Real estate is both a rewarding and challenging profession. Associates are constantly learning and are highly knowledgeable about local community issues and the national economy. While every transaction is unique, helping people achieve their dream of homeownership is a gratifying experience that never gets old. The passion your agents have for the real estate industry is why many home buyers and sellers choose your company over your competitors. Just like a high-performance engine needs an occasional tune-up to continue performing at optimal level, your agents also need some regular coaching and encouragement from you to stay motivated and achieve the best results for your brokerage.
Get To Know Your Agents
As a successful broker, you probably have a team of agents with diverse personalities. While a pep talk during an office meeting may fuel the enthusiasm of some agents for weeks, others respond to a one-on-one conversation with you about their individual business plans and revenue-based goals. You or your manager should regularly schedule a time to meet with each of your agents personally to discuss their current clients and transactions that are in progress. This also provides the management team an opportunity to learn more about them and their lifestyle. Understanding your agents helps know how to best to motivate each one of them and lend your experience where needed on deals that are in progress.
Acknowledge Their Strengths and Accomplishments
Recognition is one of the most effective methods of motivating your team. Everyone wants to be appreciated and respected, especially younger, or new to the industry agents. These agents in particular will need encouragement as they exrealerience the normal initial disappointments and setbacks of the selling process. Let them know you recognize that they have the potential to be exceptional real estate agents, while gently coaching them toward best practices. Make a big deal of their first sale, and let them know they have a safe, professional home within your brokerage.
It is also important to let your experienced top producers know how much you appreciate them. Reliable agents who always do well can too easily be taken for granted. Allow them to mentor junior agents, as a sign of how much you respect their abilities.
Maintain a Great Work Environment – Every Day.
Motivating agents is not something that you can write on your to-do list and achieve in one day. Agents have different temperaments and they have good days and bad days. Brokers should strive to maintain a positive company culture that fosters agents’ creativity, teamwork, and passion for their profession. At Weichert, we have seen that the workplace culture of a brokerage often reflects a brokers’ personality. When thinking about motivating agents, be sure to take some time each day to remind yourself why you started a real estate brokerage and acknowledge that you have accomplished a lot of great things. Part of motivating agents is taking care that you are also motivated and feel good about the job you are doing, and the positive difference you are making in the lives of your agents, and the lives of your clients.
At Weichert, we know a few things about building motivated real estate team. We know that Realtors working together can accomplish great things. Our real estate franchise system is created by brokers, for brokers. For information on the benefits of partnering with Weichert, visit https://www.weichertfranchise.com/ .
When you’re considering purchasing a real estate franchise, brokers inevitably focus on the costs of the investment trying to understand if gains made by the relationship will ultimately outpace costs of the relationship. While each franchise is different, here are some of the key things you should expect from a real estate company offering a franchise opportunity.
Brand Recognition: National real estate brands all have varying degrees of name recognition among consumers. Much of this depends on the area of the country you live in. While some level of name recognition in your area is good, equally important is that people perceive that you are part of a larger national organization. They may further understand that a large national real estate company has resources to offer that many independents may not. For instance, Weichert has nearly 500 corporate and affiliate offices in over 39 states, giving franchisees considerable brand reach to leverage in most areas of the country. Equally important however are the assets that Weichert offers you to build brand in your local area. If you still wonder just how transformative a good brand can be for your business, try speaking to a few franchisees about their experience.
Lead Generation: Some real estate franchises offer you little more than their names. Look for a franchise that not only has an excellent brand, but supports it with a proven system that puts you in contact with buyers and sellers in your local market. A bonus if it also has referral resources across the country and around the globe. Your ability to derive additional sales from such a system, is one of the key considerations in determining how much you can grow your brokerage under a franchise model.
A Franchise Should Give you A Blueprint for Growth: The best real estate franchises will offer a proven system for success and sophisticated tools, training and people that support it. This means the system and its steps are a tested recipe, which you can plug into and follow. Make sure the system has a track record of broker success stories and that you can talk to them about their experience.
Ongoing Support: Too many real estate franchises, start with a flurry of activity, but then leave you alone in the woods to find your way on your own. You need to be sure that any training and tools you receive are actively supported by both digital and human resources. For instance, Weichert Franchise Brokers and their agents are exposed to comprehensive, systematic training on the Weichert processes and systems as part of our onboarding program. They have 24/7 access to “Weichert University” our online e-learning portal and our resource centers filled with sales and marketing tools. Plus, they have access to expert, experienced support, through regional business coaches, corporate training, marketing and technical expertise, as well as best practices derived from our own brokerage business and an active network of peers who aren’t shy about giving you the skinny on things. When looking at franchises to invest in, make sure the one you choose offers this type of proactive, energetic support in all areas to help you build your real estate brokerage.
