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A Day in the Life of Broker-Owner

By
Managing Real Estate Broker with Howard Hanna Rand Realty License # 49FA1074963

J. Philip Real EstateI love building my team, my brand, and my organization. If it wasn't "mine" with my good name, there are things that I do that I might not otherwise. But that goes for anyone who is a principal in an organization. My days recently have been a measure of Radar O'Reilly, a dash of Patton, 2 scoops of Grunt, and a generous portion of Mother Hen. And I have loved every minute of it. In between the building is the troubleshooting; often, troubleshooting and building are one and the same. 

Late last month, a strong agent in the firm came to me for insight on handling a recently approved short sale. We had a conference call with the seller, and after 2 weeks of drama and intensive hand holding with the client myself, it closed. The agent had done all she could do; a team effort was needed. One could make a case that my intervention saved her considerable efforts and great work when circumstances in the client's life seemed to create an impasse. We got to the other side together. I don't care about credit, I want my agent to be paid for her great work.  

Last week, another agent told me about an attorney who adjourned a closing over a $150 repair that was delayed (they were offered a $10,000 escrow for 24 hours), and then demanded a $1000 adjournment fee when the closing was rescheduled. I reached out to the other broker to see if we could convert the discord to agreement. And independent broker like I, He couldn't be bothered, preferring to put his energy into unhelpful, passive aggressive emails that wouldn't forward the transaction. We went around him through the attorney on our side and had that fee reduced to $300. The deal got done. 

This morning, one of our agents asked what other marketing sites her listing could be posted, because herFuture Chairman of the Board sellers have indicated that a large franchise might be better if they expire unsold next month. As I write this, Ann is posting the listing to a localized marketing portal we found and reviewing where else it can be syndicated. I emailed the agent to schedule a meeting with the clients. Nobody ever bought a house because of the sign in the yard; I'll get her an extension. 

These are things we do daily, but the above three are what come to mind before coffee. I'm not big on sales meetings; the agents learn in these instances by osmosis and watching me work with the client. They'll have a new tool going forward. I do quite a bit one on one in  non-crisis mode also.  I think the team knows that I have their back, and that we are always looking at the architecture of the company to give them every advantage. This much is for sure: The split to the broker in our company is not tribute to the godfather; we endeavor to take as much shrapnel in our keisters as they. And when the commission comes in, we earn it as a team. 

I once had a mentor tell me that the truly wealthy don't cash big checks, they write them to others. That's my goal. 

Laraine Shape
Comey & Shepherd Realtors - Glendale, OH
Selling Cincinnati...one kitchen at a time

J. Philip - Would you please clone yourself and send J. Philip #2 to Ohio?  You're a rare bird...in a good way.  I haven't settled on a broker here in Ohio yet, but when I do I sure hope he/she turns out to be someone that has your grit and integrity.

Aug 18, 2010 10:47 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Mother hen per hour is very expensive...for the good stuff....

Aug 18, 2010 10:51 AM
Bill Wilson
Paradigm AdvantEdge - Edmond, OK

Makes me so thankful we don't have attorneys in our closings!

Aug 18, 2010 10:52 AM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

JPhil...

Don't be speechless. It's just not you :)

And I have a tip for you. Go to your blog settings page and edit the dimensions of that video up there. The sweet spot is 200x200. Be sure to edit both sets of dimension numbers. If you don't, you'll be able to say "TLW killed JPhil's sidebar" I can't have you saying that. It's bad for my rep :)

TLW...ROAR!

Aug 18, 2010 11:23 AM
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Terrific post Phil; I think you are wise to be able to see the real value of training people properly--I have found that when you do the extra stuff with your team members, especially the "Newbies" the payoff is really BIG!!!

Aug 18, 2010 12:09 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Phil I sure know what you're talking about.  As a small broker I never know what the day will bring.  Working with team spirit brings so much to the party. I love saying to agents - I love writing big checks to you.  You're my kind of broker ! You rock on all levels!

