What defines a Power Broker? Production, unquestionably. As a group, the Power Brokers in RISMedia’s 30th Anniversary Power Broker Report & Survey earned $1,314,358,548,496 in residential sales volume, and 3,791,872 transactions, in 2017—an impressive $100 billion-plus volume from 2016.
The Power Broker designation, however, indicates more than sheer volume. When it comes to brokerage operations, there is no one-size-fits-all strategy; what sets Power Brokers apart are their secrets to success—some borrowed, some exclusive to their firm, but all crucial to earning marketshare, and Power Broker status.
A Back-to-Basics Mindset
Power Brokers are attuned to the business’ core: relationships. For them, the client connection trumps all.
“Although our industry is going through an evolution—in terms of business models, acquisitions and mergers—one thing that never changes is that real estate is a relationship-based business,” says Robert Bailey, broker/owner of Bailey Properties in Santa Cruz, Calif. “The key to success is our ability to create relationships of trust using technology as a resource, not a replacement for human contact.”
“Developing strong relationships makes you successful—after all, this is a relationship business,” says Rei Mesa, president of Berkshire Hathaway HomeServices Florida Realty in Sunrise, Fla. “Make more deposits than withdrawals in your relationships, and lead by example. Always do what you say you’re going to do and be interested in the success of the people around you; help them grow.”
“My father taught me to maintain your word and integrity,” says Tipper Williams, operating principal of Keller Williams Virginia Realty Alliance Group in Richmond, Va. “Live by commitment and think before you speak. I also put my people first, and I create an environment they don’t want to leave.”
A Flair for Innovation
Another characteristic of a Power Broker? Inventiveness, and a “keep learning” mentality.
“Never, ever think you can’t improve,” says Marti Hampton, broker/owner of RE/MAX One Realty in Raleigh, N.C. “Today must be better than yesterday in every way for your clients—and the agents you serve.”
“The relentless pursuit to challenge the status quo, both in my business and in my life,” says JP Piccinini, founder and CEO of JP and Associates REALTORS® in Frisco, Texas, of his firm’s M.O. “Don’t settle; focus determinedly on winning—and competing—every day.”
“We’re constantly looking for creative ways to improve the client and agent experiences—and the more we focus on this, the more creative we get,” says Joe Rand, managing partner of Better Homes and Gardens Real Estate Rand Realty in Nanuet, N.Y.
A Superstar Team
Behind every brokerage is an agent force, leadership and a support system; Power Brokers have the best in all three, and acknowledge, consistently, the importance of those roles.
“Real estate is competitive,” says Felicia Hengle, director of Ohio Operations for Coldwell Banker Schmidt Family of Companies in Strongsville, Ohio. “Pay attention to your agents and acknowledge them regularly. Recruiting is at an all-time high and, while it will always be at the forefront of a successful operation, the inside growth of your agents’ businesses through retention is incredibly impactful, too. Agents will rarely leave a broker for a higher split, but they’ll certainly leave if you’re not adding value to them on a regular basis.”
“The secret to our success is simple: Hire the best agents and leaders in the business,” says Todd Hetherington, founder, co-owner and CEO of NM Management, Inc./CENTURY 21 New Millennium in Washington, D.C.
“I’ve been in the business since 1980, and I’ve always surrounded myself with the best leadership and support team,” Mesa says.
“Surrounding yourself with positive, aggressive people stimulates your imagination, creativity and growth,” says Carolyn Petty, CFO of Berkshire Hathaway HomeServices California Realty in Thousand Oaks, Calif.
And When All Else Fails…
Power Brokers keep positive.
“You need a positive mindset and to walk in the positive outcome of who you are,” says Lennox Scott, chairman and CEO of John L. Scott Real Estate in Seattle, Wash. “You have a powerful spirit within yourself to achieve [your goals].”
RISMedia’s 2018 Power Broker Report & Survey is sponsored by American Home Shield, Homes.com, HSA Home Warranty, Leading Real Estate Companies of the World® and Pillar To Post Home Inspectors. The Power Broker Survey ranks brokerages by residential sales volume and transactions in 2017. The complete ranking of the Top 1,000 will be released shortly.
The Makings of a Power Broker: Keys to Success