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Refocusing your team before sales plummet

(REAL ESTATE) It’s that time of year again – holidays distract and procrastination sets in, so here’s how to refocus your team before they are led astray by the calendar.

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This time of year is always difficult in terms of focus. We universally obsess over resolutions and try to be motivated to perfect our lives, but by this week, reality has set in and we still haven’t bought a home in Belize or lost 25 lbs.

If you’re a broker or team manager and are noticing this lethargy or discouraged state with your team, consider stepping up as a leader to get the team to refocus.

As the seasons change, so can our moods. It can be helpful to have quarterly check-ins with your team (either one-on-one or as a group) to discuss current methods, trends, what’s expected on either side, and what can be improved.

This form of open communication helps employees de-stress and may help them recharge and regain motivation. Another communicative form can be found in surveys.

Sending check-in surveys via email to your team to assess their feelings of the workload, the market, and to voice any concerns they have – it can be a great way to open the door for bigger, more important conversations. These surveys can be formatted to be answered anonymously, as well.

Be sure to always be accessible and focused yourself, as you’re setting the barometer of expectation. Allowing for this open communication can let you know what can be improved on your end, which can aid in refocusing.

Another way to bring your team together is by taking everyone out for a quarterly lunch. This helps your agents to bond, while also feeling like their work is being appreciated; therefore, motivating them to keep on producing well.

At the end of the day, you can’t be everyone’s friend, soo, if you’re observing behavior that seems to be unproductive or unfocused, don’t be afraid to speak frankly. Sometimes all it takes is for that behavior to be acknowledged to convince someone to step up their game.

Remember – each team and each manager is different. The attempt to get everyone on the same page and to continuously make strides as a team can take trial and error, but it’s something to always be cognizant of to avoid issues in the future and keep sales on track.

Staff Writer, Taylor Leddin is a publicist and freelance writer for a number of national outlets. She was featured on Thrive Global as a successful woman in journalism, and is the editor-in-chief of The Tidbit. Taylor resides in Chicago and has a Bachelor in Communication Studies from Illinois State University.

Real Estate Brokerage

Pocket listings: The key to success in hot housing market?

(REAL ESTATE BROKERAGE) Despite NAR’s attempts to shut the door on pocket listings, the reality is that premarket sales are almost a necessity for buyers in hot markets.

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Dark house at dusk, a possible pocket listing to be snatched up.

Hot housing markets are like the “Hunger Games” right now – and the odds are definitely not favoring home buyers.

In fiery markets like Austin, high demand and low inventory are juicing prices and sometimes bringing an unprecedented number of offers. A home in the desirable, centrally located neighborhood of Crestview recently drew 27 offers, says Lisa Boone, Realtor, GRI, with Waterloo Realty. “Everyone is fighting over the same properties.”

For some buyers, that competition makes tapping into the robust, but controversial, “pre-MLS” private-listing ecosystem feel almost like a necessity. “My job has gone from trying to get people a deal on a house to getting someone a house, period,” says Anna Uliassi, associate broker with Compass in Austin. “I’d say it’s gotten crazier in the last six months.”

That private, or pocket, listing ecosystem is shifting, too.

Well-connected agents who find or sell off-market properties through friendly phone calls to their networks and tapping into private online forums have been told to cut it out. In a bid to level the playing field, the National Association of Realtors has essentially banned pocket listings with its “MLS Clear Cooperation policy,” As of May 1, 2020, agents must list properties on MLS within one business day of “public marketing,” which includes phone calls, forum posts, and even the buzz-building “coming soon” signs.

“There are no more private listings, unless the listing is kept private within your own brokerage,” Romeo Manzanilla of Realty Austin told the Austin Business Journal in August. “It keeps the integrity of the MLS from the data perspective. It also allows all MLS participants to have access to the same listings and not necessarily have to go fish through, ‘What Facebook group am I supposed to join to get these under-the-radar listings?’ “

But there are rules… And there is reality.

With tight inventory and rising concerns about privacy, demand for off-market transactions simply is not going away. Especially when it comes to luxury properties listed on places like Austin Luxury Network.

Now savvy buyers want to check the pocket listings. They’ve read articles on how to head off competition with off-market homes. Or they’ve had their hearts broken too many times by losing out on too many properties.

Also, buyer wish lists are becoming more and more specific based on lifestyle changes, says Gray Adkins, Realtor, GRI, with Waterloo Realty. “As a buyer, if you’re looking for something really specific, you’re just waiting. You’re sitting on your hands checking MLS every morning wondering if it’s going to get listed. We’re only seeing a handful of things getting listed in each market area per week, so it can be a long, drawn out process.”

