Maybe it’s time to elevate your brokerage’s market reputation through a Client-Centric perspective.

In the ever-evolving world of real estate, it’s essential to adapt and embrace changes. The recent Sitzer/Burnett verdict has brought several opportunities to light for brokers to enhance their market reputation. As the CEO of Brokerpreneur and a 25-year veteran of the real estate industry, I’m thrilled to help but honestly it stinks to do it through these cirrcumstances. No, I’m not “chicken little” and I do not think the sky is falling but things are different now after this verdict. There is no way to avoid that fact.

I know what you’re saying, Matt, I have always had a “Client-Centric” approach to how I run my brokerage and train my agents. 

Well, in the wake of the Sitzer/Burnett verdict, the spotlight is firmly on ethics, transparency, and the treatment of clients. This presents a unique chance to strengthen your brokerage’s reputation and do it now while everyone is looking. Where to start, well here is a quick list that you can work on and share with your agents as well. 

1. Rebuilding Trust: Trust is the cornerstone of our industry. Clients need to know they can rely on us, and a client-centric approach rebuilds this trust. It shows that your brokerage is committed to ethical and transparent practices.

2. Market Reputation: A client-centric approach isn’t just about excellent customer service; it’s about creating a reputation as a beacon of integrity in the market. This reputation can make your brokerage stand out in a competitive field. If you have it, its time to make sure that your community knows that you have it.

3. Future-Proofing: With regulatory changes on the horizon, a client-centric approach aligns you with evolving standards, future-proofing your business. It’s a proactive way to adapt to legal changes while ensuring a thriving brokerage.

Practical Steps for a Client-Centric Approach

Here’s how to implement a client-centric approach:

1. Transparency: Communicate openly about your commission structures, services, and what clients can expect.

2. Client Feedback: Encourage and value client feedback, using it to improve your services continually.

3. Ethical Training: Ensure that your agents and staff are well-versed in ethical practices. A well-trained team is your biggest asset. It’s important to say that now more than ever it’s not just about the basics when it comes to ethics training.

4. Adaptability: Be flexible and ready to adapt your services to meet client needs. Customization and responsiveness can set you apart.

5. Innovation: Embrace innovative technologies and practices that enhance the client experience. Whether it’s digital tools, virtual tours, or eco-friendly solutions, innovation can be a selling point.

6. Client Education: That’s right, put resources into educating clients about the real estate process, so they feel confident and well-informed.

A Final Note

The Sitzer/Burnett case offers a unique opportunity to strengthen your market share by putting your reputation on display. A leader in this market will attract top talent by emphasizing a client-centric approach. In the “people business” that is real estate, it’s crucial to put your clients’ interests first. By doing so, you not only serve them well but also set yourself up for success.

In a changing landscape, excellence shines through. Embrace this opportunity, not just as a legal requirement, but as a chance to build a real estate brokerage that stands out in the industry.

How to get your agents excited about helping you recruit!

Is getting an agent to refer a recruit to you an easy task? After all, they have close relationships with the REALTORS® in the market because they work with them regularly, right?  So why wouldn’t they help you recruit? The main cause for their indecision is not the reason that most brokers think. In part it’s because it’s just not important to them meaning they don’t think it’s their responsibility.  Which it’s not, but protecting the culture and reputation of the office is, in part, their responsibility.  The big reason is this…they don’t know how to do it “the easy and low commitment way” so not doing it at all is a safer bet.  If you want them to help put the steps below in place so they have clear understanding of “how” to do it in a non-committed, non-threatening way. A way that relieves them from any true obligation. Just think of it as democratizing the recruiting to make it easier on everyone.  Here is how you do it!

Have a plan of what you want to accomplish first

This is important because it’s hard to get anyone to recommend you if you don’t first share the idea of the outcome you want.  It doesn’t need to be an elaborate plan riddle with complexity.  Instead, just have an articulate and clear goal that you can share over and over that’s coupled with basic dialogue for you agents to connect you with great agents in the market. Keep it simple by focusing on, your goal, how to make the introduction, and what everyone gets from it!  Do not overcomplicate it or it will not get done. 

