Here are my notes from his excellent presentation
Change is Inevitable, Growth is optional.
Leadership in developing agents is critical for brokers today.
The 80 20 rule is alive and well in our industry today. Our top agents produce 80% of our revenue. Growth lies in developing the 80% of our agents that are not producing or representing the brokers brand and service up to the standards of the company. As brokers continue to recruit heads rather than skills, this will continue.
The problem facing our industry is that only 1 in 5 consumers meet our best agents on their first encounter with our company.
Shift your strategy from recruiting to developing agents with truly remarkable skills in Marketing, Technology, and Negotiating.
Top producers are not taking desk calls or cultivating internet leads. This undermines the efforts of all of our marketing and branding strategies. Since the top producing agents are unlikely to change this pattern of behavior, in an effort to effectively build your sales, it is critical for brokers and managers to train the agents who do.
Aside from agent development and training, brokers need to focus on the basics.
Reduce office sizes to insure that each desk is profitable. NRT has 935 offices and only 55% have effective desk occupancy (profitable desks).
Embrace Transaction Management electronic transaction management is an absolute requirement in our business today to leverage the intellectual property residing in the files collecting dust in our basements.
Internet technology marketing build a listing distribution partner list, rebuild your websites for Search Engine Optimization, invest in paid search, educate agents about your strategy and most importantly conduct consumer research and focus groups to understand who your customer is, and what their experience is with your firm.
Expand Services make sure that you are offering mortgage, title and insurance services.
Think in terms of Customer for Life in nurturing your relationships with every customer you do business with.