Top row from left: Sherri Johnson, Donnie Samson, Jackie Louh, Robyn Erlenbush and Dava Davin. Bottom row, from left: Mike Pappas, Matthew O’Connor, Diane Ramirez and Hadi Atri. Not pictured: moderator Kate Reisinger. Photos by AJ Canaria.
When the residential real estate industry experiences a downturn like it has this year, and with no expectations for sure that things will improve dramatically in 2024, it’s vital for brokerages to focus on their agents and do everything possible to keep the ones they value by providing them with moral support and the tools they need to succeed. Two discussions at RISMedia’s recent CEO & Leadership Exchange in Washington, D.C., focused on how to do just that.
In the first session, titled “Restructuring Agent Services and Support: How to Listen to Your Agents and Learn,” senior real estate executives discussed the importance of culture, agent empowerment and the use of technology in their brokerages. The panelists emphasized the importance of understanding the needs of their agents and actively listening to them. They discussed different approaches to cultivating a positive culture within their firms, with some focusing on in-person interactions and others embracing virtual platforms.
They also highlighted the importance of supporting agent teams and offering a full-service model to increase the value of their firms. The panelists agreed that the use of technology is crucial, but should be used as a tool to enable agents rather than as a differentiating factor. They also stressed the importance of keeping agents motivated and empowered through various initiatives, such as regular meetings, recognition programs and training programs.
“We want to start the session with culture because it really is the foundation for everything we’re doing in our brokerages,” began moderator Kate Reisinger, executive VP, member services, for Leading Real Estate Companies of the World®. She then solicited the opinions of two leaders, one whose agents mostly work in the office and one whose work mostly remotely.
“Our approach is we want our culture to be caring and collaborative and empowering,” said Diane Ramirez, chief strategy officer for Berkshire Hathaway HomeServices New York Properties. “Our value-add was that we thought agents could all be better working in person with us as leaders to become better agents. And what we did right from the beginning is say that virtual is out the window.
“We did lots of things to encourage them to come in, a little bit because they wanted to get to know us and make sure we knew them. So I think that was to our advantage. We average about 70% of our agents in the office almost every day.”
Hadi Atri, owner and CEO of RE/MAX Executive, admitted that Covid played a major role in how things have worked out culture-wise.
“When Covid took place, we decided to communicate with our agents through Zoom, and have a weekly meeting,” he said. “We do virtual, we do streaming meetings, and we have some live. I’m not a believer of virtual, but with Zoom meetings, for instance, we have a closing department and closing coordination department, and our agents from different offices can go online and actually get their files to them.”
Matthew O’Connor, COO of Terrie O’Connor REALTORS®, focused on agent differentiation in their markets.
“Differentiation is always hard, whether you’re a company or whether you’re an agent trying to differentiate yourself,” he said. “It’s one of the challenges we all have. We are an agent services-support company. That really comes from our staff making agents feel supported and making them feel that we are going to take care of them, that we’re going to help them and enable them to do more than they would do without us. Obviously, the number one reason someone’s going to stay with you is they feel like they’re going to do more business with you than without you.”
In a similar vein, keeping agents motivated and empowered was a topic Mike Pappas, CEO of The Keyes Company/Illustrated Properties, zeroed in on.
“My dad told me that Napoleon said, ‘If you give me enough medals, I can conquer the world.’ Agents want to be recognized personally in the big awards meetings. So for the last 25 years, I’ve been visiting all of our offices in the summer to recognize them. It allows us to give them the state of the union, but also, more importantly, we give them awards and recognition.”
New ideas for agent training
Next was a session with a panel of leading brokers titled “Revamping Your Approach to Agent Training: Creating an Offering That Yields Results.”
The discussion revolved around the topic of agent training and coaching programs. Panelists emphasized the importance of instilling confidence in agents and providing them with the necessary training to be successful. They discussed the need for consistent and relevant training, focusing on current market trends and effective strategies. They highlighted the value of in-person training and the need to transition back to this format post-pandemic.