Aug 18, 2010 12:30 PM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Nice story, wish you were in NH.....I'd be by to introduce myself as a proud agent and maybe talk to you about joining your great group.

Patricia/Seacoast NH

Aug 18, 2010 01:22 PM
Paige Walker
Paige Walker - Pineville, LA
Real Estate Guru - Alexandria Pineville LA

"the truly wealthy don't cash big checks, they write them to others." ....... That is a really GREAT quote!! Great Job!

Aug 18, 2010 02:09 PM
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Phil...

Sounds like you know where you are heading, and want to get there on the up and up. BTW, if any attorney tried something like that here, they would be out of business in a week. Ours are more likely to so something for free than to pad charges with exorbitant unearned fees.

Aug 18, 2010 02:31 PM
J. Philip Faranda
Howard Hanna Rand Realty - Yorktown Heights, NY
Associate Broker / Office Manager

Steele- thanks- I intend to. 

Tammy, I think any conscientious owner would relate. 

Vince, thanks for the encouragement.

Mike, I'd be delighted if some of my agents outproduced me!

Michael, I am always washing my hands off!

Harrison, thats what it is all about.

Jackie, you said it.

Mike, their success is mine. I have to help them win.

Bill, thanks for the positive words and reblog.

Laraine I'd love to clone myself for the extra set of hands around here!

 Richie- we only deal in the good stuff around here. 

Bill, that is a fantasy of mine- no attorneys. 

TLW- You are a rock star for reasons I don't have time to write here. Thanks for the suggestion. 

 

Aug 18, 2010 02:55 PM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

J Philip,

Great post. You can tell immediately if the agent or broker is part of the problem or part of the solution. I find that most brokers are problem solvers and peacemakers. There are exceptions.

Aug 18, 2010 03:28 PM
John Howard
Century 21 LeMac Realty - Mountain Home, AR
GRI, Mountain Home, Arkansas 870-404-3614

Phil,  A Great Post!  I would love to introduce you to some folks I know....I really like your style!

Aug 18, 2010 03:36 PM
Lou Mayo
Lou Mayo, REALTOR @ Real Living Realty Professionals - Belchertown, MA
REALTOR, Serving Western MA, Buyers and Sellers (413) 726-9300

J Phillip I agree completely. Your post offers some great insight into what brokers go through. The best feeling is that you helped the agent to get the job done.

Aug 18, 2010 03:44 PM
Ken Barker Realtor® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Phil #34 is a spam that I reported FYI...

Aug 18, 2010 04:12 PM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi J. Philip -- As a broker/owner who has read your posts, any astute agent (whether new or experienced) who has read just a bit of your writings knows you know your stuff and know how to get things done.  It doesn't get much better than that!

Aug 18, 2010 04:52 PM
Deborah "Dee Dee" Garvin
C2 Financial - San Diego, CA
C2 Financial

J. Philip, As I recently wrote, you bridge the gap of distance and bring it all home for great knowledge and information.  If I ever decided to sell real estate in lieu of financing it...I would move to New York to work with you!  LOL!

Aug 18, 2010 05:43 PM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

I love what your mentor told you - very good goal!  Have a great day!

Aug 18, 2010 10:13 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

You make the case and illuminate a problem . .many Realtors that are being led by greedy managers that only care for their monthly fees and their cuts!

Aug 19, 2010 12:23 AM
Rebecca Lewis Ghorr
Lewis Realty - Cheraw, SC
Real Estate Broker

Great Post! I am looking for a great mentor to bad you are so far away!

Aug 19, 2010 02:33 PM
Chad and Sandy Neumann
Chad and Sandy Real Estate Group - Jacksonville, FL
Jacksonville Realtor (904-414-6200)

 Love your honest post. I too will make this my company's goal:

"I once had a mentor tell me that the truly wealthy don't cash big checks, they write them to others. That's my goal. "

Aug 20, 2010 12:55 PM