This is the time of year to find out what you need from a broker and whether your current broker can provide it, ERA Real Estate President Alex Vidal writes.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
The holidays are over, and the new year is upon us. As you jump feet first into 2025, it’s important to pause for just a moment and assess your situation to see if you are set up for success this year.
The goal is to get clear on what you need from a broker — the one you are currently working with or one you are considering working with.
The main area of focus should be determining what you need from a broker to crush your goals. That requires getting in the weeds of your current business. Here are five questions to get you started:
1. Where does my business come from currently?
Are you successful in converting company-generated leads? Are your firm’s marketing resources giving you enough visibility? Does your broker offer a CRM system to help you stay in touch with your sphere? Are the firm’s learning and professional development offerings useful?
Doing a deep dive like this can help you uncover what’s having the most impact on your business. Then, you want to determine if your broker can help you lean into that even more. If not, can the broker you are considering help you in this area?
2. What’s the biggest hole in my business today?
Do you want to expand your client base in a certain niche like luxury or new homes, or do you want to gain access to a certain neighborhood or price point? Are you interested in working with relocation clients? Would access to leads from mortgage and title make a difference to your business?
To what extent is your broker supporting you in filling in these gaps so you can move the needle on your business? Can another broker offer more support in filling in these opportunity gaps in your business?
3. What’s one thing I wish I could do more of but I’m not?
Is your broker in a position to support you in this? Have you asked for your broker’s support? If not, what’s holding you back?
I recently spoke to an agent who was having tremendous success at open houses when he installed big balloon letters saying “open house” in front of the home. In addition to the $300 expense for each open house, the amount of time required was significant, so he wasn’t able to do it for every open house. A simple conversation with his broker resulted in a solution that supported this agent’s business.
4. It’s Dec. 31, 2025. Where do I want to be?
Working through the first three questions should give you a more in-depth understanding of your current business, the opportunity gaps that exist and your own desires on how to expand your business.
Now think carefully: Do you see your broker helping you get there? Can the broker you are considering help you accomplish this?
5. What do I love about my current broker or brokerage, and am I willing to leave that behind?
Company culture is a big deal and I encourage you to make this part of your consideration set when thinking about whether to stay with your current company or go to another. Yes, I always talk about my goal to help agents make more money and live a better life, but both of these things are equally important.
If you leave a supportive culture for a super competitive one, you may make more money, but you may be miserable. I know I would be! If you are in this business to really help people live their better life, then a company that leads with this philosophy may be more aligned to your overall goals.
Yes, it’s important to grow your business but not if you have to walk away from what’s really important to you.
A new year is always a great time to be thoughtful about your goals and the support you need to achieve them. Asking yourself these five questions is a great way to decide if you should stay or go. Have the confidence to know what you need and to ask for it, so you can crush in 2025.
Alex Vidal is the president of ERA Real Estate.