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What’s your Biggest Challenge as a Broker Owner Right Now?

Let’s choose one thing that you’re struggling with the most? 

Hi everybody this is Ran Biderman and today I want to talk to you about some common questions on receiving from a lot of Broker Owners out there. So, let’s talk about your business, what’s your biggest challenge as a Broker Owner right now? So, I wrote down the most 10 common challenges Brokers have in today’s market. Let’s go through them really quick. The number 1 is:

  1. Recruiting Agents

  • So, this is by far number one challenge for the majority of Real Estate Brokerages. It is obvious that the more agents you recruit, the money you’re going to be making in the long run. Even if you go after new licensees, if you bring in new licensees, statistics shows that 73% of them are going to quit the business within the first 18 months. The majority of this people quit because of 

  1. Lack of Accountability

  2. Lack of Coachability (They are not coachable)

  3. Lack of Training

  4. Lack of Money (in the bank to sustain themselves throughout the learning process) 

  • That is the major reasons why new licensees quit the business, but say you’re going after new licensees. In addition to going after existing agents at low production, medium, and high production. Recruiting agencies has always been the number one challenge for Real Estate Broker Owners and Managers.

The Second thing is:

  1. Turn Over (Retention)

  • Actually, recruiting agents training them and investing money in these people. Investing time, effort, and then they stay with you for one year, two years and they move over to someone else who offer them better deal. We all know that the neighbor is offering a better deal. There’s always going to be a better in town. How do you work on Retention? How do you retain all these agents within your company? That’s another factor, a huge factor within Real Estate Brokerages today.

Number three that we talked about is:

  1.   Increasing Per Person Productivity

  • And that has to be done with Coaching, Training, Mentorship, Accountability and a lot of different activities that have to happen on a daily basis. So obviously it’s a lot of time consuming from the owner’s perspective.

Number four which is:

  1. Ongoing Training, Mentoring

  • You know that you got do every single day, every week, holding hands of new licensees and agents that are low production agents is time consuming and frustrating, and is a big grind in our industry.

Number five, what we talked about is:

  1. Coaching and Accountability

  • Coaching the agents and keeping them accountable 

Which then bring us to number six:

  1. Prospecting and Lead Follow-up

  • And we’re not talking about prospecting for leads of buyers and sellers. We’re talking about prospecting agents and lead follow-up on agents to join your company.

Number seven is:

  1. Time Management

  • How to manage the time to do all of those things that we’re looking at right now.

Number eight is:

  1. Building your Brand 

  2. Administrative Support

  3. Lead Generation

These are the kind of things we’re talking about and the real question is “What’s taking the majority of your time from those Ten Thing?” I found that the majority of Real Estate Broker Owners and Broker Managers are “ Avoiding, Recruiting Activities” they avoid prospecting, they avoid lead follow-up, they avoid confrontations, they avoid going after recruiting and they spend the majority of their time trying to train the wrong agents to coach the wrong agents, to mentor the wrong agents, because there’s nobody else coming in. They’re wasting all their time on the ones they have. Even though the ones they have are never going to do more than two deals a year, three deals a year or four deals a year. That’s one of the main reasons why Brokerages fail because there’s not enough recruiting. If you have enough recruiting in your business, then you can replace the low-hanging fruit with someone else who’s more hungry and more coachable and has more potential to turn into a successful agent. How do you Increase Per Person Productivity, if you don’t have the time to do all the stuff that needs to take place in your business?

So, let’s talk about what’s taking the majority of your time from those Ten Things. Are you spending majority of your day in recruiting agents? Are you spending the majority of your day retaining these agents? Find out what is your Biggest Challenge. Everybody has different challenges. What is your biggest challenge? If it’s not on the list, what is it? Make a list of the things that you are challenged by “Ask yourself, what’s taking the majority of my time in my business and take, and see if that is holding you back from that biggest challenge”. For example, my biggest challenge is recruiting agents, Great! What’s taking the majority of your time, which is the next question, definitely not Recruiting Agents, because if the majority of your time, you’re focused on recruiting agents, you wouldn’t have that problem of recruiting agents. So, then you want to look into “okay, if my biggest challenge is Recruiting Agents, what is on that list that takes the majority of my time”. Am I spending too much time training and mentoring people? Am I spending too much time, you know, baby sitting and holding hands of agents that are not taking any actions? Am I trying to coach the un coachable? Am I spending too much time on keeping people accountable to do the things they said they’re going to do? Or am I spending enough, you know, all my time on building my brand and the administrative support, and in providing support and compliance, and things to that nature? You got to know what’s taking the majority of your time and then see if that is NOT the biggest challenge of in your business and, make a correction, that’s one of the biggest things you got to focus on “okay, what do I need in my business, I need more recruits. I need more retention. Okay, I have to increase my Per Person Productivity, which then leads me to training, mentoring, coaching and holding these people accountable, right, but that’s a full-time job right there. Recruiting agents, retaining agents, increasing their purpose and productivity. Let me ask you a question, if I bring, if I recruited an agent to my company, and that agent coming in with five deals a year, and I help this agent through training coaching accountability to bring that five deals a year agent to do 35 deals a year. We didn’t say 18 months, is there a big chance that these agents stay with my company, which means Retention. If I can cause my agents to increase there Per Person Productivity, will, then I have more Retention in my company, the answer is absolutely YES, at the same time, if I have a bunch of agents that are not productive, okay, or if I have 80% of my agents are non- productive agents or agents that have a low production and I focus all my time on those people, while I’m not really focusing on the ones that are making money. If I focus on agents that do five deals a year and I try to make them go to ten deals a year but they are not coachable and they’re not really doing the things that needs to be done, which then takes all my time. How then will I have enough time to work with a producer that does 15 deals with the potential and coachability to go to make 50 plus deals a year. Many times, Broker Owners spend time with the wrong agents. So, if we divide this list into 80/20 and we ask, “what is the 20% on that list that gives you 80% of your income?” Your income as a Broker Owner, if you look at this list right here, what is the 20% that makes you 80% of your money. Is it coaching and accountability? Well you can coach a lot of people that are not coachable and then your wasting time. You can coach agents and they’re not doing anything about it. You can train agents and mentor them but then they’re not doing what you teach and what you mentor them to do. So, that’s not necessarily directly connected to you making more money. 

