This article series is largely taken from The Real Deal: Billion Dollar Real Estate Broker with permission from the author.
Over the years, I’ve noticed a trend in brokerages. There are salespeople who arrive at 9 a.m. sharp, have their lunch at noon and check out at 5 p.m. The broker sits in his or her corner office with a clear view of the foyer.
The same six or so agents pop in to chat, speak of market trends and why they’re finding it difficult get that listing or make that next sale. The broker offers the same advice as always, and then, everyone steps back into their regular patterns day in and day out.
It’s time to change the pattern. As a broker, there’s so much more you can do. Below, you’ll find my thoughts and perspectives as a salesperson and the advice I want to give all brokers.
1. Don’t be an enabler
When your salespeople are showing signs of complacency, help them change their patterns, and ask for accountability. What do their marketing efforts look like? Are they contacting their database regularly? Your agents are taking space and using your brokerage’s resources. Make them accountable.
2. Provide mandatory training
There are thousands of webinars, YouTube videos, Zoom meetings and content on social media that cost absolutely nothing. Choose a topic, review the material, and present it to your salespeople.
3. Provide resources
The next time a salesperson comes in with a problem, identify the resource that can help them. It could be a course, a program or simply a software that can make their lives and yours simpler.
4. Align mentors
There are great salespeople in every office. They are trained, successful, thoughtful and willing to share. Align the struggling salesperson with that agent, and facilitate a mentorship program where the mentor receives compensation from every transaction the agent does for a period. (A 5 percent mentorship fee is a reasonable compensation.)
5. Provide tools and technology
If your brokerage is lagging in technology, it is crucial to survival that you’re up to speed. Having the latest software and equipment not only helps retain good salespeople, it also takes the burden off of you, the broker.
6. Create a referral network within the office
There are superstar agents and busy agents in each brokerage. There are times when those agents are overwhelmed by the number of calls, and they simply need someone to pick up what they can’t get to. Why let those leads and opportunities go to waste?
Connect the struggling agents, and create an internal referral program where the receiving agent gets between 25 to 50 percent for a successful transaction. This is not a “team” format — it’s simply a referral program. The receiving agent isn’t committed to just one agent. They can let many agents know that they are available to take leads.
Applying some or all of these steps will surely change the culture of your brokerage and create a progressive and rewarding environment.