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The 5 Elements in Every Superior Managing Broker

by Peter Thomas Ricci

We Don’t Need No Education?

Self-motivation and resiliency may be the core tenets that all successful agents build upon, but even the most driven agent will likely need some crash courses on the nuts and bolts of not only common real estate practices, but the particular details and processes of their particular office – and such education offerings, of course, fall on the office’s managing broker.

For Rawlings, the key is focusing on the basics of the business, and instilling those fundamentals in his agents’ approach to their clients.

“This is a relationship-based business,” he says, “and it teaches people how to build relationships, how to maintain relationships, and how to keep in touch with people. You have to know to ask for the business.”

Basics are also invaluable for Murray, who trains his agents extensively on the contractual elements of the business.

“I want them to know the contract backwards and forwards,” Murray says. “I want them to be able to tell the client about even the most specific of details in the contract.”

Once agents master the contract, Murray says, he can pivot to other areas of the business and build upon that knowledge. So whether its an inspection issue or a finicky appraisal, the agent will have the technical knowledge to deal with them in a professional, confident way.

As any experienced broker knows, though, education is not a one-time thing; rather, it’s a fluid, constant process, one that always builds on the agent’s experiences and shows them new ways to approach their business.

With her agents, Jones’ focus is not on telling the agents how to run their business, but on asking questions, on offering an outsider’s perspective to their business that broadens their perspectives and, ultimately, leads them to their own solutions. Jones admits, though, that communication with agents is not always easy, particularly when agents focus on the emotional underpinnings to a transaction, rather than its business fundamentals – if, for example, they need the commission from a transaction to pay for their mortgage, or for their car.

The solution, Jones explains, is to take a step back and exhale.

“Often times what I’ll do is give the agents an opportunity to not return to the transaction right away, and have them step away from the situation and reflect on what they’re trying to accomplish,” she says. “Sometimes, I simply say, ‘Okay, I hear you; let’s sit down and look at what the worst possible outcome is, and what’s the best possible outcome? How do we work towards the best outcome? Are we missing a step? Do we need assistance from an attorney? Or a lender? Is there another resource, other than the two of us? Usually, that type of approach helps the agent come up with a solution, or realize that there’s another alternative on how to handle it.”

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Comments

  • Jennifer says:

    Great advice as usual! I alawys love reading your articles. Gets me thinking you know? Hope you have a fantastic day and don’t get too cold up there in Canada. I’m from California and our fall weather is just beginning. Brrrr coming this way soon!

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