by HomeSmart Broker/Owner Bill Telford
RISMedia caught up with HomeSmart Broker/Owner Bill Telford from Utah to discuss different growth strategies when running a successful brokerage.
Bill is a long-time real estate industry veteran - starting out as the director of real estate for a restaurant chain in the early 70’s, he entered residential real estate in the 80’s and has been selling real estate and then running his office ever since.
Over the course of several decades, Bill had a wildly successful real estate business of his own, which is why he parlayed that success into owning his own brokerage and, eventually, joining the HomeSmart franchise system.
After 11 years of running a top brokerage with an astounding 45% market share in Utah County and the highest per agent productivity of any offices in the area, Bill felt it was time for a change. In 2002, he sold his thriving real estate brokerage and decided to relax into retirement.
But, like most successful entrepreneurs, sitting idly in retirement only lasts so long! In 2013, Bill decided it was time to get back into real estate. Having been out of the business for a while, he knew it was important to do his research to select the best franchise opportunity available.
Being faced with an important decision, either go back into the traditional model real estate brokerage company OR try something different like the flat fee, full service model. It’s a decision which Bill put a lot of thought and research into.
To help make Bill’s decision, he had to ask himself,
if I was an agent, what would I be willing to pay to the broker on each transaction?
And, as a broker can I be profitable while giving agents a fair price?
This thought process is what brought Bill to his decision:
Check out what made his decision:
After deciding to move forward with a flat fee brokerage, a well-known national franchise approached Bill.
They pulled out all the stops. Flew Bill and his family to Colorado to sell him on the value proposition of their franchise model - the whole 9 yards.
As Bill was evaluating the different franchise options…well, we’ll let Bill share it with you…
RisMedia spent time asking Bill about some of the strategies he’s consistently used to become so successful with his Utah real estate brokerage.
One of the first strategies he shared was the importance of planning.
“Plan your day and work your plan. Set goals and prioritize them to assist you in achieving your objectives and follow your business plan,” explains Bill.
“If you don’t have a business plan, create one. Keep your objectives and your business plan at the forefront of your daily and weekly tasks to accomplish your yearly objectives, which will save you time and money.”
Bill’s results speak for themselves. He’s experiencing widespread growth across Utah and now has 4 office locations which serve 200+ agents.
Another component of Bill’s success is his process of recruiting, training, and retaining agents.
He says this process is a must for thriving in today’s real estate market. Bill truly cares about his agents.
He treats them like family. It’s that dedication to the team that has been an integral part of his franchise growth.
Results never lie and they speak volumes.
Bill further explained brokers must take the time to train their agents. This will keep the lines of communication clearer between agents and their clients.
It’s an art, something that can be taught, how to listen and understand their client's’ needs, objectives, goals and aspirations.
Agents also must keep customer service at the forefront of everything they do. This will help create referrals.
Teaching his agents core real estate principles like this is how Bill built his HomeSmart Advantage business.
This is the foundation for exponential growth in his markets.
Bill explains to stay ahead of his competitors innovation is key. He stays on the cutting edge of technology, which is his major advantage.
Using HomeSmart International’s end-to-end system to operate his entire brokerage, supports his mission of creating an environment to set his agents up for incredible success.
Be sure to check out one last thought from Bill - you’ll hear his perspective on
providing Nordstrom quality of service with Netflix pricing!
To read the full RISMedia article on Bill Telford and get ALL his tips and strategies, click here.
To learn more on the HomeSmart franchise business model and if its a good fit to scale your brokerage and increase profitability, contact Bryan Brooks at email@example.com.