For sellers, the pandemic has added a new twist. Many want to avoid the showing frenzy’s disruption to their schedules. They’re working from home and helping their kids with virtual school, and the idea of COVID-status-unknown strangers walking through their house is not appealing.

Still, what might slow the use of pocket listings in Austin could come from the seller side rather than policy.

“It’s not really the best route for the seller unless that’s really what they want to do for personal reasons, because the market is so excited about every new listing that comes up, and that’s what tends to drive things into multiple offers,” Uliassi says. “So I’d say that finding off-market properties now is harder and harder.”

That tight inventory means Austin agents are working harder and harder just to find properties. Prospecting agents are calling, texting, emailing, mailing and even old-fashioned door knocking. Some are using companies offering “predictive analytics” to identify owners who are more likely to sell fairly soon.

They’re also looking at sources outside of MLS. “There are companies that are trying to compete with Zillow and MLS and have their own private listings,” Adkins says, as well as iBuyer programs uncovering homes. But there’s still no substitute for developing hyper-local expertise, keeping your ear to the ground and networking.

“If you’ve been in the business in Austin long enough – everybody knows everybody, and you can get a lot of information just by making a few phone calls,” Adkins says. “Word gets around, especially if you want it to.”

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Real Estate Brokerage

The first affordable housing REIT is here, and it’s Black-owned

(BROKERAGE) The first affordable housing REIT is here – and it’s founded by two of the largest Black-owned firms in the country.

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Sunrise over affordable housing REIT neighborhood

At the beginning of the month, California-based Avanath Capital Management and San Francisco’s MacFarlane Partners came together to launch a new real estate investment trust (REIT). The two firms state that this new REIT will be the first of its kind in that it will be the first publicly traded REIT to pursue a strategy focused on affordable and workforce multifamily housing. The trust – dubbed Aspire Real Estate Investors – is targeting $1.6 billion in investments.

This announcement comes at a crucial time. The economic fallout from the coronavirus pandemic has left much of the country’s working class in shambles. Affordable housing is becoming an increasingly coveted but scarce commodity. Not only do Americans need affordable housing, but they need affordable housing that will be invested in, accessible, and respected.

Avanath Capital Management and MacFarlane Partners – both Black-owned – are two of the largest minority-owned estate investment firms in the country. Avanath Capital was founded by Daryl J. Carter in 2007, and reported $1.2 billion in assets under management in 2018. MacFarlane Partners was founded by Victor MacFarlane in 1987.

Hopefully, Aspire will inspire other firms to follow suit, and invest in meaningful, necessary assets that will uplift working Americans, like affordable housing. If the morality aspect doesn’t do it, then maybe the profits Aspire will reap from being the first of its kind will inspire.

The filing stated: “[The affordable housing sectors] historically have been fragmented in ownership and underserved by institutional capital, yet they comprise a majority of the U.S. multifamily market (by units) and offer strong long-term fundamentals to generate the attractive returns for investors.”

Aspire, who filed paperwork with U.S. Securities and Exchange Commission (SEC) already has an initial portfolio of 9 multi-family project investments. Six of these are located in Opportunity Zones – in Illinois, Florida, Texas, North Carolina, California and Michigan that will ultimately cost close to $582.4 million. Down the pipeline, Aspire’s acquisition pipeline totals $1.1 billion.

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Real Estate Brokerage

How do you know it’s time to become a broker?

(BROKERAGE) It sounds dreamy to open your own brokerage and be your own boss, but when is it TRULY time become a broker?

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Everyone joins the real estate workforce for a different reason. Some to flip houses, others to represent buyers, and so forth. And most are happy with their broker of choice, but for others, the itch to become a broker becomes so great that it cannot be ignored.

But how do you know when it’s time to become a broker? Maybe it’s time for a new broker because you’re unhappy, but it’s also possible that you have the skills and drive to lead your own company.

To find out, we asked three brokers with thriving businesses:

Jennifer Archambeault is the Broker/Owner of Urban Provision, REALTORS®, a growing Texas brokerage.

We asked her how to know when it’s time to create your own brokerage:

It is time to create your own brokerage when the limitations of your current brokerage restricts your personal or professional growth, hinders your ability to serve your clientele at the highest level or you are no longer able to see the value your current broker brings to the table.

Regardless of the reason, it is important to be mindful of your competency and ability to handle the responsibilities involved with running a brokerage and/or managing or mentoring agents.

Is there a tipping point?

There are often many tipping points causing an agent/broker to dream about having their own brokerage, but they often only clue in on one when they are parting ways. A lack of respect or dissatisfaction within your current company, the inability to come to terms on differences with management, not seeing eye to eye on the company’s mission or vision and not being able to serve clients to the desired standard often top the list of tipping points if the agent leaves disgruntled.

