Independent brokers are real estate's true entrepreneurs. Indie Brokers take the financial risk to go all in to earn more money by building their own real estate business, and incur the personal risk of separating from a franchise in the process. And because agent productivity largely determines an indie brokerage's profit, the ability to keep both agents and their clients happy is crucial for success - hiring and retaining the right agents is key!
As a real estate agent under another broker, there are so many aspects of the business that you don’t have to worry about. Your job is focusing on property purchases. So how do you know when you're ready to take the plunge and launch your own business? Below are 3 important places to start...Leading Your Team to Success
Entrepreneurs and business owners are self-determined and ambitious, and need very strong leadership skills. Inspiring leaders find a way to make deals work and are passionate about teaching and motivating others. Strong brokerage leaders understand how to hire and retain the right agents for ongoing success and growth. They keep their finger on the pulse as the market and industry evolves, and share their successes and attempts to train and grow their team on topics from lead nurturing to contract writing and negotiation.
Successful indie brokers also know how to develop and nurture team spirit, even among competing agents. Developing your company's core values will aid in creating an atmosphere that motivates your team everyday. More importantly being the ideal example of those core values will inspire your team. Team building activities are a must! They can be as simple as taking your team to lunch or joining a community event.
Think Like A Business Owner
Brokers provide resources to fill agent pipelines and manage the financial performance of your business. Brokerage profits depend on the productivity and staying power of your agents, so stay focused on agent success and the factors that contribute to it. Reflect on what resources that you used or wished you had that were most beneficial when you were an agent and provide those tools for your real estate agents. As an independent broker, you must remain focused on your company’s prosperity. Think like a business owner, act like a broker.
Be A Marketing Master
Marketing and branding is crucial to indie brokerage sustainability and profitability. You have one chance to brand your real estate brokerage in a positive, stand-alone light. Branding must resonate with clients and be consistent among all platforms for maximum exposure: brokerage website, social marketing, print and online advertising, and printed marketing materials such as business cards, letterhead and even listing presentations. Your brokerage must stand out from national and local competition.
As such, it is important that indie brokers be marketing masters who understand why branding matters and have a hand in creating materials and content expressing their new brokerage identity. The more you can do, the easier it will be to start and run your own indie brokerage. Research the competition, analyze results, understand the market and gear materials to it is a successful indie broker trademark.
Are You Indie Broker Material?
The road to owning a profitable real estate brokerage is daunting and even more difficult to start an indie brokerage without the perks that come with national brands. It takes determination to have a successful indie brokerage.
The best brokers take a moment, reflect on themselves, and determine what is lacking in their abilities. What would keep them from opening their own brokerage and sustaining it into future years? Mentoring by a retired broker in your area or an established broker in a noncompeting area is a great way to develop your skills and abilities and set you on the right path.
Whether you innately have three of these traits or you need guidance in developing them, taking the time to assess if you are indie broker material now or need time to develop these three traits is simply good business sense. Learning what you don’t know before you make the leap from agent to indie broker can save you time, money and personal contentment.