How Brokerages Can Empower Agents to Thrive in Today's Market with Dan Elzer
The success of real estate agents and their ability to better serve their customers can be ignited from the brokerage level. Whether it's through leadership strategies or direct agent support and resources, brokerages have an opportunity in today's market to define a path that leads to long-term success for both the agent and the brokerage.
Yet, what exactly should brokerages be doing and focusing on right now?
I'm joined by Dan Elzer, President of the Training Academy and acclaimed speaker, trainer, and consultant with 30 years of experience in the real estate industry. He's seen it all and worked with some of the most well-known companies to reach their goals - no matter the market.
So, if you're in brokerage leadership, you're a broker/owner, or you support agents, today's conversation is for you.
We're discussing leadership, business analysis & planning, navigating today's market, strategies for agent development, recruiting, and so much more.
It's a thought-provoking conversation that I know will inspire you to take action, so tune in for realistic strategies that you need for today's market.
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Insight into the current real estate market and what brokerages should pay attention to
If you're a real estate leader, staying in the financial loop is vital. Dan shares that the real estate industry has felt the support of the Federal Reserve throughout the last decade through interest rates and money supply. However, the past 14-15 months have seen a change in this approach.
As a result, the techniques and the activities that have worked in the real estate business for the last ten years are not yielding the same results today. Simply, clinging to old strategies just might not cut it in this evolving market. And to really thrive now, real estate pros must embrace new strategies and adapt to change. It may be important to make a shift in your operations and build foundational skills to successfully approach the marketplace today.
What are the shifts real estate brokerages and leaders can make to help see success today?
It's important to recognize we may be seeing market conditions never before seen by leadership who haven't been in the industry for more than 5-10 years. This means the current market might present an environment for brokerages and leaders to navigate their businesses with a new approach they haven't yet experienced. For more insights on how to approach today's market, it might be helpful to take a look back and see how the market was well navigated in similar challenging markets in the past.
It's also helpful to keep in mind that one of the best tools an agent can have in their tool kit, is 'discovery.' In today's market, it's not enough to simply be present as an agent, as the sense of urgency isn't as driving as it was a few years ago. Instead, agents should get curious about their customer's needs and be able to best deliver their value and the guidance their clients need for success in today's market.
Why brokerages should encourage a balanced approach for agents’ businesses
With the shifting in the marketplace also comes a shift in agents' businesses - how many transactions are available and how agents are connecting with potential buyers and sellers.
This means, agents who heavily relied on fresh leads to sustain their business in the past are likely seeing different results in today's market.
From a brokerage's perspective, the model of promising leads to agents without leading them to a balanced approach to their business strategy (such as nurturing their sphere, past clients, and referral-based businesses) is a disservice to both agents and the brokerage as a whole.
It can be a perfect coaching opportunity to guide agents in your brokerage to the marketing strategies and techniques available to leverage their database for new business opportunities, for example.
This mindset can also be a helpful foundation for considering which agents are the right fit for your brokerage - agents who are looking for leads vs. agents who have a healthy balance in their business with multiple avenues of attracting new buyers and sellers to them.
How brokerages can lead their agents to success today
The best way for brokerages to lead their agents in today's market is to focus on their own training first and build their own set of foundational skills to then be able to lead with excellence.
Whether it's self-guided trainings or working with a professional coach, leveling up your skills as a leader is highly important in the real estate industry today.
It can also be helpful for leaders to take the mindset of empowerment rather than simply support. While leaders should play a vital role in problem-solving and assisting their agents with their day-to-day businesses, they should also spend a good amount of time looking to the future at what's to come so they can help lead their team to success in the changing market and industry landscape.
Another helpful tip is to ensure you're creating a solid business plan for each year, evaluating your efforts quarterly, and adjusting your strategies as needed to make sure you're heading toward your goal.
Also, enlist the help of others for an outside perspective on your challenges or ways you might be able to improve. Whether it's a peer, someone from another industry, or even a professional, an objective opinion can shed new light and offer helpful insight on navigating you toward success.
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Meet Today’s Guest, Dan Elzer
Dan Elzer, President of The Training Academy, LLC Dan is an internationally acclaimed speaker, trainer and consultant with over 30 years of experience in the real estate industry. He is known for being direct and skilled at cutting through the noise and challenges of any market. Dan has created and delivered leadership, management and sales performance programs designed for all sizes of organizations, including many national and international real estate brands. His approach in delivering dynamic, actionable content gives organizations what they need to solve challenges and confidently prepare for the future.
Connect with Dan:
Learn more about Dan’s Real Estate Swat School for agents:
Create effective habits, save time and money, and learn a systematic approach to running a successful real estate business -
Learn more at reswatschool.com and use code IDEAS for $50 off
For more info on Dan’s recruiting program and brokerage consulting services, contact Judy@DanElzer.com
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