Bob Dylan’s opening stanza to his 1960s hit “The Times They Are a-Changin'” sums up so much of what is happening right now. The “waters” around us have definitely grown, and we “better start swimmin'” before we sink.
Almost 100% of a brokerage’s success is tied to its ability to attract, develop and retain agents with a high propensity for producing great sales results. In order to make that happen, brokerages must be committed to getting their message of value out frequently to new and experienced agents. They must also have a highly developed system for onboarding, which includes the training, education and development of sales teams. To illustrate this to yourself, ask how many of your current agents have never had to ask a seller for a price adjustment on their listing, counsel buyers on adjustable-rate mortgages or demonstrate a rent versus buy, net-worth building strategy. The need for this knowledge and these skills is becoming essential once again.
The macro real estate market is, in fact, a-changing—and doing so very rapidly. Inventory, housing finance cost, housing materials supply, a sharp two-and-a-half-year spike in home prices, buyer uncertainty around home values and waning builder confidence are only some of the influences that are poised to dramatically slow the number of homes bought and sold across the country. Historically, this has always caused a time of great migration for agents and brokers. Agents changing one company to another in search of answers or opting out of the business altogether means recruiting efforts need to be happening daily.
During changing times, agents look to brokerages that have highly developed prospecting systems, and to where they will retain most of their gross commission earnings. Companies also look to tweak or even make wholesale changes to their core model of doing business to remain viable. This doesn’t mean making changes to their organization’s values or core guiding principles, only to the operational tactics necessary to adapt to the new environment.
The good, no, great news, is that more individual agents, teams and entire companies making changes presents great opportunity. Leaders today need to be 100% “all in” to attract and develop more productive agents and teams, and make whole company acquisitions, as well.
Two things are needed to make this growth happen: 1) brokerages need a full suite of productivity tools for agents. These tools include a super-efficient, effective and scalable productivity platform that puts business development, listings, personal marketing communications and transaction management at the tip of their fingers or palm of their hand, wherever they are doing business, and 2) brokerages need enough scale to make financial sense of the investments needed to deliver these tools and remain profitable in the process.
Invest in your ability to be acquisitive to attract and retain individuals, teams and whole companies to gain scale. Investigate partnering with a national network that can help you do all of this.
United Real Estate has done just that and has crossed over the 20,000 agent mark. In managing this growth, we have been able to stay focused on our mission: to improve the financial trajectory of our agents’ and brokers’ careers…and it continues to make all the difference.
For more information, visit https://www.GrowWithUnited.com.