In many ways, the work of an agent and a managing broker could not be more different. Agents compete, while managers consult. Agents rustle up new clients to call their own, while managers recruit others to join their team. Agents are accountable to their own yardsticks, while managers answer to a whole host of parties, from the public to brokerage owners to their own sales associates.
In other industries, you might see a restaurant manager transition her skills to hotel administration or even the tech industry. But in real estate, most managing brokers were once salespeople. In fact, according to our reader survey, some 95 percent of managing brokers start out in real estate sales.
This cover story looks at that all-too-common, yet far from proscribed, journey. There are certain obvious needs for managing brokers, ranging widely from empathy to industry knowledge to integrity. But there are some surprises in there, too.
If you’re an agent who’s considering making the switch, I hope this issue will help prepare you or even help you decide if it’s really a jump you want to make right now. For managing brokers who have been around awhile, the three fresh faces in our cover story will help you understand how the landscape has changed since you jumped in. If you happen to be a brand-new managing broker: Congratulations and strap in! And of course, shoot me an email to let me know how it’s going at email@example.com.