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Real Estate Brokers/Agents Increase Market Share by Teamwork/Partnering
Real estate agencies and real estate sales agents; are you looking to increase your market share? A step toward reaching that goal is to adopt the model of “Teamwork/Partnering”. Real estate, by its structure and competitive nature, can inhibit “Teamwork/Partnering” because real estate sales agents are usually independent contractors and consequently that can lead to an all for me attitude. The agency is only as successful as the sales agents and vice-versa. Real estate sales agents procure listings, which produce business and revenue for the agency and sales agents. The agency, through marketing and advertising, generates increased market exposure that attracts buyers for the current listings and sellers, drawn in by the agency’s portfolio of listings. The Boston Red Sox have players with specialized roles such as; 3rd base, pitcher, etc., so it is the same with real estate sales. Agents may have strengths in specialized roles like: high end single family, condos, geographic markets, and varying sales experience. All of these factors must be considered when implementing “Teamwork/Partnering”.
“Team Work/Partnering”: Inexperienced Agents
The Boston Red Sox send their rookies to minor leagues so that they may have the opportunity to develop their skills until they are ready to play in the big leagues. More often than not, new agents with little experience (“rookies”) are thrown into the “starting line up” without adequate training or time to develop. This is one of the biggest fauxs pas real estate agencies make. Nearly every other profession requires specialized apprenticeship programs for “rookies”. Solve this problem by teaming up less experienced agents (apprentice agent) with the agency’s more knowledgeable agents (mentor agent), who often times are burdened with a heavy portfolio of listings. Compensation can be negotiated to keep both mentor and apprentice happy. The mentor agent can free up time for marketing, contract issues and pursuing new listings. The apprentice agent can handle property viewings and become an active participant in the entire real estate process working hand in hand with real estate transactions under the watchful eye of their mentor. During this process the apprentice agents should be provided guidance to insure they have the greatest opportunity for success. The managing broker must monitor and evaluate the apprentice agent’s progress; as this will allow him/her to safely recruit and develop new untested agents while insuring the agency is not vulnerable to legal mishaps resulting from lack of knowledge or experience.
“Team Work/Partnering”: Niche and Agent Experience
“Teamwork/Partnering” should also include niche specific expertise relationships. For example, Shane has vast knowledge of marketing and selling multi-family properties. Hannah has just set up an appointment while on office duty to list a 3-unit multi-family home. However, Hannah has never handled such a property.
Scenario #1: sales Hannah goes on the appointment and loses the listing to an agent with more experience selling multi-family properties.
Scenario #2: Shane and Hannah work together utilizing Shane’s experience and thereby increasing the chances dramatically of securing the listing. Shane is rewarded by sharing the listing; while Hannah picks up valuable experience in multi-family properties and the seller gets two agents for the price of one.
“Team Work/Partnering”: Geographic Market Experience
Geographic market area is also a great way to build “Teamwork/Partnering”. For example; Meaghan is the only agent with any real success in Ocean-town, and now has a number of listings there. The agency does not have a strong market share in Ocean-town, but would certainly like to. Rachel received a call requesting an appointment to list a home in Ocean-town. The seller mentioned she saw the agency signs in her area. Rachel hasn’t worked in Ocean-town, but has more overall sales experience than Meaghan. The ordinary solution would be to have Rachel refer the listing to Meaghan; but together they can offer the sellers a clear understanding of the Ocean-town market coupled with vast sales experience. Meaghan and Rachel both get the listing. The agency succeeds in increasing the market share and there are now two sales agents that have experience in Ocean-town.
In closing, “Teamwork/Partnering” is a successful model that more and more real estate professionals are turning to. It takes time to implement and there may be some resistance at first, but if encouraged and supported by the agency, even the most reluctant agents will soon be on board. The role of the managing broker is to encourage “Teamwork/Partnering” relationships; even if it means handing down some business to sales agents who are willing to work together to get things started. Their success in a short time will be a model for others to follow, and soon “Teamwork/Partnering” will be embraced by all.
About the Author: Ken Farrelly is a Rhode Island real estate broker.
Rhode Island’s Coastal Community Real Estate /
Rhode Island’s Coastal Community Real Estate: Rhode Island real estate sales for Jamestown, Narragansett, Newport & RI’s coastal community real estate; search listings, real estate reports, property market analysis, local school recourses, community information, mortgage calculator, RI attractions & more.