Successful brokers often share key traits, according to real estate experts.
Real estate agents who align with professionals who exemplify the leadership characteristics necessary for real estate brokerage success often find their careers reach new levels, according to Jo Ann Stevens, ABR, GRI, PMN, 2018 national president of the Women’s Council of REALTORS.
“A brokerage can be very much like a family with the broker taking on the role of the parent providing coaching, mentoring and nurturing to help their agents produce to the best of their capability,” Stevens says. “A good leader is someone that inspires others to achieve their best, and brokers have that opportunity every day.”
Great brokerage leaders tend to have empathy, an entrepreneurial spirit, customer focus, supportive and caring natures, desire to educate and are committed to the industry, according to an Inman.com article by Ann Turner, chief executive officer at the Denver Metro Association of Realtors.
Empathy for real estate brokerage success
Realtor and Broker-Owner Chris Pelkola Lee, of simpLEE HOME, agrees that empathy is a key trait for real estate brokerage success.
“A large part of a broker’s role is as a trusted adviser to their agents, including the experienced agents they supervise, as well as the newer agents and everyone in between,” Lee says.
Brokers’ jobs are not just to reduce the firm’s liability, but also to remember that their agents are their clients, according to Lee.
For example, agents can often get frustrated during a transaction. Their frustration might be with their own clients, the co-op agent or both. Or they could just have a bad day and need a lift to get them through a sticky negotiation.
A great broker leader has to be able to identify the issue and guide the individuals through it.
“Being able to understand and acknowledge the feelings involved in a transaction by all parties is a great asset to smooth any conflicts and to build great relationships,” Lee says.
Entrepreneurs and caring, supportive people
Real estate brokerage success often starts with a broker’s entrepreneurial spirit. Many successful brokers are driven in their careers. They want to carve a niche in the industry for themselves and their companies, Turner writes.
They understand they’re in the “people business,” and are skilled at forming meaningful relationships with clients, agents and others, according to Turner.
Successful brokers are also supportive and caring people. They tend to be focused on developing a supportive environment and company culture for agents and staff.
They’re teachers and mentors, according to Turner.
”Successful broker owners and managers are available to fully answer any questions that may arise,” she adds.
An important trait for real estate brokerage success is industry involvement.
“Brokers that are actively involved in their local or state boards, MLS, real estate commission and/or NAR committees raise the bar for the agents they supervise,” Lee says. “They are more knowledgeable, which benefits their agents and how they run their businesses.”
As a result, successful real estate brokers enjoy elevated influence among their peer brokers, according to Lee.
These traits put successful brokers on the level of being ‘go-to’ industry experts.
In essence, experts say, it’s a build-it-and-they-will-come philosophy: A great broker attracts and retains great agents.
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