multiple open houses, tours, inspections, re-inspections, conducting follow up, recommending small changes to make the house more sellable, running ads in local real estate publications, posting in supermarkets, mailings… the list goes on and you should be able to tell prospective home sellers exactly what they won’t get when they go to a discount brokerage.
  • Most people hate to negotiate – It’s a fact, but as an agent negotiating deals is your bread and butter. Agents can spend hours presenting, convincing, and following up on an offer – and only their experience and negotiating expertise maximize the seller’s chance of selling quickly at the price they want.
  • Expanded Property Marketing Exposure – This is achieved by accessing your real estate agent’s branding and MLS platforms, the most important of which is its online space. Buyers predominantly search the Internet for housing choices, and it’s almost impossible to get the same visibility and access to buyers through a discount realtor.
  • Accurate pricing – There are always properties that are overvalued by owners and may stay on the market for months or even years, just as there are undervalued properties that are rapidly sold for far less than what the owner deserved. Accurate pricing ensures a good result for owner and buyer, as well as a faster selling process.
  • Executing the sale – Completing a sale is a complex process that is made far easier, faster and more reliable when taken on by an experienced professional agent and broker. A full service agent will often have a real estate crm system to help them stay on top of potential buyers and a transaction management system to manage the transaction in a way that for-sale-by-owners, or discount brokers will not.

Technology plays a vital role in achieving this and is another area where you can show the value you add at full commission. As an agent, you have access to expert online marketing tools for real estate agents, a broker who is able to properly leverage the full power of their local brand and reputation, as well as a network of financing, legal, and construction professionals who you can recommend and help manage for your client.

Transform the way you sell with industry-leading real estate coaching programs 

Built on the expertise of experienced brokers, technology specialists and real estate industry leaders, Weichert is focused on providing effective answers to the challenges faced by today’s real estate agents. From marketing strategies for agents and a cutting-edge lead generation system to the best real estate coaching programs in the industry, we provide all the solutions you need to build your business and succeed in even the most competitive climate.

If these tools and solutions sound like a good fit for your brokerage or you would like to find out more about the Weichert system, please contact us today.

Undeniable Traits Of A Successful Leader

As a real estate broker, you are no longer directly responsible for leading buyers and sellers through the complexities of real estate transactions. Instead, you are now charged with the responsibility of successfully leading your team of real estate agents to reach their potential. While there are many traits and skills that make up what most would consider a successful leader, there are a few that serve as the cornerstones for every broker. As you strive to become the best leader you can be for your team and your business, focus on the development of these must-have traits.

Authenticity

The greatest leadership wisdom taught in lofty places like Harvard has to do with being authentic. Authentic leaders are said to value input and feedback, are positive, truthful, and open. They build trust and generate enthusiastic support that improves both individual and team performance.

Consider that a career in real estate can feel like a roller coaster, full of ups and downs. For some real estate agents, the downs can lead to doubts in their abilities and fears about their future. As their broker-leader, you can help shoulder those burdens by being an authentic leader who has both empathy for their situation, but whose enthusiasm and positivity helps them stay focused and motivated. Being an authentic leader, also helps creates the authentic culture in your brokerage that will minimize turnover and help improve production.

Recognition

There is nothing more demoralizing than having those you look up to ignore your strengths and accomplishments. As a leader, it is your job to give recognition to those agents that perform well and showcase exceptional talents. If you hold team meetings, you may want to consider regularly giving out awards or tokens of recognition to worthy individuals. Certainly top performers should be recognized, but there are many things you can recognize people for. In the spirit of being authentic, just make sure they are recognized for real achievements.  If you look hard enough, everyone has something meaningful they have achieved that you can hold up for your team.

Humility

Everyone makes mistakes. The difference between an average joe and a successful leader is that a leader is humble and willing to admit their mistakes. This is another attribute of the authentic leader, the willingness to admit mistakes. In fact, as a real estate broker, you have a special opportunity to use your hard earned knowledge to save your agents from wasting their own time, money, and resources in the same ways you may have as an agent. By exercising humility and openly leveraging your mistakes into lessons, your entire team can work smarter and will have deeper respect for you as a leader.

Empowerment

One of the first things you had to learn to do as a broker was to stop selling homes yourself. Now the next part is actually empowering your agents to do the selling and make them as good at it as you were. Don’t be a broker who swoops in and personally fixes everything, whenever a deal hits a rough spot. Instead give your team the training they want, the advice and support they need, and the encouragement to be successful. Agents who feel empowered and supported, and who are not micromanaged, will take more initiative and over time will develop into more productive and motivated sales associates.

Accountability

If you strive to lead an all-star team, you must lead by example by being accountable for what you say and do. This really means getting back to some basics like saying what you will do, and doing what you say you will. Since the buck stops with you, some things will naturally float up to your level, and when agents see that you will jump in and handle the big challenges, their confidence in your leadership will grow.

Accountability is actually one of the important skills Weichert teaches its brokers through the Weichert Management Academy. The academy, open to Weichert owners, brokers and managers across the country, teaches attendees all the important elements of building a successful team and managing a successful business. In this training the behaviors that constitute accountable leadership at every level are discussed. Being accountable means employees will feel your organization is solid, and that they are both well supported, and empowered to move their business forward.

There’s Always Room To Be A Better Leader

As a real estate agent, you successfully developed your abilities as a salesperson. As a broker, your focus shifted to being an effective leader. If you think you could benefit from leadership coaching and training programs, as well as a collection of production boosting tools and systems for your agents go to weichertfranchise.com or call 877-746-2067.