Tag Archives: real estate franchise

Balancing Work, Life, And Your Brokerage

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.

Final Thoughts

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.

Visit https://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 a 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.

Franchise Vs. Independent Real Estate Brokerage – Finding the Right Fit

 

Running your own real estate agency and brokerage is a big step for most real estate agents, and one of the biggest decisions you’ll need to make along the way is whether to  partner with a real estate franchise or go at it alone. Here’s some insight on your options.

What are the benefits and drawbacks of maintaining an independent brokerage? 

Choosing to go the independent route has both pros and cons for brokers. The main attraction is having complete autonomy – you aren’t answerable to anyone other than yourself. You can control the development of your own brand, find your own clients and you don’t have to pay any franchise fees.

Sounds great, but being autonomous means that the burden of your success is entirely on your shoulders. All training, marketing strategies, recruitment, retention and growth is up to you. You are the deal doctor, the office counselor, the janitor, the first to arrive and the last to leave at night. It’s also up to you to research the latest and greatest lead gen technology or CRM and build and maintain your brand – a big task in a tough economy and a competitive property market. Trying to keep up can leave you feeling burned out and the investment required to stay ahead can end up costing you much more than a franchise fee in the end.

What are the benefits and drawbacks of a real estate franchise? 

As you might expect, this can depend a lot on who you choose to partner with. While there will always be tradeoffs, affiliating does not have to mean “selling out” or giving up your business to big brother. With the right brand, you can tap into the power of a national system, but hold on to the great things you are already doing in your local market.

Yes, affiliating with an established real estate brand usually means sharing your individual brand with the brand of the franchisor. In most cases this is a benefit, as the brand of a good franchisor will be more powerful and far-reaching than that of an independent agency. Our experience is that most brokers welcome this as part of the other benefits they receive by affiliating. You will still do business with the people who know you, but you will be able to open the doors to people who don’t. Control of your business typically remains in your hands, depending on the policies of your franchise agreement. A system like Weichert’s for example, was conceived by an independent broker, for brokers. It offers a full buffet of training, systems, sales and marketing tools that have been used successfully by hundreds of offices across the country. They are available for you to plug into your business to help you grow. We know they work, but at the end of the day it is up to you how to integrate our programs and systems into your business.

Of course there are inevitably franchise fees, ranging from 6 to 10 percent depending on who you sign with. In the end, you must weigh the opportunity to improve and grow your brokerage vs. the time and dollar investment it will take to do it on your own. Ask yourself these questions: Can I get where I want to be on my own? How do the costs compare? How long will it take me to do it myself? Am I happy with my work/life balance? Am I effectively competing in my market? Can affiliation help me stay ahead? Can it help me reach my goal faster?

Is The Weichert Franchising System The Right Opportunity For You And Your Brokerage? 

Critical to getting the most benefits out your affiliation with a real estate franchise is committing to the right franchise partner. Different franchise opportunities offer different operating models which can lead to different results. Some large, well known real estate brands for example, offer little more than their logo and branding to their affiliates. The Weichert Franchise System couldn’t be more different. Our affiliates are taught a system for success which includes all the elements of the modern brokerage including lead generation and technology for example. The Weichert system is a real estate franchise opportunity developed by real estate agents and brokers with the flexibility to work within each brokerage’s needs, rather than offering a less effective one-size-fits-all solution. We offer access to the most sophisticated national lead collection and screening technologies in the country to support high-value lead generation for your brokerage. Our formula for growth combines effective online and offline marketing tools with expert, one-on-one real estate coaching and training, and even a proprietary real estate CRM which integrates your brokerage and fosters our complete lead lifecycle methodology. This franchise offering is part of a practical, hands-on partnership that brings continual innovation and support to each franchisee and keeps your business moving towards your goals even in the toughest times.

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.

Lighting A Fire: How to Keep Real Estate Agents Motivated

Real Estate Coaching

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/ .