The real estate industry, just like all other industries is quite unpredictable. Brokerages that find themselves in a slump have to find ways through which they can improve their businesses. In most cases, I’ve found that when sales are declining, the laid out business strategy isn’t working as it used to work before.
Again, you have to understand that we live in a very dynamic world where policies and structures are being changed each day. As such, the industry has to change to adapt to the new environment. Brokerages are a collection of individual thoughts, their business ethics and standards, their actions, and therefore, to improve the overall output, each agent’s actions must be taken into consideration.
On the other hand, brokerages must also improve their business model to match that of the agents. I believe what the agents are bringing to the table must correspond with what the brokerages are doing or producing. The two must be aligned for a successful output. Brokerages, but more so the brokerage’s leadership team has to treat the business with somewhat respect to achieve longevity and success. If brokerages as a collective are treated as the business it deserves to be treated like, success is inevitable.
But, I want to focus on the agents themselves since they are the main gears towards driving the success needed. One of the questions I get so often is how to maximize the agent’s potential and it’s quite simple!
First, brokerages need to create a plan and hold agents accountable.
I think this phrase ‘create a plan’ has been thrown around so much that it’s beginning to lose its power. Nonetheless, in the business world, everything has to follow a specific plan for it to succeed. Brokerages must set a business plan that agents must follow and that’s not all, each agent needs to be held accountable if they do not deliver their end of the bargain.
Additionally, brokerages must also be held accountable if they fail to deliver.
Flexibility and Quick Adaptation
One thing I can’t emphasize enough is the fact that brokers need to re-emphasize how important it is for their agents to remain flexible and quick to adapt in any given circumstance. Remember, the real estate industry in itself isn’t that dynamic but the environment in which it must co-exist changes rapidly.
To stay ahead of the curve, brokers need to identify and also meet the dynamics of the market. This often means maintaining a sociological understanding of their audiences.
For the brokerages themselves, the rule is to restructure quickly to avoid becoming obsolete. I have seen companies with extremely rigid internal structures and engrained working practices that often in times of fluctuations, they find it hard implementing to the changes. As such, to make sure that your agents are performing maximum, brokerages should always aim for a more fluid internal framework.
Technology and how agents interact with it
Brokerages nowadays want more parts moving, more capacity, and even more communication but are reluctant to invest in the technology that will facilitate this.
Let’s look at one typical example, brokerages and agents too had to quickly adapt to remote working- a trend forced upon us by the pandemic. Those agents and brokerages that adapted to this new environment survived through technology.
What you need to realize is that technology is an extremely important tool in every new shift or new dynamic. It is the catalyst for change and therefore to quickly take up a new tech tool to maximize your agent’s potential is inevitable.
Education
As a last way to maximize your agent’s potential, education plays a vital role in doing just that! Education is the ultimate pathway to helping your agents maximize their potential by becoming more proactive. Offering in-house training programs for your agents helps expand their knowledge and gain new skills. Providing educational opportunities to your agents is a valuable benefit for agencies to offer to their teams. Not only does education allow businesses to expand their capacity, but it also gives employees the chance to grow and develop professionally.