With the Right Partner, Franchising Benefits Quickly Outpace Costs
It’s easy to get caught up in the numbers when you’re looking at a franchise opportunity, but it’s important to never lose sight of what each franchise is really offering you in return for your hard-earned money. Pay close attention to the totality of each brands’ offering and remember that what’s cheapest isn’t always the best deal – the returns on your investment and the scope of training and support that is offered are what really counts.
At Weichert, we believe in the power of the handshake, supported by advanced technology and proven processes. With Weichert you have both digital assets and expert real estate professionals that provide you training and coach you through your specific challenges every step of the way. If this sounds like a good fit for your business, we’re happy to chat with you in more detail visit https://www.weichertfranchise.com for more information.
Making the leap from real estate agent to broker and owner is a scary and exciting transition. It is one that leaves most filled with questions about finding their own path to success. One of the biggest forks in the road that all real estate brokers face at some point in their career is whether to maintain their brokerage’s independence or to join a franchise. Of course, like anything, there are pros and cons to both business models. Making the right decision for you and your team requires careful thought.
The Myths & Realities of Joining A Franchise
If you have been thinking about partnering with a franchise, you are likely being held back by a few common concerns. However, there are also tremendous benefits which attract thousands of brokers like yourself to make the leap every year. Here are some of the biggest myths and the surprising realities when you find the right fit.
Myth: I’ll Lose My Individuality. One of the biggest benefits of maintaining your independence as a real estate broker is being completely autonomous and able to explore your individuality as a business owner. For many, there is a strong emotional desire to maintain that independence, especially if you are operating a multi-generational brokerage that has, or will be, passed down within the family.
Reality: You Can Gain A Support Network And The Reach Of A National Brand. While some fear partnering will diminish their own brand, the truth is that most benefit from partnering with a franchisor that already has a powerful brand with a broader reach. Being tied to a company with a national platform can be a shortcut to gain credibility and trust within the community or simply raise your current standing in the market. Being the leader of a brokerage can be lonely. You are the captain of the ship and all the responsibility rests on your shoulders. However, aligning yourself with a franchisor that offers a personal business coach, as well as a network of other brokers and agents, can supply the necessary support, resources, and coaching you need to navigate forward with confidence.
Myth: It’s Too Costly. Franchising fees are also typically a main concern of real estate brokerage owners considering a partnership. When analyzing the pros and cons of a franchise and comparing them against one another, it is wise to consider the value that one receives in exchange for fees.
Reality: The Benefits Can Far Outweigh The Investment.
Let’s face it. You have to invest money to make money, but find the partnership that offers the most extensive systems and support for your investment. The cost should be inconsequential to the benefits received as a result. With the right partnership you can gain things like training and continuous learning opportunities for your agents, which can be very time consuming for you to do on your own. You can benefit from a franchisor’s more extensive resources when it comes to technology. By choosing a franchise that already has a suite of tech-savvy resources in place and the resources to stay up to speed, you can skip the headaches and supply your agents with everything they need at all times to be successful and a reason to stay with your company. Plus, you typically get the benefits of polished professional marketing and sales materials so you don’t have to spend time developing them and can focus on your business plan. Not to mention, the pool of expertise and peers you have access to also helps you avoid common landmines which tend to be costly in other ways.
Myth: A Franchise Won’t Understand My Local Market. Some brokers fear that partnering with a national franchise will create the perception that they are not in touch with the local market or that the franchise won’t understand the unique needs of your market.
Reality: There are franchises out there that value involvement in the local community and whose systems are flexible enough to allow your local expertise to shine, as opposed to one-size-fits-all models. A good franchise brand should complement your strengths and local knowledge, not swallow them. At the same time, it should give you access to resources at a level few independents can afford to maintain on their own. Being part of the right Franchise will allow you to do what you do best, while you get the advantages of better resources and ability to tap into larger pools of knowledge and referrals.
Myth: A Franchise Is Going to Tell Me How To Run My Business. Some brokers fear that affiliating means giving up your autonomy and control over how to run your business.
Reality: Franchisors are really relying on you to know your market and know how to run your business. However, what a good Franchisor can bring to the table is a perspective from 50,000 feet. They work with all types of brokerages and see, and have seen, all types of challenges as well as keep tabs on industry trends nation-wide. A good Franchisor will coach on what they’ve seen work and what doesn’t. That type of advice can help steer you clear of certain minefields to save you time and money. They can also share best practices and trends working across the country that have led to success. If you can get that type of roadmap to shortcut your way to success, why wouldn’t you want to take it?
What Indies And Franchises Have In Common
Ambition: While there are many differences between independent brokers and franchises, one thing that all owners share is the desire to succeed. Ultimately, it is this drive to grow and progress that made you want to become a brokerage owner in the first place. Everyone is searching for a way to get to the next level. The difference lies in the collective resources and support you are able to tap into to get you there.