Build trust with your current agents first

Start by building relationships with agents who are willing to be helpful to you. It does not just have to be the agents that are currently on your roster but that is certainly where you start.  You want to build trust with them by demonstrating that you know how to help them grow their business. You know how to help them save time and earn more money.  In other words, show them that you know how to be a managing broker and not just a competing broker.  When you help them with their business struggles you’ll be showing your agents that you have their best interests at heart and the will start talking to other agents. Showing that you care about them is always the easiest way to get someone to refer you when it comes to sales, right? Well do not overlook that when it comes to recruiting.

Have expertise that you demonstrate that your agents can share

This means, with out bragging, demonstrate your expertise and your agents will be proud to share your content.  Do you have a killer listing appointment strategy?  Are you excellent at coaching agents?  Are you a rockstar at training?  Do you help your office lead the community in fundraising for a specific charity?  All of these things are very “shareable” if you agents know how to do it and have been asked to make it part of their routine.  How? Do you have agents share content from your sales meeting on social media? Do you give recognition to agents who list properties that use your presentation strategy? Do you have a YouTube library of testimonials that your agents have given about why they love your community involvement?  If you ask them to do this, show them how, reward them for doing it, and let them share in the results…they will share your expertise so much that no other broker in your market could hold a candle to you, according to YOUR AGENTS!     

Stay flexible and be persistent

Real estate agents don’t always have time to help you when you need it. However, if you have enough of them that understand your plan and how to execute it you will never have a lull in your recruiting referrals.  When some agents are busy and cannot be bothered other will be focused on your plan.  That is just the way relationships work. The key for you is to always try to keep your agents “warm” to your recruiting plans.  That way when the time is right and they get the chance, your office growth objectives will not be overlook.  Be persistent but not pesky.  Be diligent not domineering.      

Emotional and financial compensation

Money is good! Finding a way to financially compensate your agents for recruits that were referred to you is important. More important, however, is finding a way to emotionally compensate them such as recognition at sales meetings, social media posts, and trophy’s when the time comes.  The more experienced the agent who give the referral the bigger the emotional compensation should be!

Use onboarding as a tool to leverage the hires you get

Onboarding is the process through which a company finalizes the promises made during the recruitment process. Now not everything can be completed then but everything that can be, should be! This is a great time to make sure that you put on display “why” the agent joined more than the fact “that” the agent joined. What better time to give emotional compensation to the referring agent then at the onboarding process.  Find a way to give them the chance to help celebrate you watch the fireworks! If done properly everyone will make a big deal out of them coming onboard and everyone will want more of that same type of recognition. That means more referrals and more hires. Look at this as a time to put the company’s culture on display. If you want to leverage the hiring process to get agents to refer you to their network of agents pay close attention to the people that made it happen to start with and allow them to be heralded as the catalyst.

Again, getting an agent to refer a colleague is not an easy task. That is unless you have a plan that is followed by your team and adjusted as needed.  The more moementum you get with your plan the more agents that will feel excited to be part of it. Do not ever feel that the driving reason your agent will refer you is because of the money.  If that were true, there would only be one real estate company. Real estate agents are naturally going to think about the money but they will also consider their reputation, their convenience, their best use of time and so many other factors.  If you’re first able to help them put their concerns to rest. Then give them compensation when they’ve executed their role.  The accountability and results will make them excited to support such a worthwhile goal as helping their broker run a successful company.

How To Build an Effective Sales Team

Real Estate Brokerages have it hard. They’re operating in a hyper-competitive environment with limited resources, and they have to get their agents to produce results in the form of commissions with limited oversight because of the whole “1099” work relationships.  It’s easy to see why real estate brokerages and teams struggle. To succeed, going forward, brokerages and teams need to operate not just differently by adopting new strategies and collaborating but more importantly they need to have effective systems in place. Foretunalty, the right combination of planning and trained leadership can go a long way when it comes to creating profits via an effective sales team. Here is a little bit about how to do exactly that!

Establish a clear and up-to-date sales plan or sales playbook

There are many sales theories that exist today which means there is a bunch of different ways to succeed. However, that also means there are a bunch of ways that are proven to fail as well. How can you avoid the pitfalls and only choose the winning tactics? It’s crucial to start with a plan or playbook that details the entire operational side of your sales processes. This sales playbook should include the entire process from start to finish, including the timeline from when you initiate the process to when the deal closes. It should be clear to your team members what they need to do, when they need to do it, and whom they need to do it with.

