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Running a real estate office is no easy task in this current environment. The competition for great agents is hotter than ever and you are probably keeping less and less of your money earned on your closed transactions. Focus on these 10 things to keep your business profitable and growing.
1. Staff
Your office is only as good as your weakest staff member. Hire the right staff and always make changes when they stop contributing to your mission. Seeking out great staff to support your office is so important to your success and should never be rushed.
Always leave the position open regardless of how long it takes for you to find that great person that you are looking for. Never give in to the pressure to hire somebody because you are short-staffed and really busy. Better to be inconvenienced for a short time than to deal with a less-than-ideal employee for a long time. You and your agents deserve nothing less.
2. Recruit
Be sure to recruit every day or hire someone to do it for you. Consistently bringing in new talent is the only way to prosper in today’s environment.
Like a great sports coach, you will only win at this game if you are a great recruiter. The best brokerage owners and managers are the best recruiters, period. Ignoring this will put an expiration date on your brokerage.
3. Expenses
Look at every expense that you can cut but remember over-cutting is worse than overspending. Always cut before you actually have to, it’s much easier and much more fun.
4. Partners
Drive your ancillary businesses that feed off your office and make sure they are excellent. Don’t have any? This is no longer an option if you want success in the brokerage business. Mortgage, Title, Insurance, etc. should all be in place to succeed.
5. Office meetings
Have great office meetings at least monthly. Meetings that start on time, end on time and have great content are a great retention tool. Keep them short, exciting, and informative and your agents will always look forward to them and it will be standing room only. This is a great way to be a valuable partner to your agents.
6. Support
Great support for all of your agents is priceless. Give them what they need and give it to them fast and your office will be something that they can’t be without. This all starts with the right staff in place.
7. Culture
Work to make your office culture positive and even more importantly, productive. Agents should love being in your office and this happens when you fill it with the right people with the right attitude. Happy people are successful.
8. Community
Lead your agents by participating in your community. Involvement in charities and fundraisers helps your office just as much as it helps those that you are giving your time and money to. Agents love to volunteer.
9. Training
Regular training and coaching programs will keep your agents working effectively and connect them to your office. Taking the time to create these programs will attract other agents to your office and retain the ones that you have now.
10. Recognition
Human beings crave recognition like food and water. Keep your agents happy and satisfied by making sure that you recognize them for all the great things that they do every day. They have a very hard job.
By practicing complete brokerage management and learning to pay attention to these ten things consistently, all at the same time, you will realize the profit and success that you deserve. The stability you seek in your brokerage business will be yours. Let’s get started.
Joseph Santini is a managing broker at Coldwell Banker Realty in Boca Raton, Florida. Connect with him on LinkedIn and TikTok.
