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10 Steps to Building a Better Brokerage... and A Company Culture

By Matt Dollinger

Education & Training with @properties

March 16, 2009 04:08 PM

The following was originally a comment to a comment to a comment on my post "The Future of the Real Estate Office... and Company" here on Active Rain (and published on Inman.com)

For those brokers that are fearing the 100% commissions or trying to build a company of attraction for agents, I have some suggestions. First, I would suggest you talk to a couple of companies that have really survived this well (there are tons here on Active Rain).

I understand that each area is different and agents are different across the board, but having been in recruiting, I know that some agents are concerned mainly with their income, their clients, and their reputation... (and maybe their income again!) But, from my experience, if you provide for them, invest in their success, and help them run their business more effective/efficiently, they will help to build a culture that will transform your office.

So, here's an idea... Take that money that you would spend in super duper collateral materials, billboards, private offices, and yes... (it's going to hurt)... but unnecessary print advertising and do the following:

1. Get a GREAT website that will help generate business (check out this link to see some of the best)

2. Invest in a couple of local citizen journalists to teach your agents how to write great copy

3. Invest in some great Email marketing programs like MailChimp

4. Hire a couple of Temps or Interns to take their content and send it out to their clients

5. Use the copy that they write to power your company's blog to engage your client

6. Align yourself with THE BEST financial planners, attorneys, mortgage brokers, and inspectors to teach your agents advanced education

7. Align yourself with the local school to teach your agents about client psychology

8. Open your doors to the consumers and answer ALL of their questions

9. Give the agents a 5% bump in commission if they will work virtually

10. Invest in something like homefeedback.com where it will automatically send out feedback requests

11. Etc. etc. etc. Total price tag to that above = +/- 50-100K

Are your competitors doing it? probably not

Recruiting "Value" 100% T

HAT's thinking out of the box... agree or disagree that's fine. But do something... don't just whine about it. (And read Steve Murray's post "Small Ball" and change the word AGENT to BROKER)

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Matthew Dollinger

@properties

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Mirela Monte

Buyers' Choice Realty - North Myrtle Beach, SC

Myrtle Beach Real Estate

Just in case this ever vanishes, I copied it on my own computer. It's too good to take a chance on losing.

I've been doing NR. 6 for quite some time. It works beautifully. The agents gripe about all the training, but their income proves that I am right.

I am in desperate need of counseling about recruiting other agents, since I don't believe in pirating personnel from other agencies, which seems to be the norm in our business. I am also extremely picky in the people I want to have work with me. HELP!!!

Mar 16, 2009 04:31 PM

Tracey Shrouder

360 Realty - Greensboro, NC

Listing Specialist

I am intrigued by your list. I am super picky about whom we hire at my small firm, and want only the best of the best. They have to fit in with us, have fun with life, and most of all have experience. We rarely hire new agents, and I hate to poach. I am looking for people that have experience and drive to do it on their own. We pay well, and we offer perks. And most importantly, if I trust you enough...I send 3-4 personal referrals a month to agents in my office...with NO referrals fees asked. So where do I find this wondrous broker???

Good post :)

Mar 16, 2009 04:37 PM

Lynda Eisenmann

Preferred Home Brokers - Brea, CA

Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Matthew,

Very interesting post to say the least. I'm a broker/owner myself, after moving my office location six years ago, a year later I realized I would have done it completely different. Good stuff, thanks!

Mar 16, 2009 04:53 PM

Fran Gatti

RE/MAX Integrity - Medford, OR

Managing Principal Broker - RE/MAX Integrity

Matt,

We are sure enjoying your posts at my office. Keep them coming.

Mar 16, 2009 05:14 PM

Ann Banos

Real Living, LifeStyles Realty - Austin, TX

Broker, Real Living

I have a small franchise brokerage and I have an executive office with use of two conference rooms. It is in a very nice class A building and centrally located. I(and my recruiter) have spent the better part of 2 years recruiting and having been a high producing broker working from home before I purchased the franchise thought that this set up would be the way to go. But after interviewing literally hundreds of agents--I'm not too sure. My impressions are that agents in Austin and we are one of the most connected cities technologically in the country--still want an office that they can come to and work from occassionly. I don't think they want to come everyday or to have a dedicated desk but I think they want semi private offices or perhaps a bullpen area where they can plug into if they need to. I think also that even the most productive agents--not all of them--but a fair amount want interaction with other agents when they come in and a place to brainstorm with other agents. I think I've not gotten many recruits because of the lack of office space and it seems that the new agents want office for one reason and the experienced agents want it for a different reason.

My idea was to move from the executive office to an office that resembles the office in your other post after I had enough agents to move. After having the executive office and going thru this downturn, I can see where that set up could have an enormous amount of overhead. I really can't figure out how the offices with massive offices are surviving. I think the downturn will forever change real estate and how consumers and agents think about real estate offices.

Mar 16, 2009 05:42 PM

Dan Magstadt

Paramount Residential Mortgage Group, Inc - Lake City, FL

Great tips Matthew!!! These are things I can put to use.

Best, Dan

Mar 17, 2009 03:26 AM

10 Steps to Building a Better Brokerage... and A Company Culture

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