Train your team members relentlessly

No sales process will be successful if team members do not have the required skills to execute it. Therefore, every sales playbook or process should include specific training for each team member involved in the process. As their leader, you should be their trainer in the beginning, but as the team grows your role should as well. That means you must have a well-documented plan when it’s time for succession.  That way everyone is ready to move forward and your growth will not stagnate waiting for your operating procedures to catch up to your momentum. Why, because as you plan works and the growth compounds you’ll need to be their coach, their mentor, and even sometimes their motivator. The bottom line, have a plan to ensure they know what to do so that you are not playing catch up with their training later. They will become less productive and you will become frustrated unless you focus on growing properly.  

Plan and organize your closing processes

Your closing process is the last step in the sales process. It is where the deal actually finalizes—and, it should be an efficient and smooth process.  It should also ensure that the transactions close as soon as possible. In order to have a greater chance of getting post-closing referrals it’s crucial to have a well-orchestrated way of ensuring that the promises made are at least the minimum of what was delivered. 

We all know that Real estate companies are under a lot of pressure to produce results with less human capital resources than ever before. Don’t get can get caught up in an inefficient poorly planned sales cycle that causes frustration and a loss of client’s trust. As the professionals in a transaction you and your team can overcome profit robbing issues by establishing a well-planned simple sales process.  This will guide your decisions, training, and momentum in a way that allows you to lead instead of playing catch up due to being overloaded by the day to day trials of being a broker!

In today’s digital world, effective and stand out marketing is a must for every one in the real estate industry.  The focus going forward will be to make sure the public sees your brand and what you stand for before it’s time for them to engage a real estate agent or brokerage.  That means your message needs to come from an angle they ensures they don’t forget about you the next time they look for real estate answers.  That is the foundation of lead generation and it has evolved. It’s not just about “here is some info on a house when you want more give me a call”!  Let’s take a look at some trends we can expect to continue to evolve in 2023 and beyond.

Lead generation will always be the key to success

Lead generation has always been an important part of a real estate agent and brokers marketing efforts. With the rise of e-commerce and the increasing number of internet users, the importance of having a real strategy has never been greater. In fact, online lead generation was originally touted to be “the most cost-effective advertising method” but as time has passed the truth came out. It is a huge drain on your resources both as a broker and as an agent.  This is especially true as you start to take a real look at your lead sourcing ROI when it comes to your time. Let’s be clear, if you want to grow your business, you must invest in lead generation (online or otherwise) but make sure that it offers the best return based on your skillset and how you want to allocate your resources. That means regularly review lead sourcing and conversion with simple metrics that tell a complete story.  At the end of the day we don’t just want lead, we really want closings, right?

Make sure you are sharing how your local market is changing

Today’s consumers have the ability to be more aware than ever of the market conditions.  What they do not have it hyper-local expert insight at their fingertips. Especially when they are not in a real estate buying or selling cycle.  That is where you come in. They’ll love the “nuggets” of how the market is doing when they can get localized bite size insight.  The best way to do this is to share news, trends and statistics about the market that you are based in on a regular basis. This will make your brand feel more relevant to the local community, rather than just a faceless business. This is crucial because consumers are more critical than ever of the brands they support and refer. This means that you have to make sure that you’re constantly sharing relevant and easy to digest market insight.  Make it fun and helpful and they will share and engage.

Content Marketing Will Be More Important Than Ever Before

Speaking of content marketing, if you’re not investing in sharing your content about not just real estate but about you then you’re wasting a lot of money. If for no other reason than saving money you should make 2023 the year of sharing relevant content!  It is easier than you think.  The key here is to make sure that your content is relevant now.  Don’t try to make everything you put out “evergreen” content.  It is ok if it ages!  Most importantly, it should be useful for your audience. If you are no good at it then find the person and hire them as your content marketer to help you brainstorm ideas for 2023 and beyond. 

