6 Best Practices of Successful Brokerages
Whether you are trying to build your brokerage or choose one to work for, understanding the best practices that support top brokerages successful. These six suggestions are based on the best practices of successful brokerages. Whether you’re a broker or an agent, keep them in mind when you are looking into your brokerage options.
1. Keep the Technology Simple.
Modern technology has a lot to offer, but that doesn’t mean that all of it adds value to the business. A strong CRM, an IDX-integrated website, and cloud-based sharing and storage options, and online advertising are all crucial tech aspects of a modern brokerages, but not every technology is worth it. That doesn’t mean that successful brokerages can’t incorporate flashier technologies—like custom apps or virtual house tour software—but they aren’t necessary for success like the basics are. A successful brokerage needs a strong tech foundation before branching out.
2. Use Integrated Marketing Strategies.
Mix up traditional and online advertising to build a marketing presence that reaches the most clients. Saying top-of-mind means greeting people in more than one aspect of their life—postcards in the mail and posts on Facebook. Make sure the brokerage has an effective way to coordinate all these marketing efforts and track leads’ responses across the different platforms. If you can’t track the outcomes, pouring time and money into an integrated marketing campaign is just a waste.
3. Focus on Local Content.
Everyone in real estate has heard the refrain: location, location, location. But it does matter. A successful brokerage has an area of expertise and a local presence. It gathers together agents who are passionate and knowable about that specific location.
4. Provide Exceptional Customer Service.
Of everything on this list, this one sounds the simplest but is one of the hardest to execute. A successful brokerage both requires its agents to pay meticulous attention to customer needs and supports them in doing so. Agents should be available when clients need them and be willing to adapt to a client’s preferred communication style and schedule. The brokerage should provide agents with mentoring or professional development courses on customer service and transaction management skills. It’s the brokerage’s responsibility to give agents the institutional resources they need to arm clients with necessary information.
5. Define the Brokerage Culture.
What makes this brokerage different from others in the area? What kinds of people are most likely to thrive working here? These questions come down to company culture and values. Fostering company culture means giving agents a reason to invest their full selves in the brokerage. Real estate is a personal business, and a brokerage will be more successful if agents share a sense of community that they can pass on to clients.
6. Develop a Value Proposition.
Decide on three to five values that anchor the brokerage, and make sure all company polices line up with them—that includes the training giving to agents. This ensures that the entire team is aligned to the company’s definition of success and enables employees to work toward common goals.
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