Another aspect of managing an office that managing brokers must prepare themselves for is the extra accountability. Managing brokers are accountable for their office’s performance – their agents’ successes and their failures.
“Call it purpose or taking on roles that challenge and improve who you are as a person and how you contribute to those around you,” Allen-Tiernan said. “Being part of an organization and having a voice in solutions is powerful. If you derive satisfaction through others’ success, then this is a great job. What goes around comes around.”
Perhaps the biggest surprise for agents who become a managing broker is that there is less focus on putting out fires and more emphasis on supporting agents and helping them find their own way within the real estate world, at least according to our four managing broker sources. So agents wondering if they have what it takes to run a brokerage may need to take a step back and evaluate their people skills and leadership qualifications before looking at production numbers or sales acumen.
“I enjoy being a source of support for my agents,” O’Connor said. “I feel like I can be a help to a lot of the people a lot of the time. I find it satisfying and fulfilling. Being involved in the community, you partner with a bunch of people.”
Despite beginning his career with the goal of becoming a managing broker, Bailey wasn’t 100 percent certain he was ready for the job until he underwent training through the Baird & Warner Leadership Institute.
“The program was designed to prepare sales brokers for the management side of the business,” he said. “That was a major factor, as was the confidence Baird & Warner placed on my abilities to be successful.”
Riberto stepped into her managing broker role after receiving a recommendation from another broker who was retiring and thought she would be a good fit. She sees her role as that of a teacher or a coach, one focused on keeping her office running smoothly and making sure her agents remain satisfied and motivated.
“I think there’s a perception that this is an administrative job where you’re dealing with problems, arbitrations and the code of ethics,” Riberto said. “We do all of that, but it’s really about recruiting and retention. If you can do that well, the office thrives. Within our company, this is still a sales position. It’s about making sure people are happy.”