Customer Satisfaction will drive the real estate industry vs just customer service

The real estate industry is expected to undergo a paradigm shift in the next few years. As customer satisfaction becomes a top priority, real estate agents will find themselves with less incentive to spend on customer service. This means that real engagement with your clients will be the focus and not just a “checklist” of services to be completed.  Think about online reviews, which ones are the best?  It’s the ones that say “I had a big problem, they really listened, they communicated what was happening, and they solved my problem beyond my expectations.”  That is customer satisfaction not just “I gave the customer the service that I defined they needed. Simply put customer service as defined by Salesforce is “the support you offer your customers — both before and after they buy and use your products or services — that helps them have an easy and enjoyable experience with you.” On the other hand customer satisfaction as defined by Zendesk is “is a measure of how happy your customers are with your product or service you offered them!”  In the end, if you’re making sure your customers have an easy time doing business with you, and that they are satisfied with what you offered them you will stay ahead of 80% of your competition who is only focusing on one part of the equation.  In turn, they’ll be much more likely to remain loyal to your brand and to refer you to others.

Keep in mind, marketing in 2023 and beyond is no longer just about pushing out messages to customers. It’s about providing your potential clients with what they need, when they need it. And to do this, you need to make sure you’re constantly investing in your brand, your knowledge, and your services offered. With the right kind of marketing efforts, you can turn into a lead gen, power brand, and profit reaping success story. While you’re at it, you can have fun sharing information that helps make you a pillar in your community!  It’s a win/win for everyone!

How to Interview Effectively

At this point, there’s no denying that recruiting and hiring great agents is one of the hardest parts of being a real estate broker/owner. Finding the right agents with the skills and drive necessary to help your brokerage grow can be challenging. That’s why so many brokers are turning to innovative appointment setting strategies to make the process easier. From ISA calling platforms, to prerecorded video interviews, to AI-assisted hiring, when it comes right down to it there are plenty of new ways to reduce the time it takes to find potential recruits and set appointments with potential new team members. That part is easy to outsource, but then it comes to where the rubber meets the road!  Interviewing candidates can feel like a catch-22; you need someone who will be the right fit and you want to hire only quality candidates but sometimes people interview well and perform poorly when the time comes to generate commissions!  So how do you know if they have what it takes before you put the resources into bringing them onboard. How do you know if they’re even interested in joining your team?  I know that this might not be your favorite part of being a broker, but trust me: It’s worth it! If you can interview more effectively, not only does an interview give you insight into their background and character, but it also allows them to see if your company is a good fit for them, too.

Ask questions first

When you finally invite candidates in for an interview, it’s tempting to dive right into the questions. However, it’s important to start the conversation with a few ice-breakers to break the ice. – Tell a short story -to help them settle in and then ask about their background! To start with stay away from specific questions about their formal education and pre-real estate work history. Instead ask one or two of the following such as: why they got into real estate, what is their favorite transaction they’ve had and why, ask what their favorite training is, what is there favorite experience to share with other agents, and then give them an opportunity to ask questions about your company. The next part is crucial.

Be an active listener

You have to listen to your recruits more than they are listening to you! This might sound like an obvious tip, but it can be easy to get caught up in the conversation and forget to really listen. Stay present – make sure you’re focused on their words, not just mentally preparing your next question. – Ask first and then take notes – this is a great way to stay focused on what your candidate is saying, while also keeping track of important information. – Avoid judgement – you should be looking for ways that the interviewee can better fit your company, but you shouldn’t be judging their entire character based on a single interview.

Listen for an underlying motive

We’re all motivated by different things, and a lot of those reasons are deeply personal. You likely want to know what your recruits motivation is for taking the job, but you also want to know what their underlying motivation is. – Money – this is a great example of a motivation that many people will start with but as you really start to dig in you will realize that it’s what money will allow them to do instead of just making more money.  That is what you want to really understand.  Many times, there are deeply personal reasons for wanting to get into real estate and if you can find what the recruit(s) really want it will help you know if they are a fit and what type of workplace it relevant in your market.

Be excited to share your motivation

Even if you do have all the information you need to make a hiring decision, the last thing you want to do is rush things and hire the wrong agents.  Good recruits spent time preparing for the interview and want to make sure your office is a good fit for them. Them know why you love the industry and what you office stands for will help them shape their opinion of why you may be a good fit to work together.  This will not only help you make sure you’re attracting the best fits but it actually makes the whole interviewing process easier if you can clearly articulate your own “why”. It will help the recruits feel appreciated and valued when there is a cultural match, which will help them stay positive about your brokerage.

