RISMedia's Real Estate Magazine

JAN 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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16 January 2019 RISMedia's REAL ESTATE {The NAR Power Broker Roundtable} Jim Imhoff: First off, when we talk about dealing with new business models, I'd like to banish the term "disruptors." What we are really talking about is alternative business models—firms doing real estate in ways that veer away from the traditional models we know. They pose no threat if we, as brokers, do a credible job of defin- ing our value proposition. So today, let's talk about leveraging our value in the age of the shiny, new penny. Rosey, what is a value proposition, anyway? Rosey Koberlein: Value proposition is what you bring to the table. Experi- ence. Professionalism. Support. The shiny alternatives tell a good story, but when you peel back the onion, there's not a lot at the core. Traditional companies, on the other hand, have historically had a tough time tooting our own horns. And yet, we have the culture and synergy that come from long years of experience, and a history of the exceptional relationships we've built in the com- munities we serve. I take great pride in that as a leader, and I want to be sure that everyone in my company can stand up and tell that story. Nancy Nagy: We're not concerned with shiny, new pennies. We know we have a story worth telling. We recruit right, we make a huge investment in tools and support, and we have a fan- tastic leadership team that develops the best agents in the business and keeps them at the top for the long term. We have a fine, respected brand behind us and a wealth of resources at hand. We've been here for 100 years and we'll be here for 100 more; and you're right, Jim and Rosey—bringing our agents together around those strengths is part of what we do as leaders. Gary Sco: I don't see these new models as disruptors. I see them as bare-bones distractors, because a good story starts with the basics, and the basics that built our com- pany are pretty simple. We're in the relationship business, and it starts with building strong connections with our agents. Our people know we care deeply about every single one of them, and that's reflected in our agent surveys. Our job is providing what they need to help them grow and succeed, because their success is our success, and the richness of our past—more than 50 years of service and experience—is an asset no newcomer can match. JI: So, it's clear that what we invest in our agents comes back to us a hundredfold. How do we, as Nancy suggested, rally our troops around our story? GS: I think we focus on our company culture—that indefinable ecosystem we all live in every day. It's mentor- ship and friendly competition. It's motivating greater accomplishment— and it's also recognition and reward. NN: For the most part, agents get that. We've had a few leave for what they think are greener pastures, but we've also had a few come back. I think they find there's no match for what we offer, and it isn't all about the money. RK: You're right. It is about the culture. Anyone can come along and duplicate "stuff." But in the end, you can't compete on "stuff." You com- pete on professionalism, on knowing the market better than anyone, on experience and a steadfast support system. JI: Okay, so those firms that have been around a while can have the edge on culture and experience. How do you articulate and communicate that story in ways that resonate and inspire? GS: You lead by example. Doing things right is contagious. RK: You dig deep and figure out what you do that no one can replicate. In essence, you make a promise. And you deliver. RE 8For an expanded version of this article and other NAR Power Broker Roundtable topics, please visit www.rismedia.com. Dealing With New Business Models: Defining Your Value Proposition MODERATOR: Jim Imhoff Chairman, First Weber, Madison, Wis., Liaison for Large Firms & Industry Relations, the National Association of Realtors® PARTICIPANTS: Rosey Koberlein CEO, Long Companies, Tucson, Ariz. Nancy Nagy CEO, Berkshire Hathaway HomeServices KoenigRubloff Realty Group, Chicago, Ill. Gary Sco President, General Brokerage, Long & Foster, Chantilly, Va. The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Jim Imhoff, NAR's Liaison for Large Firms & Industry Relations. Watch for this column each month, where we address broker issues, concerns and milestones. "Value proposition is what you bring to the table. Experience. Professionalism. Support." – Rosey Koberlein CEO, Long Companies

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