Brokerage Growth or Broker Burnout? You decide.
You've likely experienced significant success. Maybe you’ve been closing 12 homes every year, no problem. Despite these outward accomplishments, you might find yourself feeling stuck, overwhelmed by the workload, and unsure how to propel your brokerage forward.
I’ve been in your shoes [sadly] and I’ve had the honor of getting dozens of brokers into comfier, shinier shoes too. For those who prefer to read over private coaching, this article is for you: 5 actions you can take today to overcome stagnation and unlock new levels of brokerage growth.
Before we dive in…
What are your challenges? A real estate coach can help.
If you've reached a plateau in your business or are lacking confidence in hiring administrative support, you fear great realtors burning out or being poached by competitors or inefficiencies get in your way, a coach can help you identify the challenges to tackle them. You’d be surprised how much you might achieve in just one session!
Now, here are the actions you can take today to reach Broker Brilliance:
Overcome overwhelm: Hire and delegate for brokerage growth
To alleviate overwhelm, it's crucial to recognize the value of administrative support as a brokerage growth strategy, and hire the right team members for this mission. Start by assessing your needs and outlining clear job descriptions for administrative roles. Delegating tasks will free up your time and mental energy, allowing you to focus on high-impact activities and strategic planning.
Building confidence in delegation may require stepping out of your comfort zone, but it's essential for scaling your business effectively. Moreover, delegating well requires excellent hiring skills. Learn how to hire top real estate heroes here.
Below are tasks you can delegate, that you might not have thought of. Unsure who to delegate them too? My inbox is open.
Property research
Client communications
Marketing and advertising
Rental property management
Financial upkeep
Legal and compliance tasks
Open house coordination
Client follow-up
Market analysis
Team training
2. Boost the boons: Add value to retain agents for brokerage growth
Retention of talented agents is key to any brokerage’s growth strategy because it cuts costs caused by turnover and paints your brokerage as stable, reliable, and respectful. High turnover, on the other hand, suggests to buyers and sellers that you treat people badly or deliver low quality.
Before you re-invent the wheel, evaluate your current offerings to teammates and identify areas where you can provide additional value with minimal extra spend or changes of providers. For example, could you:
Implement a more attractive commission structure;
Contract tools and platforms your teams have requested to ease realtor burnout; or
Offer to bring them to your showings to see you in action
Next, take a more complex step: implement training and development programs that support your agents' career advancement as well as brokerage growth. For this to happen, training must be:
Personalized
Include long-term mentorship
Cater to the real pain points of your teams
If you’re unsure what your team is struggling with, set up a digital suggestions box.
3. Schmooze your circles: Revisit your database as a brokerage growth strategy
When was the last time you reached out to old clients, personally, not at a networking cocktail?
Split your address book into these categories:
People you bump into regularly, and could ask for referrals
Past clients and prospects whom you remember enough about to casually check in
Contacts you could connect to your teammates for mutual benefit
If you do this sweep every month, the task will get easier. But this first month, you’ll find dozens of contacts you could reconnect with, favors you could offer out of goodwill, and close contacts who’d be happy to recommend you, given a nudge.
You already have valuable resources at your disposal, maximize your little black book to benefit your brokerage! Prioritize authentic communication and relationship-building with old and new clients over all other tasks for the best brokerage growth you can achieve.
Look inside: Fear rooted in disorganization dominates brokerages
Fear of failure and disorganization can hold you back from reaching your full potential. The former can be rooted in the latter.
When we feel unsure of what we know, have discussed, and have worked on, it’s harder to quickly tap into those mental files to speak confidently about ourselves. In time, we lose confidence altogether in our knowledge and abilities. Don’t let that happen!
To cultivate a growth mindset, I highly recommend you get organized. This works for many of my clients. Today, start by revisiting and filing:
Testimonials and kind words received
Your appointments and upcoming visits
Companies that recommend you
Ex-employees who left on a good note
Live events you could attend or offer to speak at
When you have this list down in writing, you’ll be able to more easily recall those facts, results, and names when you receive opportunities to connect people, provide advice, and – most importantly – brag on yourself a little!
You’ve got this, that’s why you’re here, looking to grow your brokerage.
As an experienced broker, you have already achieved significant success in the real estate industry. Perhaps you’ve already sidestepped broker burnout or found growth strategies that partially work. And the simple fact that you’re reading this article tells me you’re far from “over”, you’re not giving up, and you’re striving to improve.
However, overcoming stagnation requires a proactive approach and a willingness to embrace change. If you need help finding the perfect strategies and mindset for you and your team, consider private or group coaching. Which is best for you?
Take my quiz, on the second scroll of the Services page, to decide how to get started on a professional development journey.
