BrokerPulse

RealTrends Q32021 BrokerPulse sees brokers still optimistic about the market, wary of competition and wondering when inventory will rise.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Knock.com’s Sean Black on the transaction revolution

Real estate is on its third revolution, from the digital revolution of the early 2000s to the information revolution kicked off by Trulia and Zillow to today's transaction revolution.

Newsletter

The RealTrends BrokerSource and HousingWire OpenHouse newsletters deliver twice weekly information on trends, strategies, analysis, people, and news shaping the real estate industry.

Overcoming Leadership Obstacles To Produce And Grow

There are big questions floating around our industry about a lack of productivity, a lack of profitability,  and a lack of growth. Here is the truth: We learn from Patrick Lencioni and Jim Collins, just how important leadership is in overcoming obstacles to have productive and growth gains.

People need to be reminded more than instructed. We have done a lot of research of this at REAL Trends and have the privilege of hosting several CEO groups and given the lack of this, I asked one of the groups, “Did they agree that organic growth was just not there?”  They agreed – organic growth had not occurred for many of their companies (large residential real estate firms)

So then I asked, “What should a brokerage CEO focus on?” Well, we have covered it before, and most recently on our podcast The Five Magic Questions but I’ll cover it again.

1- Recruit Talent

2- Develop Talent

3- Spend Less Money Than You Have Coming In.

Every firm in the room was good at #3 – they are all very profitable. But when I asked about the first two, the room went silent. They admitted, that their own personal time was not well spent on recruiting or developing talent. It turns out between financial and technological reviews and out of town meetings, that perhaps, only 10-15% of their time was spent recruiting and developing talent.

But building a cohesive leadership team that is focused on a few basic goals and objectives is critically important to any residential real estate services company. You’ve got to focus on the core of the realty and build the strength from there to create the great results in other core services.

Pat Lencioni’s book The  Ideal Team Player states,  to build an ideal team player for your organziation you are looking for certain attibutes for leadership teams. You need a humble team, those who are not caught up in their own ego satisfaction. You want people who are hungry and looking for success. Lastly and most importantly an ideal team player will hire people who are humble, hungry and people smart. They know how to communicate and get along and problem solve with others.

Real estate is still a story of people, not yet a story of technology. And according to Jim Collins, you simply need the right people in the right seats going in the right direction.

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