5 ways small firms can make a big impact without a big budget
As a smaller brokerage or team, you may not have the backing of major brand or franchise, but you have some unique advantages. See how to make the most of them.
The direction of your business depends on decisions you make every day. Agents Decoded can help you by presenting the perspectives of seasoned pros who have been there, made mistakes, and found success.
It's been three months since "The Change" was brought about by antitrust lawsuit settlements. Not surprisingly, reactions have ranged from, "This is the best thing ever!" to "I quit" — and everything in between.
Large brokerages and franchises have spent untold sums of money on training webinars, podcasts and in-person events to guide their agents through the changes. They've also rewritten documents and forms, all cross-checked by a bevy of attorneys.
Smart, proactive agents are taking advantage of these benefits and educating themselves. But if you spend a minute or so in online agent forums, you will see many of the same questions that were asked six months ago — which means there's still work to be done.
How can smaller brokerages, independents and teams who may not have access to the dollars and lawyers available to the more prominent players support their agents so they don't get left behind?
This lack of access to funds, training systems, tech tools and legal assistance has plagued many small brokers since the days of yore. I can relate to this pain as a former small independent brokerage owner myself.
But don't forget that you have advantages over franchises and large brokerages. You write your own playbook, unencumbered by "corporate" dictating what you can and can't do. You're not small; you are nimble and flexible. You don't have to help hundreds or thousands of agents, just tens or dozens.
Focusing on agent support and community-building for smaller, independent brokerages and teams can go a long way in retaining talent and fostering growth.
Here are five areas where brokerage and team leaders can make the greatest impact:
1. Prioritize skill development and mentorship
Agent-led workshops: Hopefully, you don't subscribe to the "I'll take anyone with a license and a pulse" method of growing your brokerage or team. Encourage your experienced agents to lead workshops on topics they excel at, which not only helps newer agents but builds a collaborative culture.
Monthly skills focus: Devote each month to a specific skill, like new rules, negotiation, or digital marketing, to create a shared learning journey that feels manageable and relevant.
Mentorship programs: Pair newer agents with mentors for regular check-ins and advice. Mentorship creates an environment of shared growth, even without a formal training department. Consider offering mentors a percentage or two of their mentees' split (taken from your side, not the new agent's side).
2. Invest in accessible technology and resources
Affordable CRMs and tools: Seek out high-quality, cost-effective CRMs and transaction management tools that streamline processes for your agents. Often, these are subscription-based and can be a small investment with a high payoff. Short of funds? Use Google Sheets, a free spreadsheet. Remember your MLS and association; many offer tools to their members at significantly reduced costs. Woefully underutilized, these powerful tools can help level the playing field.
Social media training: Many agents feel intimidated by social media or just aren't sure how to use it effectively. Consider offering in-house training sessions or online courses to help agents build their brand. Let your more social-savvy agents help others.
3. Build a strong culture of support and collaboration
Stay connected: Set up regular team meetings to share successes, discuss challenges and brainstorm solutions. This can give agents a feeling of support they'd get at a larger agency. Keep it simple by using Zoom or Google Meet, which can make it easier for people with busy schedules to commit (and you don't need to worry about a physical meeting space).
Celebrate wins: Publicly recognize individual achievements and milestones to build morale and team spirit, even in small ways. Countless studies have shown that personal recognition is a primary driver of worker happiness in companies large and small. Google "employee recognition ideas" for countless examples. Many require little to no expense.
Foster open communication: Agents often lament their broker's inaccessibility, but as the leader of a small brokerage, you have the advantage of being much more available for questions and support. Being approachable and actively checking in with agents makes a huge difference in retention and satisfaction.
Utilize other people's work: No, don't steal it, but take what's built for public use and make it your own. A great example is the settlement information available on facts.realtor.
4. Provide more flexibility and innovation
Offer alternative commission structures or bonuses: Consider options that let agents keep more of their commissions or provide performance-based bonuses.
Encourage creative marketing: Smaller brokerages can often get away with more personalized marketing than larger brands. Help agents develop unique, localized campaigns that set them apart from agents at big-name firms.
5. Establish strong community connections
Focus on local networking: Encourage your agents to participate in community events, charities or local partnerships. This will build a positive local reputation and reinforce your agency's commitment to the community.
Host community events: Consider organizing small gatherings, workshops or informational sessions that invite the community in, which can lead to organic lead generation and brand building for both agents and the team/brokerage.
Small brokerages and teams can offer a personalized experience and tighter-knit community that many agents — and clients — find appealing. By emphasizing connection, flexibility and accessible resources, you can make your agents feel well-supported and engaged without needing the resources of larger firms.
Jay Thompson is a former real estate agent, broker-owner and industry outreach director. He is currently an industry consultant and sits on several boards. The views expressed in this column are solely those of the author.