However, there are times it is purely a natural transition having nothing to do with any reason mentioned above and solely taking your career and income to the next level.

Is it better to do so because of a gap in the market or because someone’s independent streak is unavoidable?

Personally, I think it is the latter more than the former. Gaps in the market will change over time but often the desire to be independent doesn’t ebb and flow as easily. If someone’s independent streak is unavoidable they often exude qualities that allow extreme focus to continuously keeping their eyes on a prize.

There are benefits of having your own brokerage, but there are also limitations as well. Some people’s independence can be a hindrance to their business especially when they want to start their own brokerage because they simply do not like or cannot continually follow the rules.

I believe it is better to part ways to build your own brokerage or brand because it satisfies a personal or professional growth need rather than leaving your previous company disgruntled. The latter generally allows for a flawed mindset.

What do you wish you had known before starting a brokerage?

Do not always focus on Plan A because often you’ll end up with the most perfect fit with Plan D.

Being nimble is a must-have quality for anyone in the real estate industry, but owning a brokerage often requires stretching far beyond being nimble and reaching for superhero status. Initially, I believed every agent could be molded into a specific model or a way of doing business but quickly realized that there is a not a one size fits all brokerage regardless of someone with decades of experience said so.

The perception of a brokerage with a large number of agents on the surface implies success. However, the old saying quality over quantity rings very true in a brokerage setting. Stop worrying about what others are doing – be different because that’s how you get noticed. Do what you do well and what works with your clients, for your personality or in your marketplace.

Tyler Forte, Co-Founder & CEO of Felix Homes saw a need to marry technology and real estate.

Here is his take on starting a brokerage:

Prior to starting Felix, I was a venture capital investor and I can tell you that any successful business, whether or not it’s a brokerage, is started because the status quo does not solve the market’s distinct needs.

Speaking specifically to why we started Felix, home sellers are facing a number of challenges that the traditional brokerage model does not address. When I sold my home last year, I saw firsthand how the home selling process is broken. I knew that starting a disruptive real estate brokerage was what I needed to do in order to make the experience of selling a home better.

The challenges homeowners currently face include hiring an agent who does not have their best interest in mind, to the uncertainty of not knowing if their home will be sold and for what price. At Felix, we are looking to provide consumers with the best home-selling experience period.

As far as the challenges we faced when starting a new brokerage, there are many. For one, the real estate industry is slow to adopt new innovative models. This is because current incumbents have built moats around the data and distribution of homes all at the consumer’s expense. In addition, because real estate is governed on a state-by-state basis, educating ourselves on the laws and regulations of each state was a challenge.

Jeff Brown, Owner of BawldGuy Investing has been a broker for decades and is never ever EVER shy about telling it like it is.

How do you know when it’s time to create your own brokerage?

I’ve always contended Dad was right, as you always thought most folks didn’t know when to create their own firm. Over the years I’ve spoken with countless brokerage owners about this very question.

Roughly a third of ‘em actually thought they knew the right time. Me? I did it WAY to soon, though in my defense, I had my dad’s infinite brokerage experience IN the office daily to back my rookie play, stop mistakes BEFORE I made ‘em, and generally mentor the crud outa me.

Most brokers told me they knew when decisions made by their broker bosses just were not what they would’ve done. They usually came a tipping point, where the decision made itself. But again, that was just a third of those with whom I talked. The rest just did what I did, rush in willy nilly. The huge advantage I had was a decades experienced brokerage owner mentoring me daily, in real time, and who, you know, actually gave a damn about me.

So what is that tipping point?

The most often heard tipping point was the feeling of being constrained by their boss’s operating policies. For example, and a gigantic tipping point, was a friend of mine who wanted to run his own office using the Broker-Centric model, not the Agent-Centric model run by the broker for whom he worked.

Is it better to do so because of a gap in the market or because someone’s independent streak is unavoidable?

The latter is merely personality. Sometimes it works to breakaway, and sometimes it’s been catastrophic. Being independent has nothing whatsoever to do with knowing what you’re doing as the person in charge.

The whole ‘gap in the market’ thing has always puzzled me as a reason to open a brokerage. The exception clearly would be that the policies of operation under which you’d run your own office would substantially improve your chances of taking advantage of whatever market gap you perceived. I find that to be uncommon, at least in my experience.

What do you wish you had known before starting a brokerage?

Without even a hint of maybe having a doubt, I wish I’d understood the good news/bad news joke that says: “Well, Jeff, the good news is you’re now the Go-To Guy. The bad news? See the good news.” 🙂

The difference between signing the backs of checks and the front of those checks cannot be overstated. Every single buck stops at your desk, period, end of sentence, over ’n out. Some folks find that to be too daunting.

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