You’re in the middle of a sale when you hit a roadblock. You know you need to reach out for help, so you pick up your phone and call your broker. He or she picks up…but how confident do you feel about the advice you receive?
That depends on a number of factors. We’re going to break down why you’ll get the best advice in an office where your broker is actively engaged in current real estate.
Wait, you protest. Doesn’t that mean the brokers are competing with the agents? How does that make their advice better?
As an explanation, let’s do a little case study.
The Scenario: You’re In a Bit of a Crisis
Let’s pretend you’re the agent from the beginning of this article. We all have our fair share of crises, even those of us who’ve been in the trenches a long time. In moments like these, you need someone who can guide you toward a solution. And you don’t need that someone tomorrow or three days from now, but in the next few hours.
You listen anxiously as your broker’s phone rings once, twice, three times, and then…
Outcome #1: You Get No Response
The worst possible outcome. In your moment of need, you’re met with a full voicemail inbox, and it’s guesswork when (or if) you’ll receive a response.
Your broker isn’t out to sabotage you. Likely, the office grew too fast, too soon, and the broker is struggling to keep up with managing so many agents. But effectively, you’re on your own to overcome your roadblock.
Outcome #2: You Get a Response from Other Agents
A better outcome. In many offices, brokers appoint agent “mentors” to handle crisis moments such as yours. If your office is ahead of the curve with technology, you might post your situation on a message board, where you’ll receive responses from a conglomerate of agent mentors.
Maybe you even get good advice. The problem, however, is these other agents have no vested interest in your success. We’re not saying they’re are out to get you, but why break a sweat assisting with an outcome from which they don’t benefit? Or, as is the case in many offices, why work hard to help the competition?
There’s a good chance the agent mentors give you quick, decent advice and move on, without spending too much time or thought on your situation.
Outcome #3: You Get a Response from a Broker Who Doesn’t Work With Clients Anymore
On the other hand, maybe you do hear from someone with a vested interest in your success: your broker. Surely this person, who directly benefits from a positive outcome, will work hard to give you the best possible advice.
I don’t doubt this is true. What I do doubt, however, is that a manager who’s no longer in the trenches has the most up-to-date knowledge of the industry. Did you know the agreement of sale has changed three times in the last three years? To stay current, you need to be handling sales yourself, every day, and learning about the nuanced evolutions of the industry firsthand.
Does someone who last handled a sale nine years ago know the absolute best advice to give you?
Outcome #4: You Get a Response From a Broker Who Still Works with Clients
Bingo! This outcome combines the best aspects of the previous two.
A broker who still works with clients has vested interest in your success and is up to date on industry knowledge. He or she has every reason to stay current in the gritty business of buying and selling—and to pursue constant education from leading industry organizations. You have someone who will break a sweat helping you—and knows the right way to help you.
So, Why Does Any of This Matter?
Why should you care about the quality of the advice you’re getting? Not only because you need good advice to surmount tough moments, but because it’s important to your growth as an agent. Real situations, with real consequences, teach you things about the industry you just can’t get from formal trainings.
Our advice on getting advice: Work with a broker who approaches those moments with your long-term success in mind, providing guidance that doesn’t just solve the problem at hand, but moves you closer to self-sufficiency.
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Matt Mittman and Eric Rehling are the owners of RE/MAX Ready in Conshohocken, Pa. See more from us about lead generation, one-on-one training, and how Chip Kelly relates to your real estate office.