This is the time of year to assess what you need from a broker and determine if your current broker can meet those needs, as highlighted by ERA Real Estate President Alex Vidal.
Whether you’re refining your business model, embracing new technologies, or looking for strategies to thrive in the upcoming market shift, Inman Connect New York will equip you to take bold steps forward. The Next Chapter is about to unfold. Be a part of it. Join us and join thousands of real estate leaders from Jan. 22-24, 2025.
With the holidays behind us and a new year ahead, it’s crucial to pause and evaluate your current situation to ensure you’re set up for success in 2025.
The key focus is on understanding what you require from a broker to achieve your goals. This involves delving into the specifics of your current business. Here are five questions to kickstart the process:
1. Where does my business currently originate from?
Are you effectively converting leads generated by the company? Is the marketing support from your firm sufficient? Does your broker offer a CRM system to help you stay connected with your network? Are the learning and development resources provided by the firm beneficial to your growth?
Conducting a thorough analysis like this can reveal the key drivers of your business. Subsequently, you need to determine if your current broker can assist you in maximizing these factors. If not, could a potential new broker offer the needed support?
2. What is the most significant gap in my business at present?
Do you aim to expand your client base in a specific niche such as luxury properties or new developments? Are you looking to gain access to a particular neighborhood or price range? Are you interested in working with relocation clients? Would receiving leads from mortgage and title services enhance your business?
To what extent is your current broker aiding you in addressing these gaps to drive your business forward? Could another broker offer greater support in filling these opportunity gaps?
3. What is one thing I wish to do more of but haven’t?
Is your broker capable of supporting you in this endeavor? Have you sought your broker’s assistance? If not, what is holding you back?
I recently spoke with an agent who found great success at open houses by using large balloon letters that read “open house” in front of the property. While this strategy was effective, the cost and time investment were significant. A simple conversation with the broker led to a solution that supported the agent’s business.
4. It’s Dec. 31, 2025. Where do I want to be?
Addressing the first three questions should provide a deeper understanding of your current business, existing opportunity gaps, and your aspirations for business growth.
Now, consider: Do you envision your broker assisting you in reaching those goals? Could a potential new broker help you achieve this vision?
5. What do I appreciate about my current broker or brokerage, and am I willing to leave that behind?
Company culture plays a significant role, and it’s important to factor this into your decision-making process when contemplating whether to stay with your current company or explore other options. While the goal is to enhance your financial success and quality of life, both aspects hold equal importance.
If you leave a supportive environment for a highly competitive one, you may see financial gains but may also experience dissatisfaction. It’s essential to align with a company that prioritizes your values if your goal is to genuinely assist people in improving their lives.
While growing your business is essential, it should not come at the expense of what truly matters to you.
The new year is an ideal time to reflect on your goals and the necessary support to achieve them. Asking yourself these five questions can guide you in deciding whether to stay or make a change. Develop the self-assurance to understand your requirements and vocalize them confidently, paving the way for your success in 2025. – Alex Vidal, President of ERA Real Estate