Photo courtesy of jsheehan on Flickr
Today, at RE Bar Camp Lynchburg, Matt Wilkins led a group discussion regarding the future of the real estate brokerage. Jim Duncan asked the question, “What will a brokerage look like 5 years from now?”. No one seemed to be able to nail down an answer.
After putting a lot of thought into Jim’s question on my drive home, I realized that the brokerage of 2014 will be determined by the changes a brokerage starts putting into place today. So, what does the real estate agent of today want their brokerage to look like in 5 years? Here are my thoughts:
Dear Real Estate Broker,
I’m your real estate agent of the future. I am a full time agent and plan to be around for a while. Real estate is not a passing fancy for me; it is a career from which I make a living. I am a lot more than a walking lockbox key, I am a student of my trade and am constantly looking for education and training to help me bring value to my transactions with consumers.
I don’t need, nor want, your brick and mortar office. Your “cost of carpet” for me is very low as I have no need for desk space, your computers, office equipment, and secretaries. I can work very efficiently from my home office, Panera, the local coffee shop, or wherever else I choose to do business on any given day. I can conduct an entire real estate transaction from my mobile phone. In some cases, I may never even meet my clients face to face.
The MLS is no longer controlled by the Brokers. It is an open source, searchable database filled with rich content available to all consumers. My value as an agent is being able to interpret this enormous amount of information to help guide consumers through this important financial transaction. Consumers engage with me online and learn to value my role as a trusted advisor. I haven’t mailed out a postcard, run a newspaper ad or made a cold call in almost 7 years!
You’re not going to see me very often in person; however, I want you to keep tabs on me. I want to know that you care about the business I’m bringing into your brokerage and also about me, the agent. Please read and comment on my blogs, message me on social networking sites, let me know you’re there. Let’s have office meetings or events, but please don’t make it a numbers game. I really don’t care that Susie Q is the top sales agent for the 6th month in a row or that we gave 14 referrals to your affiliated mortgage company. Teach me something instead. Give my brain some fresh new real estate material. Stay on top of the latest and greatest happenings in the real estate world and share that with me.
You have a great website; one that I could never afford to create or maintain. You spend a tremendous amount of money on search engine placement and online promotion. Fortunately, you have tripled the size of your technology department and now have a social media/social marketing department. Thank you for finally realizing that your real estate experts (aka your agents) should be actively participating on the brokerage’s website. By doing this, you now have more (free) content on the site, more traffic, and agents actively engaging with consumers under your watchful eye on the company website.
It’s great that you saw quality is better in the long run than quantity and stopped hiring anyone with a pulse and a real estate license. In order for consumers to trust us as a profession, we need to set higher standards for ourselves. I understand you are now recruiting agents who are recent graduates of the real estate program at the local university. The draw+commission format of compensation must be attracting them along with employee status and benefits.
We’ve come along way in just 5 years. I can’t wait to see what the next 5 have to offer! I plan to be around and hope you will too.
{ 19 comments… read them below or add one }
Bravo!! This exactly what I have been professing for years. Couldn’t have said it better. You’ve outlined my brokerage. Well done. Gives me satisfaction that despite my colleges snares, I’m on the right track. Thank you Tina.
I think you are right on with your comments. As a broker I am trying to move in the direction that you are talking about. Scary at times but I am working on it. Thanks for expressing what a lot of brokers need to hear.
Awesome post and letter! If only all brokers would read – and actually hear and act upon – your letter. Until then, let the ones that “get it” win!
This is my vision as well. Unfortunately I’ve only been able to meet a few of these ‘agents’ that think the way you do. So many want a desk, supplies, office staff, etc. As a broker/owner, I think we still have some time to go to become more of this but I am hoping it will be sooner than later
Great letter!
Thanks for coming to Lynchburg for RE Barcamp. Interesting post. You’re absolutely correct about the brick and mortar office. The future is with agents who operate way “outside of the box”. Keep it up..!
Great insights Tina. I’m passing this up to leadership. No one says it better than you!
Really enjoyed the discussions yesterday in what was a very lively session. Great follow-up post.
If you ever move to Phoenix, you’re hired. You’re exactly what we’re looking for.
And I’m having a hard time finding people with your vision…
Great vision. Definitely where we are headed as a profession, and I’m feeling pretty lucky to work for a broker who is already doing a lot of what you envision. We even have an IMD (Internet Marketing Dude)!
Sent this directly to my broker who had the forsight to come to RE BarCamp Lynchburg. I have had contact from several brokers from the local area after RE BarCamp Lynchburg and look forward to seeing what happens now. I have a feeling in a years time it could be much different in lil o’Lynchburg.
Tina – What a spot on vision. Throw in trusting the professionalism and knowledge of your agents. The search for the visionary broker continues…
Now that’s a brokerage I would be a part of….
We need to meet somewhere central to the cyber world… let’s say Waxhaw…. and make this happen.
Just sayin….
I hear ya. We are working on the changes.
I absolutely agree that what we as Realtors/brokers do now will set the stage for 2014; much of that is building name and brand recognition and familiarity as well as integrating systems that will help facilitate efficient and profitable businesses.
As far as bricks and mortar … I’m biased, but think there is a place for a hybrid – not necessarily having a permanent desk, but a place to “come to” to meet with clients (I frequent local coffee shops a bit, too) and have a place to interact with other good agents.
Too much of the wasted time and hot air in brokerages is spent milling about not being productive. When you’re around smart, good professionals, that space can be vibrant and worthwhile.
Candidly, it was disappointing that we couldn’t come up with any sort of answer at the barcamp as to what the future will look like, but maybe that’s the answer itself.
The only part with which I disagree is this:
Not yet, and it’s I think that there is a place for a Realtor-only side to the MLS.
There is much that (big) brokerages are doing exceptionally poorly, but if they ever actually catch on ….
I think there’s a place for print and direct mail in this market – purely from a branding perspective.
I sat in on that session in Lynchburg and wasn’t too surprised that no one was able to come up with a concept. The problem was that it was a bunch of Realtors!
I just wrote a LinkedIn Recommendation for a someone who gave me an interesting series of observations in early 2009 on my business. Let’s just say her honesty sent me off thinking and today I do things very differently. I really felt like my head had been in the sand!
So it is going to take some one from outside the industry who will cause the paradigm shift.
You thoughts and vision are what we need more of in business. The use of all available media methods and a change in the way we utilize them is the future. Thank you
Dear Tina,
You are so right. I was just speaking with my boss last month on exactly what you are projecting for the future. Affiliated businesses will likely partner with agents directly with the changes you put forth. Look forward to speaking with you sometime in greater detail on how all this networking will work out.
Tina,
I am so proud of you!!!!!
Congratulations on your victory Tina! I had forgotten how good this post was… and I have thought about Jim’s question every since.
Just by coincidence, my entry also referenced Jim’s question in the concluding paragraph.
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