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RISMEDIA, June 2008-It’s a basic concept: the more listings you have, the more money you’ll make. But what it takes business-wise to make that a reality is another story. Find out what Michael Geraci and his team at Filmore Real Estate in the New York City area are doing to use the team concept to maximize their profits.

Michael Geraci
Filmore Fusion Team
Filmore Real Estate
Years in real estate: 5
Years as an agent team: 3
Number of team members: 25
Region served: Most of New York: Brooklyn, Staten Island, Westchester County, Queens and the Bronx
I formed an agent team because….We wanted to split up the roles. Traditional agents do everything. We wanted to specialize instead of doing it all and the best way to do that seemed to be to form a team and have three specialties: buyer’s agents, seller’s agents and business development agents.

Does having a team help maximize profitability?
Absolutely. That’s one of the biggest reasons behind having our team: when you have agents specialize in one area they can maximize their usage. In the long run, as more properties are sold and more listings are taken, you are going to make more money.

How have you grown your team over the years?
Before stepping into the management role, I was an agent. I love teaching and passing on everything that I have learned. Also, I am still very hands-on showing agents the ropes and teaching them on a daily basis.

How do you compensate team members in order to treat their position within the team as a long-term career?
That’s part of the fusion idea. Many people on the team are paid in the traditional manner with a 50-50 split. When the business development agents come into the equation, they make what amounts to a referral fee.

How do you market and brand your team as its own business entity?
We use all of the traditional forms of marketing: flyers, mailings and website marketing. As more and more transactions occur the word spreads. So word of mouth is big for us.

Do you have a mission statement or team guidelines for all to follow?
We are a very close-knit group-like a family. Buyer’s agents know their role is to have a full day and to show as many houses as possible. Same thing with the seller’s agents. They know they are supposed to be out there meeting, making contacts and growing their sphere of influence. And for the homeowner, they feel like they have more than just one agent working for them, so it’s a good feeling.

What percent of your budget is dedicated to marketing?
Our marketing is dependent on our monthly gross commissions and then 6% of all monthly gross commissions goes toward marketing. We spend almost all of that 6% on selling the properties. We know that 83% of home buyers use the Internet, so we rely heavily on online marketing. We are moving away from print.

Success Strategies

Best way to inspire the team:
Most individuals are inspired by money. But I don’t like to do it that way. It’s all about who you know. When you are a veteran in this business, you are bound to do well. I try to create a long-term picture for the agents I work with.

The most difficult client you have to deal with: a homeowner who has his mind fixed on prices that were from two years ago. The market has come down in the last 18 months by about 12%. So the person who is not adapting to the market changes and will not let go is always the most difficult to deal with. It’s our job to educate them on the reality of the market.

The key to successful recruiting:
In any industry, it’s creating an environment where someone is motivated to work. We are a family-oriented company. We are known as a family company. It’s showing agents that the company is continuing to grow and has a solid reputation. With growth comes opportunity.

Describe your relationship with your broker: It’s a great relationship. We are the first team to work out of headquarters. I work one floor down from the owner of the company.

One thing your team can’t live without: a constant stream of leads.

Philosophy for a successful life in real estate: Love what you do. I have an extreme passion for this business. If you have the love and the passion you will be successful.

-Lesley Geary

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