RISMedia's Real Estate Magazine

JUL 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.

Issue link: http://remag.rismedia.com/i/1132072

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Page 18 of 126

14 July 2019 RISMedia's REAL ESTATE {The NAR Power Broker Roundtable} Jim Imho: Every brokerage has its rain- makers. But what happens when agent superstars decide to team up? It brings financial concerns, technical issues, space considerations…even concerns that a successful team may decide to strike out on their own. As brokers, we have op- tions: Support the team concept. Advise against it. Maybe make it a centerpiece of the company culture we've worked so hard to build. Today, we'll talk with a few brokers who land on the side of the latter. Let's begin with you, Vince, because I know you've been cited as having one of the "World's Greatest Company Cultures." Vince Leisey: We have, Jim, and we're proud of that. We want our people to be glad to come to work every day—and whether or not it's coinci- dental, teams do make up some 65 percent of our company. I not only embrace the team concept, but in my view, teams are the future of real estate. For one thing, the millennials now coming into the business are all about collaboration and teamwork— and the sharing and mentorship that come with teaming makes every team member stronger. Pat Riley: Millennial or not, when I became successful enough to build my own company, I needed people to help me—so I still see any form of partnering as the best of all possible worlds. Every agent has strengths and weaknesses. In teaming, you can specialize, you can mentor or be mentored, you can rise to meet your best potential and let the company worry about the tools and technol- ogy—even the physical workspace. Jennifer Ames: That's something I considered when I was ready to move up after many years as a successful team leader. I wanted new challeng- es, better control, and the chance to recruit like-minded people and help them build careers. But I chose to do it with an internationally-branded company behind me. Our team launched our Chicago office last January, our flagship offices opened officially on June 27, and we're confi- dent we made the right decision. Corina Jones: For us, going out on our own a little over a year ago was an opportunity to take control of our destiny. Building our brand is a commitment to unexcelled customer service, and that's what we're all about. And being responsible for our own financial health means recruit- ing carefully, sharing the load and ultimately doing more deals. JI: It's a valid concern for some brokers that successful team leaders will take their teams and fly the nest. So, in our company, we embrace teaming, but we are careful about having contracts in place, and business plans that speak to the "divorce" aspect of teams. Tom Milam: That works for us, too. It's like a financial "prenup," so that everyone knows what happens in the event of a breakup. But look, good teams have an amazing work ethic. They are great mentors. They have a balanced quality of life, because there is always someone to cover for them—which is also a boon for our customers. And while teams may take a higher split, they also close more transactions. PR: One solution that works for us is "brandchising" our successful teams. The captains continue to build their teams, but with our brand behind them. We continue to provide the tools. They pay us a fee. VL: It's vital to have transparency and a lot of idea-sharing between the teams in our organization so that there's a balance of lead generators, coaches and less-experienced agents who will grow as a result of their mentorship. TM: There's no question that teams and team captains add a lot of value to our companies. They also offer a great way for our companies to grow organically. If teaming is the future of a younger real estate workforce, then it's only a matter of us, as company leaders, figuring how best to make it work. RE 8For an expanded version of this article and other NAR Power Broker Roundtable topics, please visit www.rismedia.com. Agent Teams: The Good, the Bad, and the Challenge MODERATOR: Jim Imho Chairman, First Weber, Madison, Wis., Liaison for Large Firms & Industry Relations, the National Association of REALTORS® (NAR) PARTICIPANTS: Vince Leisey CEO, Berkshire Hathaway HomeServices Ambassador Real Estate, Omaha, Neb. Pat Riley President/CEO, Allen Tate Companies, Charlotte, N.C. Corina Jones Founder/Broker, Your Home Team, Greenwood, Ind. Jennifer Ames Broker/License Partner, Ames Group Chicago, Engel & Völkers International Real Estate, Chicago, Ill. Tim Milam President, Coldwell Banker Sea Coast Advantage Real Estate, Wilmington, N.C. The Power Broker Roundtable is brought to you by the National Association of REALTORS® (NAR) 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.

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