Need For Brand Recognition: Standing out in a crowded field is a common challenge for independents and franchises alike. You need to spend money on marketing and develop visibility and a positive reputation in your local market that is professional and polished if you want to compete.
Desire to Serve The Customer: A good brokerage, whether a franchise or independent, wants to ultimately provide the best experience for its customers. Having modern, professional, polished materials, good follow-up and a desire to put the client first are all keys to success no matter what type of brokerage you own.
Are You Considering A Real Estate Franchise?
It is important to note that just as not all real estate brokers are created equally, not all real estate franchises are the same. There are pros and cons to every franchise and you should invest the time to compare them carefully in order to make the right decision for you and your team. Different models offer different opportunities for growth, and your success as a franchisee depends on committing to the right partnership.
For example, while some franchise opportunities use a hands-off approach and supply little more than their branding, the Weichert model is a far more personalized experience. The Weichert model of franchising supplies its brokers and agents with productivity tools like a CRM, marketing tools, a network of leads, coaching, training materials, and all the elements of a modern brokerage wrapped within a supportive culture.
For more information on The Weichert Franchising System or the benefits of partnering with us through our real estate franchise opportunities, please contact us today
Many professionals struggle with the balance between work and life, but for real estate broker/owners this can be particularly challenging. Not only do they work a lot during regular business hours, but they also get called upon evenings and weekends and are expected to always be on call to help their team should questions or urgent issues arise. Often, even the most organized efficient brokers find themselves overwhelmed by the demands of having to recruit, manage their team, provide training, generate leads, put out fires, and be present in their personal life. As time goes on, it is only natural to lose the balance between life and work; however, it is important to restrike that balance to protect your productivity, keep a positive mindset, and to find the time to do the things that are meaningful to you outside of work. Here are some practical solutions to help you do just that.
Where are You Spending your Time?
The first thing you can do to regain control over your schedule is to take a cold hard look at how you are currently spending your time. Often, busy brokers are stunned at just how much of their time is not being used properly or meaningfully. One way to analyze how your time is being spent is to take a look back over your to-do lists and calendar from the last month or two. As you look over your lists and calendar ask yourself if each task is something worthwhile, if it could be delegated, or if it could be skipped altogether. Another option is to install apps or plugins like Forest that will track how you are spending your time on your computer or phone. Many people are shocked to learn how easily distracted they are while working and can find extra hours in the day that could be spent far more effectively. In other cases, you many identify many tasks that you really could give up if you invest the time to train someone in your office. In the long run, checking in on the work of others, is more time effective than doing it yourself from scratch.
Take a Hard Look at Your Priorities
One of the biggest things that brokers struggle with is getting their priorities in order. This is because there isn’t a good balance between tasks that are urgent, vs. tasks that are important. It’s urgent and important that you help your team get contracts filled out and reviewed. If, however, you are still showing homes to clients or putting together CMA’s yourself, instead of focusing on your business plan, company lead generation and recruiting activities, you might want to consider how that time is spent.
If you are anything like most real estate brokers, there are at least a few items on your list of responsibilities that don’t need to be one of your priorities. To identify these, make a list of all of the big and small picture responsibilities currently on your plate. Next, go through the list item by item and decide which tasks are creating value, what tasks are just busy-work or can be outsourced, and how to schedule or time block those that must be done.
Leveraging the Skills and Systems of Others
As it stands, you likely already have at least one or two agents on your team that have implemented strategic systems within their business which allow them to operate more successfully and efficiently without much guidance from you. There is nothing wrong with leveraging those already established and proven systems throughout the rest of your brokerage to alleviate some of the stress on your shoulders. The more that you invest in helping your agents to streamline their workflow and maintain a certain consistency of operations across your brokerage, the more time you will have to allocate to your personal life. That not only applies to your agents and their activities, but to yours as well.
This idea of “repeatable systems” is of course, one of the central ideas of a national real estate franchise like Weichert. Not all franchising real estate brands offer well developed and proven systems for everything from lead generation to recruiting, but Weichert offers this and more. Many of our systems are “plug and play” and can relieve some of your most time consuming activities on day one. Others give you a roadmap for success in every aspect of managing your business. These comprehensive operational blueprints for everything from marketing, to sales training, to technology are supplemented by ongoing coaching and training from real estate experts and peers across the Weichert organization who support each other 24/7.
Brokers who have embraced a brand like Weichert often express relief when they realize that they can still be in business for themselves, but not by themselves.
Being a real estate broker will never be a 9-5 job, but with a solid plan for the operation and management of your brokerage, a work-life balance can be achieved. The more you invest in developing or adopting proven systems like the ones used by Weichert brokers, the sooner you will be able to rebalance your schedule, alleviate your stress, and get more enjoyment in both your career and your life.