They suggested strategies such as accountability challenges, contests and mastermind groups to motivate and engage agents. The panelists also discussed the importance of training for different market segments, including luxury real estate, concluding by emphasizing the role of managers in inspiring and supporting their agents.
Moderator Sherri Johnson, CEO and founder of Sherri Johnson Coaching & Consulting, began by asking Dava Davin, founder and CEO of Portside Real Estate Group, what her company’s current approach is to training for new and experienced or top agents.
“The goal is to create really great salespeople who can go out and sell a ton of properties and bring a lot of commission back into the company so we can share it,” she said. “So how do we do that? We need to inspire them to be the very best versions of themselves. That’s what great salespeople are. They’re great agents, great leaders, kind and inspiring confidence in their clients.
“What we’re doing currently, is at 9:30 on Mondays, we have a quick call. We call it marketing momentum. This one is on Zoom so people can talk, and producers can attend. The first minute is giving honors to the agents. The next minute the manager can give a little lesson. Next eight minutes, really simple: Hey guys, who had an open house this weekend? How’d it go? How many people came? Were there unrepresented buyers? Did you have lots of signs out? Where did you advertise? Did you door-knock before? Who had a listing that had an offer this weekend? What did the offer look like? Were there multiples? Was there an escalation clause? Was it cash? Where’d the buyer come from? Did you write an offer? The next 20 minutes are, who’s got a listing? Who’s going to a listing appointment? It’s all in-house.”
Robyn Erlenbush, broker/owner of ERA Landmark Real Estate, was next.
“For our new agent training, we focus on customizing it per their skills,” she said. “It’s a one-on-one training. We’re looking at helping them build their database, their sphere, because that’s probably the most magical way to get business right now. We also look at what their needs are, where they need to be trained, and specifically what a business plan looks like for them.
“They are paired with a mentor for the first six deals, and are held by the hand until they become successful. We also use subject-matter experts if someone is particularly good at open houses or whatever. Every Tuesday is a hybrid meeting focusing on risk reduction and market trends, because every week there is a new, inventive way to get a property listed, a property sold and a buyer’s offer accepted.”
Jackie Louh, COO at Lamacchia Realty Inc., said training is key for her company as well.
“For new agents, we have a couple of different options depending on an agent’s experience,” she said. “If a new agent joins the company—and we define a new agent as someone who has closed fewer than 10 transactions—they go through our basics training course, which teaches the agents how to schedule a showing, how to write offers, how to negotiate home inspection issues, really start to finish what to do during a transaction.
“For our experienced agents, they go through a two-day orientation. We don’t have to be as explanatory because these people have been selling homes for many years, but we’re teaching them what they need to learn right now within our company to keep their business going. A lot of times agents join and they get so focused on learning that they stop their business, and we don’t want them to do that. So we tell them, listen, you’ve been selling homes without all of this for many years. You don’t need to learn it all right now, but if you want to, this is what we have, and this is how it can help you with your business, but let’s just focus on what you need to know right now to keep your business moving forward.”
Donny Samson, CEO of Samson Properties, talked about how having the right attitude, especially when times are hard, can make the difference when the market eventually turns around.
“We have to make sure we’re providing that attitude because it’s very easy for a REALTOR® with all the ups and downs to get down on themselves and hide in their corner. If you have a bad month or two, what’s going to happen in month three, month four, month five? We have 5,500 independent contractors, and getting them to do anything sometimes is a challenge, so we have to provide that positive attitude.
“You have to do something, right? So we try to engage on a lot of different levels. We have mentors when we get started. We have a basic training, because getting your real estate license and passing the tests, whatever jurisdiction you’re in, has nothing to do with being a REALTOR®. It should be about the contract and how to open a lockbox, how to show homes, and none of this stuff is in there. So you’re not prepared to show a home, but basic training gets you started.”