Bottom line

While interviewing can be tough, it’s an important part of the hiring process so it should be treated that way. Use it as a time to get to know the agents in your market better and find the ones that are the best fit. It allows you to shape your brokerage offering as well to make sure it mirrors the market demand.  Depending on how you conduct it the interview could take anywhere from 30 minutes to an hour.  Much more than that is too much and you should set a time for a follow up. Make sure you have enough time to follow a set process so that you can get through your entire offering while still getting to know the agent. After you go through the interview make sure you thank the agent for their time at the end. If you follow these tips, you’ll be better prepared for your interviews and have a better chance at hiring the right people for your brokerage and they will ultimately stay longer.

How to Start Standing Out: Hint -It has nothing to do with the competition!

It’s no secret that the real estate market is full of every flavor of competitor that are all vying for the attention of your agents and customers alike.  From brokerages to ibuyers and even your local board office!  Just to be clear, it will not always be that way, going forward it will only get worse!  Why, because people are individuals with different strengths, interests, skills and most importantly needs.  Competition arises out of the desire to fulfill the varying needs of consumers and remember agents are the people that “consume” what you offer. As much as we sometimes think having endless competition is a negative thing, it can actually be used to our advantage if we know how to leverage it. So the question it, how do you stand out from other brokerages without coming across as fake or insincere? It goes without saying that your results are the first thing that an agent is going to really dig into.  I do not necessarily mean the number of houses sold though. What they really want to know is what kind of results do you get in the areas that they need support or guidance.  So, what do you need to do so your brokerage stands out from the rest? Read on and the helpful tips will ensure that you are on the right path.

Have a reputation to be proud of first and foremost. 

Your first impression comes from your reputation preceding you.  That is why the easiest recruits to hire are referrals from your current agents. It goes without saying that your reputation must be consistent, professional, and unique to who you are. To showcase your reputation, you need to make sure that you have an idea of what type of marketing works best for you. An example would be that if you’re young trendy, hip, and always hustling then Instagram reels may be the option to drive you brand message. If you are more intentional and corporately professional then LinkedIn long form post might be a better fit.   Remember that when showcasing your reputation, use keywords that truly display what type of company you are in your marketing and overall vocabulary.  Lastly, when displaying your reputation be sure to be clean and simple this will make your message is clear and concise.

Define yourself as a brokerage where agents want to work

You can’t just be “the same but better” especially if you want to excite people about joining and staying with your company.  You need to be strategic with who you are which makes it easier to entice people to take a closer look.  Think about it this way; what if every company in your market for the last 40 years had the same exact logo except they all picked different colors?  Then one day another company came to town and had a completely different and dynamic looking logo…would agents change?  This does not mean just look different on the surface or “be new” and agents will want to work with your company.  Quite the opposite, that is what many brokerages do already. You want to help agents understand that who you are is how you’re defined.  It’s how you acquire your customers, it’s how you market their property, it’s how you follow up throughout the transaction, it’s the personal touch, and most importantly it’s how you treat your agents.  If you can find a way to truly put on display how you treat your agents you will attract more agents that want to be treated that exact same way! 

Don’t forget the small things

Yes, we know you’re probably thinking that everything above is tough to put in place and maybe you’re even thinking “how do I do this, I am not sure exactly who I am?” If so, that is ok and this next part if for you.  YOU’RE INCREDIBLE! You do a job that even the first step of  getting the license is enough to stop many other people in their tracks.  That means what you do is so overwhelming for so many that they’re to defeated to even start.  Don’t ignore that, it may seem small, but it’s not.  The little things that you do help define what type of brokerage you run so current agents and recruits alike should be able to see the benefits offered by the little things you do.  If you lease the best copier that money can buy then have classes every other month on “how to really utilize the copier”, seriously!  You will be surprised the impact little things like that make when an agent can leverage something because they understand that you offer it to them. A great place to start is by auditing the software that you offer you offer and seeing overall what percentage of the capabilities are being utilized by the agents.  The lower the percentage the more opportunity for you and your agents.  These are the types of things that will make you stand out from the crowd. Recruits and your current agents are sometimes looking for a reason to dismiss your brokerage as a viable option to help them grow.  Make sure they know that the little things matter to you and how your company does business.  Make sure they know that you pay attention to detail when it comes to your brokerage.  Simply put you are giving them a reason to say “yes” instead of quietly allowing them to decide on a “no” because what you do is not clearly obvious to them.  You want to make sure that you are more than just different colors on a yard sign!

