To run a great brokerage, you have to have a team of agents who will be willing to work hard and get the job done. However, there are some things that you as a broker could do to create a strong brokerage for your agents. That is what Brian Copeland did in order to create a perfect workspace for his team.
As the Vice President for Association Affairs for the National Association of REALTORS and founder of Doorbell Real Estate in Nashville, Tennessee, Copeland has quite an arsenal of real estate knowledge. He recently shared how to lead a brokerage that real estate agents want to work at.
Realize Who Your Customer Is
The first step to establish your brokerage is determining who your customer or consumer is. Copeland mentions that this is one of the hardest things a broker may come across. As a broker, you have to realize that your customer is not the homebuyer or the homeowner, but is actually real estate agents.
Being a broker means that you will have to recruit and hire the best agents to your team. To do this, you have to be able to offer your agents the best work place. To do this, you may have to meet new expectations, be open to change, and be accepting of new techniques or work ethics.
Value of the Space That Your Agents Work In
An office environment can be difficult to work in if it is not appealing to those who work in it. Copeland mentioned that he made a visit to the Facebook headquarters and immediately noticed that it was not the “typical” office environment that so many have become accustomed to.
Copeland found that the better the workspace is, the happier his agents are. He is frequently asked “Do you have a traditional or non-traditional workspace?” to which he says that there is no such thing as a traditional workspace. Each workspace or office should have things that seem to be a luxury to those who work within the walls of the office. Keeping things in the office the employees will enjoy and maintaining a comfortable workspace is one of the biggest things a broker can do to keep employees happy.
Everybody works to get paid. Many brokerages have a difficult or hard to understand commissions structure. Copeland states that it should be easy to understand how commission and pay are handled. There are many agents who find that the more difficult it is to get paid, the more unhappy they are with their position.
When dealing with financials, Copeland says to make it crystal clear how your team will get paid and keep them on a constant rate of commission to avoid confusion. Agents who are working are resilient. Meaning they aim for the best and at times get stressed out. Making sure that they are getting the pay they expect is one way the stress can be reduced.