RISMedia's Real Estate Magazine

AUG 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/1146817

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Page 98 of 118

94 August 2019 RISMedia's REAL ESTATE In the latest Imprev and RISMedia webinar, "How to Build Your Busi- ness for Consistent Income," two brokers delved into their profitability strategies, which curb downtime in the market. The call was moderated by Verl Workman, CEO and founder of Workman Success Systems. "Very often, the market exists between our ears," said Dean deTonnancourt, CEO and president of HomeSmart Professionals Real Estate in Rhode Island, as well as HomeSmart Real Estate Network in Maine. "It's really a mindset," deTon- nancourt said. "The challenges are different from agent to agent, and ultimately, we've got to shift our support accordingly." As a broker and manager, you have to set the tone, said Carrie Zeier, CEO and owner of RE/MAX Elite in Tennessee. To consistently drive profit, they recommended these strategies: 1. Champion entrepreneurship "Real estate is not a sales job; it's a career," deTonnancourt told listen- ers. "We treat our agents like pro- fessionals. We give them the oppor- tunities, the tools, the technology, the education and the support they need to succeed. They're treated like an entrepreneur, rather than a salesperson." 2. Deliver proven training By committing to connecting with their database, agents can earn free leads, and establish long-term referral relationships. So, drive home the importance of prospect- ing in your training. "Marketing is not 'today'—it's branding, but the future [is when] you'll get business from that," said Zeier. It can be daunting to prospect, so Zeier has agents begin with 30 minutes of calling daily, then ex- panding that to an hour, two hours, and so on. "You don't have to run a mara- thon the first day—just a walk will start it, then a jog, then a run," Zeier said. 3. Enlist mentors Accountability is critical in real es- tate, where agents can self-start and thrive, or flounder without motiva- tion. Consider establishing a mentor- ship program so that agents have a guide on their path to success. "Any new associate is required to go through our mentorship program because it teaches them to build a business," deTonnancourt said. 4. Look to other services The brokerage business can be lucrative on its own, but the best brokers invest in multiple revenue streams. "Your big wheel in front of you is your REALTORS®, and all the spokes on the side are so much a part of our business that we're involved in through the entire trans- action," said Zeier, whose broker- age has mortgage and title, as well as home inspection, insurance and warranty. 5. Remember, we're in this together "I'm a firm believer in the notion that people like to work with people that they like—people that they can connect with," said deTonnancourt. "Relationships in the industry are critical to our success." "We all work in this town as pro- fessionals," Zeier said. "I'm an ad- vocate of our industry, and getting to know as many people in our in- dustry as possible and supporting each other." RE To view the webinar in full, visit https://bit.ly/2LwcPBJ. Suzanne De Vita is RISMedia's online news editor. Webinar Recap: Seasonal Slump? 5 Avenues IRU%URNHUVWR3HUHQQLDOO\3URÀW by Suzanne De Vita A s a brokerage owner, the activities of your agents build business for your company. What happens when the market slows? Is your business equipped for the leaner times of year, when agent productivity slips?

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