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How Effective Brokerage Leadership Ensures Agent Success

How Effective Brokerage Leadership Ensures Agent Success

Good leadership in a real estate brokerage requires attention to several different areas.  Leaders don’t just give orders or set the rules, they excel at communication and mentorship, creating an environment of camaraderie, not division.  Leadership should not only encourage success, it should provide the tools an agent needs to achieve it. Businesses in every industry are searching for the perfect formula for good leadership.

Companies spent almost $31 billion on leadership programs in 2015.

Real estate agents today have many choices about where and how they want to work. Some choose to branch out on their own, some join a major brand-name brokerage, and others opt for a smaller, but still collaborative, brokerage experience. The size of the company doesn’t matter. If good leadership is present, agents will be successful.

If you are a broker looking to improve the experience of agents on your team, or an agent looking to find the perfect brokerage experience, good leadership should be the first thing on your mind. No matter what your position , you should be on the lookout for leadership qualities that spell success.

real estate leadership

Team Building

It is clear from recent research that team building is a big part of the new business model. As companies make a move toward, as Deloitte calls it, a “network of teams,” transparency and accountability become a desired focal point of office management. Positional leadership takes a backseat to skill recognition and information sharing.

Good leadership is more important than ever in this push towards cooperative team building. Leaders need to know how to build teams that will increase the efficiency of every member of the team. Team-building is vital in today’s business environment. Team members work together to build each other up and benefit from one anothers strengths, and a good leader knows what strategies keep the team running smoothly.

Millennial workers account for over 50% of the modern workforce.

According to Forbes, millennials in particular value shared culture over traditional hierarchy when it comes to management. They want to know their voices are being heard and that they are making a valued contribution to the work process. A good leader knows how to recognize and appreciate the contributions of the team and help them work towards a common goal.

meeting home buyersLeaders in the real estate industry need to capitalize on these changing trends in order to appeal to the millennial generation by facilitating team building, not controlling it. A good leader can recognize the balance between micromanagement and a hands-off approach that leaves a team without any direction. Leaders should encourage confidence and productivity in all team members.

The Right Tools for the Job

Real estate brokerages succeed only when the tools they provide give clients the experience they expect. As I discussed in my article, Where Technology and Real Estate Meet, home buyers and sellers are looking for the familiar when they seek out an agent to assist them with the real estate process. In today’s world, the ‘familiar’ means email, texting, virtual tours, and electronic signatures, among other things.

While an effective agent will utilize all the tools provided, a good brokerage leader will make sure those tools are available to be used. Associates are most successful when they have all the tools needed to do the job right.

digital technologyTechnology has changed many things in our industry.  Very often we see newer companies who are answering to the need of technology, and who are attracting agents based on offering strong technology services. However, technology should be seen as a tool to help agents do the job better, not as a replacement for good business and strong client relationships. There’s more to an agent’s toolbox than technology.

Broker’s themselves, acting as mentors, leaders, and colleagues, should be an agent’s strongest partner in gathering, analyzing, and relaying information in an effective manner.

The most important tool at an agent’s disposal is good information, and that comes from experienced brokers.

Training

Mentoring, training, and motivating are vital elements present in any successful brokerage. Good leaders will share the stories of their success, as well as the stories of struggle and failure. They can deconstruct good and bad decisions, identifying the information that will be most helpful for agents in the future.

The National Association of Realtors encourages brokers to “help associates position themselves as clear-thinking analysts who can dispel myths and rumors.” A big part of effective leadership, particularly in the frequently changing industry of real estate, is helping agents navigate the complexities of the real estate process.

real estate challenges

Good leaders should be on top of all changing regulations, laws, and rules governing real estate agents. The last thing a brokerage needs is for inaccurate information to discourage agents or cause them to take an unnecessary action out of fear or ignorance.

Successful brokerages will make great use of business meetings and training seminars. They consider education and training to be a top priority for every agent within the brokerage. They are not stingy with information. Instead, they pride themselves on having an educated brokerage that knows how to wield its knowledge successfully.

Where to Go From Here?

You have a lot to consider as a Realtor in the frequently changing climate of the real estate industry. Every decision you make will have an impact on your personal and professional life, so it’s important to be well-informed about your options.

Take the time to research different brokerages. Ask about training and support programs, team-building opportunities, and the tools and technology available to agents in the company. Find a brokerage that will encourage your growth, both individually and as part of a team.

Most importantly, keep an open mind about your choices. Don’t let fear of the unfamiliar prevent you from exploring new ideas and learning something of value from an experienced leader. A great brokerage will not only share your vision of success, but will lead you down the path to achieve it.

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