Mistakes Brokerages Make: How You Can Avoid Them

‍The success or failure of a business often comes down to the little things. In our experience, many businesses fail to thrive not because they made one “big” mistake but instead a series of small mistakes that compounded their business stress.  Often it’s not because an idea was bad or markets weren’t right, but rather because of small errors that could have easily been avoided. Whether you’re just starting up a business venture or are already in the process, it is important to take heed of the warning signs and steer clear of these pitfalls. Below is some guidance from what some leading business minds have shared on how you can avoid these common mistakes and benefit from the experience of others.

Careful with delegation 

Revenue generation is the lifeblood of any business, so you have to draw the line between delegating and abdicating control. As an entrepreneur, it’s your job to maintain a vision for the company and that naturally requires you to be hands-on. If you fail to do so, you run the risk of allowing your employees to dictate the direction of the company when it comes to revenue generation.  If you delegate that fundamental responsibility as a real estate brokerage, you may find yourself on a path you don’t want to be on. To be clear, delegation is critical and you can do it to help grow revenue but you cannot abdicate your responsibilities.  Think of yourself as the CEO not the marketing department!

Speaking of diversify in revenue

It’s great to have a product that people want to buy like a house, but you need to plan for the opportunity to receive revenue (and profits!) from more than just real estate commissions if you plan to survive.  Trends come and go, and it’s important to be prepared for them and have alternative streams that are not under as much pressure as real estate commissions.  This one thought process alone can save you from crippling losses in the event that your unit sales drops due to market conditions.  Think about diversifying your revenue streams now so you don’t have to scramble later. If you’re just starting out, it’s best to go with ancillary services that are low-risk and will work hand in hand with your transaction count.  Later use your capital to grow even more diverse streams so that you become less dependent on unit sales and commission dollars and more reliant on capital investments growing your cash flow. 

Hiring the wrong way

If you hire the wrong agents, hire more than you can support, or less than you need you are going to find yourself in a sticky situation. The wrong agents will not only be unhappy and less productive at work, but they will also cost you the business if they’re not a cultural fit.  A great way to avoid hiring the wrong agents is to make an avatar of who wins in your organization now and  what/who you’re looking for going forward.  Make sure those match!  This way you can make sure to ask the right questions, check values thoroughly, and listen to your team! The more prepared you are for a hiring decision, the less likely you are to hire the wrong agents which saves time, money, and reputation.

Just because you can navigate the market doesnt mean that your agents can

Markets change, and you’ve got to be careful to avoid the trap of thinking that agents that have done well for you in the past will continue to do so. While some agents will last for years, others will need to be trained up or phased out to avoid negatively impacting your brokerage. It’s important to be on the lookout for which agents are struggling and which are thriving.  As the broker it’s your job to understand both sides of this situation and help agents properly navigate to success.  Think of agents as revenue streams in the beginning of market shifts to help understand what warning signs you need to be on the look out for.

Letting success mask your bad habits

We all know that bad habits can really hurt your business, but to begin with they might not have any obvious signs.  That is why it is crucial to self-reflect and check in with your staff regularly to see if you’re falling into any habits that could be detracting from or hurting your business. One example is procrastination. If you’re not careful, you’ll find yourself putting off important tasks like recruiting, coaching, and relationship building with your agents.  This can of course lead to hurt client relations, poor work product, and most importantly a fractured culture in your office. You do not want to become known as the brokerage that tries to appeals to everyone because in the end that means you appeal to no one.  It’s often hard to see our own bad habits. A great way to catch them is to ask people who you know and trust “what do you see”?  The key is to know that it’s important to make time to reflect on your work and see if there are ways you can improve.

Too often, we hear stories and see first-hand that the success or failure of a business often comes down to the little things. In our experience, many brokerages fail to thrive because of the little things that go unannounced, undone, or even unnoticed. Often it’s not because of lack of knowledge of how to fix the situation or the desire to make things better.  So whether you’re just starting up a business venture or are already in the process, it is important to take heed of the warning signs, steer clear of these pitfalls, and be intentional with your focus on growth.

