What You Need to Grow Your Business in Today’s Market

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Power brokers help agents gain the CEO mindset

RISMEDIA, Jan. 9, 2007-"The go-go days of rapid home sales are over, at least for now, and this may cause some consternation for agents wrestling with how to grow their business in a new environment where potential sellers are holding out for a higher price and buyers are sitting on the fence, waiting for rates to drop and home prices to fall," says Virginia Cook, Special Liaison for Large Firm Relations, NAR. "More than ever, it is essential that proper resources and support are offered by brokers and then utilized by sales associates. As entrepreneurs, they must play the part completely and enthusiastically."

Cook recently moderated a panel of top brokers for Real Estate magazine's NAR Power Broker Roundtable, where experts discussed what resources and support are needed to help grow their business, how to think like a CEO and much more. Here, a Q&A with:

Moderator: Virginia Cook, Special Liaison for Large Firm Relations, NAR
Participants: Steven Domber, President, Prudential Serls Prime Properties-Hopewell Junction, New York
Diane Turton, President & Broker/Owner, Diane Turton Realtors-Point Pleasant Beach, New Jersey
Dick Purvis, Regional Director, RE/MAX of California & Hawaii-Palos Verdes Estate, California

Virginia Cook: What resources and support are needed to help agents grow their business?

Steven Domber: The most important resources and support agents need to grow their business are found in an office environment and company culture provided by the broker. It comes down to the commitment of the individual to prospect and build a substantial listing inventory. A motivating environment of successful agents and pro-active management offer the best resources to grow a business.

Diane Turton: Brokers must offer their agents ongoing training to allow them to constantly hone their skills and build their knowledge. They also have to provide networking opportunities for agents, so they can continually build new relationships. Setting up mentors, or "buddies," within your organization so experienced agents and managers can pass on tips and ideas may be especially helpful, as well as sharing best practices liberally and recognizing those who are willing to share innovative techniques and tools.

Dick Purvis: The average sales associate today needs to have a better understanding of what the current market really represents. Many have not seen a "normal" market such as we are in today. Companies and franchises need to understand and recognize what sales associates need in the way of training and support, and sales associates need to know they have the full support of their company and that their network is providing up-to-date tools. Technology is a huge part of the marketing scheme today.

VC: What about the type of mentality and organizational and business skills that are needed?

SD: Since all associates are independent contractors, they must bring an entrepreneurial mentality to their business. They must be prepared to develop a business plan that they believe in and to commit the financial resources and time necessary to execute the plan. Discipline and accountability are two important traits of successful associates.

DT: Agents really need an upbeat and positive attitude. Real estate can very often be highly competitive, incredibly hectic, highly stressful, and sometimes has the potential to be demoralizing. Agents must also be superb communicators, really listening to their clients' needs and learning from them throughout the sales process, following up and following through, and being respectful of their clients' communication preferences.

DP: Successful sales associates need to recognize they are in business for themselves but not by themselves. They also must remain open to change, adapt to current market conditions, and have a willingness to step outside the box with decisions that may be risky but offer huge upside potential.

VC: Explain the importance of being the CEO of your own business when you're an agent.

SD: A CEO mindset empowers an agent with the sole responsibility for the success or failure of that business. It is also imperative for any CEO to have a business plan that they follow and are held accountable.

DT: Agents drive all aspects of their business, from prospecting, qualifying, selling, marketing, pricing, drawing up terms and conditions, customer satisfaction and customer retention. They also play a vital role establishing community relationships, forging partnerships and doing competitive research.

DP: Sales associates must understand that they control their own destiny and are accountable for their individual actions and responsible for their future. They must make hard decisions and then follow through. RE

Source: Real Estate magazine, NAR Power Broker Roundtable, January 2007

The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Virginia Cook, NAR's Special Liaison for Large Firm Relations. Watch for this column each month, where we will address broker issues, concerns and milestones.

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