What about Increasing Per Person Productivity? Well, that one can be one of the 20% that gives me 80% of my income. Increasing my Per Person Productivity. Now, if I have an agent that does three deals a year and it’s not coachable and doesn’t show up to training and it’s not doing his homework and he doesn’t want to held accountable, okay, why am I keeping that agent in my company? Why am I not letting this agent go? Why do you keep LOW PRODUCING AGENTS who take all your time and effort and energy and drag everybody else down? Why do you keep holding on to these agents? The answer is “BECAUSE YOU’RE NOT RECRUITING ENOUGH AGENTS”. So, recruiting agents is the solution to every problem is the Brokerage Business. If a Broker Owner or a Broker Manager will focus mainly in the first hours of each day, that’s the 20% most important activities in your business “RECRUITING AGENTS”, then you’ll focus on “Prospecting a Lead Follow-up”. We’re talking about Prospecting Agents, following up on them, okay, so you take number Ten: Lead Generation. You need to generate agents leads. Then you need to do prospecting a little follow up, and then you need to recruit these agents, and if you focus most of your efforts, like take 80% of your time everyday and focus on recruiting agents which means you got to do lead generation, prospecting lead follow-up. A lot of meetings and a lot of in between meetings. It takes about 13-15 times to be in front of an agent in order to get them interested in your company. Obviously, when you call an agent that is doing well, it’s not going to drop everything and join your company. It takes time for agents to make a move and normally it takes about six months before an agent’s going to make move. We’re talking about agents that are not necessarily looking to make a move right now. You contact them, you build relationship with them. You invite them to different events. You try to help them as much as possible and come across, you put yourself in front of them. If it’s via video or an email that you’re sending out, or text, or inviting them to you know a company event, or inviting them to a one on one free coaching or whatever it is that you’re offering. If you can offer a lot of different stuff to agents and come across, come in contact to them within six months at least 15 times. If you can do that, you will get a lot more agents interested in you and what you’re doing, then you’re going to get a lot more recruits. 

So, the biggest challenge of all across the board is recruiting agents and then obviously your time management. You manage your time at number seven, has a lot to do with “Are you recruiting agents or you’re not recruiting agents. 

Alright, so let me finalize the video with one question, okay, if had to choose one thing to resolve right now from the list I’m showing you. If you need to choose one of those things to master, to resolve, to find a solution? Which one would it be? Well, obviously, according to this conversation it will be recruiting more agents. So, what are you going to do to recruit more agents, okay, ask yourself, what kind of actions can you take to recruit more agents and recruiting agents is a process? It’s not a pick up the phone, call somebody and get them recruited. We all know that it takes time to recruit people and it’s a process. So, you need to think about if you need to choose one of those things to resolve right now. One thing to focus in the next quarter. What would it be and then you need to master the skills to achieve that? Some of the things I wrote here from what Brokers tell me some of those challenges  are related, for example, lead generation, building lead generation, prospecting lead follow-up and recruiting are falling on one activity, which is really recruiting agents, because to recruit them you have to generate the lead, then got a prospect. You got to do some lead follow-up, prospecting by the way doesn’t have to be phone calls it can be many different variations of prospecting, but as long as you come across, you come in front of these agents. Put your face in front of these people. Many times, until you get a recruit done and then if you break it down for example coaching and accountability with ongoing training and all that stuff is really all about increasing per person productivity. So, if you wish to increase your per person productivity, you got to focus more on coaching and holding agents accountable, and training and mentoring the right people, and again the right people. So, if you don’t have the right people, you got to go back to recruiting. These work hand in hand. If you recruit a lot of agents, just bringing a lot of agents and then work with the agents, find out who are the ones that are coachable. Find out who are the ones who are actually taking action. Find out the hungry ones. The ones that have high integrity, coachability, the ones that show up, the ones that are hungry, the ones that get in action. These are the ones that you want to keep. Everyone else you got to let go and then again as long as you recruit more people, so if you’re always recruiting, you can always sort through the ones that you don’t want to keep in your company. “Let them go”, and then invest time to coach, train, and increase purpose and productivity of the ones that really want to do the business.

Okay! Last question I want to ask today is if I can solve this problem “ If you had to choose one thing to resolve right now, what would it be, and then if I could solve that problem for you right now, like give you a solution that’s going to resolve the issue on the spot, “ how much is it worth to you?” Think about that question and then I invite you guys to have a free consultation to talk to me about your business. We’re going to discover where you are. What you’re trying to achieve. What stage of growing your Brokerage are you? And make some discoveries and then I can give you some free tips and some free information about how you can actually bring yourself and your business to the next level. To do this completely free, you don’t need to worry about this is going to cost you because it’s not going cost you anything. All you got to do is just go to, request a free consultation and then let’s chat and get to know each other. Get to know your business and let me try to help you get some stuff done.

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