“I’m going to do this better,” brokers say when starting a new business, but that purpose can get lost in day-to-day operations. Is it time to bring it back?
NEW YORK – As the marketplace slows, it’s essential to pause and think about new strategies.
As the backbone for everything that comes next, a brokerage should identify its purpose and examine what can be changed or leveraged. Leaders need a clear view in order to help customers curb the stress and confusion associated with buying or selling a home. And, of course, that will help the bottom line through sales and in attracting referral clients.
To set or reestablish a brokerage’s purpose, leaders should articulate the company’s mission to help agents link their day-to-day work with a wider sense of that overall purpose.
Questions to ask include:
- What value does your company bring to the industry or the region?
- Why did you start your brokerage?
- What can you offer agents compared to competitors?
Alongside communicating the objective to agents, leaders should ask agents about their perspective on what they would like to achieve as individuals and teammates. Once the broader purpose is set, agents should understand how their work helps to achieve the loftier goals and expectations.
Leaders should clearly define each agent’s contribution and purpose within the brokerage, and also illustrate how each individual’s work impacts everyone else. The brokerage is most effective when each individual agent understands how his or her efforts align with it. Regular check-ins should help to keep agents stay focused on the brokerage’s goals.
A defined purpose can be reflected in many ways – in a motto, a daily reminder, or a list of expectations and goals that leaders set for themselves and their agents.
A more defined purpose can translate into more energy in the office, which in turn benefits buyers and sellers.
Source: RISMedia (09/15/22) La Rue, Rich
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