Owning your own business is an exciting and fulfilling career choice, however, it is no secret that it can reap equal amounts of stress as it does reward. As a leading broker in the constantly competitive real estate industry, it is vital to ensure that your business is running as smoothly and efficiently as possible to maintain the success that you strive for. Agents are the backbone of any brokerage and productivity is the key component that keeps your agents, and your firm, running effortlessly. As a broker, it is important to the success of your business to create an environment for your agents that fosters productivity and efficiency. This is often easier said than done, nonetheless, in an effort to make it easy, we have compiled a list of fundamental tips to help increase agent productivity:
1. Embrace Technology
Change is inevitable and technology is no different. If you haven’t become accustomed to the tech-era that has taken over most industries, real estate included, then it is time to do so. While technology will never replace agents, the agent who learns and utilizes technology will do better than those who do not. HomeSmart International created two systems that are available to its brokers and their agents: RealSmart Broker and RealSmart Agent. The cloud-based RealSmart Broker brokerage performance management software focuses specifically on minimizing the financial and legal risk associated with broker tasks while its counterpart, RealSmart Agent business productivity software, gives agents the ability to manage their transactions more efficiently by including automated alerts and required document uploads. Working as the centralized point of access to all broker and agent-based resources, these systems provide the visibility to see, manage and grow a business in one place. By utilizing the right technologies in your firm, you allow your agents the freedom to focus on their deals which allows you the ability to focus on successfully running your business. Follow the link to learn more about RealSmart Broker/Agent.
2. Provide Necessary Tools
While there are a number of resources available to you and your agents, only the right tools will produce real benefits. Update yourself on the newest systems and communicate with your team the benefits that you see in them. Agents want to be successful just as you do and this entails continuously learning and keeping up with resources that can assist them in all areas of their business. Agents are busy, so they look to their brokerage for support and resources. Offer a free comprehensive tool suite that provides support in all areas of their business including marketing help. Tools and technology create leverage, so if used correctly in your business, it will allow you to do more with less.
3. Track Productivity
How do you address the mindset of an agent who doesn’t want accountability? When you have people working for your business, you cannot make someone be somewhere they do not want to be or do something they do not want to do. However, you can (and it is important to do so) cut the people loose who are dragging you and your business down, and in turn, support those who want the help. The best way to focus on this issue is to offer agent support and training. Productivity is a byproduct of maintaining strong work ethic and skill throughout your team. Help your agents gain the knowledge and confidence they need to do well by openly supporting them. A concept that is utilized by the HomeSmart franchise is to follow up on agent training by tracking results and communicating the outcome of these results back to the agent. This ensures a clear understanding of what is needed by your agents, by the broker yourself, or even a combination of both.
4. Leverage a Mentorship Program
Jennifer Ridenour, a consulting broker and agent development manager at HomeSmart International, spoke with RISMedia about the mentoring program offered within the HomeSmart company. Ridenour explains that the program is meant to focus on individuality amongst their agents by pairing mentors with mentees based on personality and their teaching and learning styles. These characteristics are first measured by beginning the mentorship with a behavioral assessment that is intended to identify individual strengths and weaknesses. At HomeSmart, personal goals are valued and it is understood that, at times, agent and broker goals may differ. When leveraging a mentorship program within your brokerage, this is a valuable statement that should be considered in order to see viable results.
5. Invest in Your Agents
In past years, Forbes has published an article focusing on why investing in your people [employees] is beneficial to your business. It is explained that many firms fear investment in their employees due to the possibility of quick turnover rates, “However, just as many people, if not more, leave organizations because they don't feel valued by their employers,” says Diana O’Brien, Managing Principle of Deloitte University. In terms of investing in your agents, if you are logical in your investment you can produce an efficient and productive team. As a broker, it is your duty to constantly work to make your team feel valued and it is important to explain your business plan and make your agents a part of it. A recurring business concept, according to Forbes, is that people are the biggest asset to an organization and this should be no different in your real estate brokerage.
Improve agent productivity in your workplace by adapting these five tips into your brokerage business model. Your business and your agents will thank you.
To learn more about the HomeSmart business model and why switching to a HomeSmart franchise could be great for your business, visit HomeSmart.com/Franchising or contact Bryan Brooks at bryan.brooks@hsmove.com.