What Makes a Great Managing Broker?

by Chicago Agent

Managing brokers have a tough job. Not only do they put on a calm front while handling whatever issues come their way, but they need to act as a guide to their agents. Now, more than ever, agents need leaders. Here are the top qualities every managing broker should strive to possess:

Be accessible.

As with clients, it is best to be readily available for any inquiries that your agents may have. Whether it’s a matter of responding to an email as soon as possible, or having a private meeting, the way in which you handle business will make an impression. Going above and beyond to give agents an open line of communication goes a long way.

Address concerns within the company, no matter how minor.

Some struggles go unnoticed. Agents may be hesitant to bring their struggles to the broker’s attention until they are in need of help. A broker needs to have confidence in employees, but also expect that some problems may fly under the radar. Address concerns as soon as they are presented.

Recognize accomplishments.

A good old-fashioned pat on the back always feels good, no matter how minor the recognition. Realizing that agents are accomplishing feats in rough times should not only be recognized, but also serve as an example for coworkers.

Improve current company practices.

Actively investigating your competition is important. What do you have that other offices may not? What do you expect agents to do in order to keep clients happy? These are questions you should be able to answer and pursue answers to.

Have grace under fire.

Just like any profession, things can go wrong from time to time, but paired with other current industry challenges, things may go wrong more often than not. The important thing in these situations is to continue leading and setting an example by staying level-headed and demonstrating confidence in your team’s abilities. This may mean calling for a meeting to discuss issues and brainstorming ways to come out successfully. Optimism is key for anyone who is in a leadership position.

Embrace emerging industry trends.

Whether it’s social media or prospecting basics such as cold-calling and getting out in the community, no stone should go unturned. Managing brokers should work to motivate and ensure that agents are going above and beyond.

Encourage the office to work together.

The age-old “there’s no ‘I’ in team” mentality will never stop being applicable. While it’s a broker’s job to set the speed, he/she can’t always know what the results will be. With multiple people working together toward the same goals, they can be reached in an efficient manner.

Be positive, yet realistic.

Staying informed on current data is important for solving problems, and for moving forward toward strong market performance. However, with high foreclosure rates and falling home prices, it can be easy to ignore the good news. You don’t need to have an answer to every question, but having a realistic balance between the good and the bad is a key component for any leader to possess.

Show a great work ethic.

Chances are, managing brokers didn’t get to their position of power by chance. While the past accomplishments of any broker are admirable, it is the daily influence and future goals that will stay in agents’ minds. Working hard to accomplish common goals and recognizing that some areas may need improvement should always be at the basis of a broker’s decisions.

Set the tone for the office. Whether the office attire is formal or casual, and work is completed on-site or from home, it is best to let agents know what your expectations are in-office.

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