How to Stay on Track When Running a Real Estate Business

‍As we all know, real estate is a challenging business. There are many unpredictable variables that can affect your day let alone your profit margins when running a brokerage.  You need to be prepared with strategies to overcome all the challenges you will face as an broker, as the operator of your business, and as the guide for your agents. There will be days when you feel like throwing in the towel because things seem so difficult and unfair. However, as challenging as it may seem, the reward is not just money but also the families you help. From the agents that work with you, to the staff you employ, to the clients your agents serve, and even the community you work in, they’re all beneficiaries of your brokerage.  If you’re struggling form time to time here are some ways to stay on track, grow profits, and stay positive all at the same time!

 Take care of yourself

Taking care of yourself is the first step to staying positive. This will give you the energy and strength needed to conquer any challenge that comes your way. Take time off to recharge your batteries. You cannot expect to maintain a high level of productivity if you are tired and stressed out all the time. This is something you can control and manage. If you are in a position to negotiate your work hours, do so. If not, you can always manage your workload by hiring some help to share the load. Get enough sleep. This is so important as studies have shown that entrepreneurs who sleep for at least six hours, are up to four times more productive than their peers who get less sleep. Try to de-stress. This can be in the form of meditation, yoga or any other activity that helps you relax and cleanse your mind from all the stress. Eat healthily to give your body and mind the fuel needed to be productive and positive. Your overall health will also be a factor in how your customers view you and your business.

 Develop Good Habits

You must develop good habits as this is a sure way to keep yourself on track. This will also help you overcome any challenges that arise in your business and in your day-to-day life. As a broker, good habits are a must to keep your keeping your recruiting pipeline full. If you let doubt creep in and take over what you do day to day the negativity will stop you from achieving your financial goals and in turn your dreams. As the operating partner of your brokerage, smart habits surrounding your finances, sales, marketing, and overall operations will guarantee your business will run smooth and offer the desired results you deserve. You can develop good habits by keeping a journal and setting goals for yourself. You can also join a mastermind group or get a coach to help you stay focused on your goals and share ideas with others who are in the same business as you.

 Stay focused

Setting goals will help you to stay focused. You can set goals for yourself, or you can set goals for your company or for the agents and staff that you manage. Goals will help you to focus your efforts and direct your energy towards achieving the results you want to attain. Once you have set goals for yourself and for your business, you must create a plan for how you are going to achieve those goals. When you have a business plan, a marketing plan and a financial forecast, you can easily track your progress and see if you are on track to achieve your goals. You will also be able to identify any short-falls or areas that need improvement. This will help you stay focused on what needs to be done and achieve your goals.

 Stay organized

You must remain organized and keep on top of your daily activities if you want to stay positive when running a real estate business. As a broker you must not only keep on top of marketing efforts, communications, and properly manage follow-up activities but you must guide your agents on how to do it as well. To top it all off, you must also keep an eye on other KPI’s such as the competition, the listings stats for your market, micro and macro market trends, and keep your pulse on the agent community in your local area of operation. That is why it is imperative to set up systems and procedures within your business. This will help you stay organized and feel competent in what you are working on day to day. It is a good practice to review your systems and procedures on a regular basis with your coach or mentor to see if there are areas for improvement.

 Lean On The Support Of Your Network

As you go through each day, you are bound to experience challenges and problems. Since you can’t solve them all on your own, seek advice and support from trusted business acquaintances and industry practitioners.  This network can play a huge role in helping you put good habits in place and stick with them as you run your day to day real estate business. The right network can help you with marketing efforts, identify better sources of leads for your agents, provide feedback on your transactional systemization, and so much more. As a broker, your network can also help you identify sources of additional revenue opportunities that help drive capital for your business. Best of all your network can also be a great sounding board when you need someone to talk to about challenges or problems you face every day.

As I said in the beginning (and you already know), real estate is a challenging business. There are many unpredictable variables but none that cannot be overcome with a sincere focus on growing better habits that come from sound business practices.  Lean on your network and make decisions that put your agents and their customers first and it will be easy to maintain a positive outlook while you grow your brokerage profits!