By York Baur | March 9, 2020
Mike DelPrete put it best at ICNY 2020: “The industry is moving very slow, but it’s never moved this fast.”
Franchisors are building their own technology at record rates. New proptech companies are popping up everywhere. Acquisitions and consolidations are becoming more common. There’s an electricity in our industry that’s been simmering for the last few years.
And, it’s exciting.
But it’s also been a time of uncertainty and, quite frankly, fear. Especially for the brokerages and agents all of this surrounds. I know there has been frustration, agents shuffling, lots of money changing hands, among other concerns. But, the best piece of advice I have during this age of transformative innovation and perceived disruption is simple:
Stop using the disruptors as a benchmark for your success.
Sure, they’re flashy. Sure, they’re mainstays in the news and claiming data that may or may not be true. But comparing your brokerage to their definition of success isn’t the way to measure your success.
Every brokerage is a tech-enabled brokerage
It’s true. Every brokerage is a tech-enabled brokerage, whether you build your own technology or not. And brokerages, both traditional and new, who are leveraging data and embracing the fact that they’re tech-enabled are seeing the benefits. We took a deeper dive into our data by looking at 10 of our largest client brokerages representing over 50,000 agents. We found that, on average, agents with a high usage of MoxiEngage CRM increased their transactions by 85.3% from 2018 to 2019. Even agents with a lower usage of MoxiEngage still increased their transaction count by 41.2% during the same time period. And while we believe our products are best in class, the reality is using whatever tools you have will make you better whether they’re from MoxiWorks or not.
Everything you need to be a “tech-enabled brokerage” already exists in the marketplace and agents at any brokerage with leading technology will see an impact on their business, even if your brokerage isn’t one of the “disruptors.”
A case for the mistaken market share
Market share is of course another way to reflect on your brokerages’ success, but make sure the data you are comparing it to is apples to apples and not apples to grapefruits.
For example, it’s easy to claim impressive market share to scare the competition when the sample size of that share is disproportionate. Compass made claims at the end of 2019 towards their 20/20 by 2020 vision that a number of their markets are close to 20%. But, 21.3% market share of Malibu, CA is certainly not the same as only 6.6% of LA county. And 33% in the concentrated D.C. market is not the same as only 7.3% in the DC metro area, just like 17.8% in Downtown Dallas is not the same as only 2.9% in the Dallas metro area.
While a lofty goal, there is still more than enough market share being held by other brokerages and to that we say keep it going. Instead of letting the disruptors distract you, focus on things that truly reflect success in your business. Focus on your team and your success.
The pomp and flash won’t last. Just remember, the data doesn’t lie. Big signing bonuses and other carrots being dangled in front of agents are sometimes tough to combat, but you should really be more concerned with yours and their retention rates, instead of recruitment rates.
Why? Because agents who left Compass in 2019 were only there for an average of 295 days, so less than one year. In the 2019 National Association of REALTORS® Member Profile report, they found that the median tenure for REALTORS® with their current firm was four years.
So focus on what you’re doing to recruit and retain your agents. If the industry average is indeed four years of tenure at a company, take a look at your data and see how long your agents are sticking around to determine whether you might need to make some adjustments to continue to have your agents remain at your brokerage. And remember that using technology to increase agent productivity can solve your recruiting and retention problems: productive agents are happy agents who stay at your brokerage and recruit others to it.
The road ahead
The quote written above my office from Marshall Goldsmith is a reminder to us every day and it should also be a reminder to you:
“What got you here won’t get you there.”
While I believe you have everything you need at your fingertips, I also believe you need to be proactive and provide an environment of ‘Training + Systems + Coaching’ to retain your agents and help them continue to succeed through the age of disruption.
And look, we have to give Compass credit. They set a lofty goal, and good on them for doing that. Every company should. Creating that mission, that rallying cry is a great way to not only motivate their teams but gives them something to measure.
So, instead of letting them distract you from your goals, take it to heart instead. What are your goals?
Their goal doesn’t say anything about anyone else, so think deeply about your brokerages’ goals for the company and for your agents and use that goal to measure your success.
And don’t stop there. Announce it to the team, bring it up in meetings with your team and with your stakeholders. Develop leading indicators of your progress and measure them routinely with a scorecard. Hold yourself accountable for the goals you set and what you are trying to achieve. We do this at MoxiWorks and I promise you that you will see better results by doing so as well.
There will always be disruptors. Don’t let them derail your focus. Instead, stay lasered in on your success metrics and your goals and continue to help your agents thrive with your brokerage as their home.
York Baur, CEO
By Maddie Jostol
Here we are heading into spring when the market heats up again and the leads start flowing. We started the year strong, setting goals for ourselves – maybe you want to grow your business, organize your business finances, or find better work/life balance – whatever it is, we started the year off with high hopes. Life gets busy, though, and as the market ramps up, it’s easy to get caught in the weeds and lose sight of your overarching goals. How do you plan to hold yourself accountable throughout the year to ensure you reach those goals? Here are a few tips.
1. Make those goals SMART
First step is to review your goals. Revisit those goals you set at the beginning of the year and make sure they’re defined enough to follow through on. Make sure they’re SMART:
• Specific – Outline specifically what you’re hoping to accomplish.
• Measurable – Attach metrics to your goals. How will you know if the goal has been met?
• Achievable – Make sure the goal is realistic. Being ambitious is a good thing, that’s how we take our businesses to the next level. But make sure your goals are do-able.
• Relevant – How does the goal relate to the direction you want your life and your business to take?
• Time-bound – Set a deadline for the goal. When are you hoping to achieve this by?
2. Make a plan
Without a plan, the path to your goals is undefined, making it easy to get off track and lose sight of the finish line. Make sure you have a plan that gets you from point A to point B. Set a few milestones you hope to achieve along the way and outline a few things you know you have to do to get there. Having this plan mapped out (even if it’s high-level) will make your life much easier as you navigate toward those goals throughout the year.
For more, check out this article is the latest Mile 62 e-Magazine, built specifically for real estate agents!
By Tiana Baur
It’s the first quarter of 2018, which means it’s time to #GetShitDone (did you know that’s MoxiWorks’ company motto?!). Right here and now is the time to check off all the items that will soar you into your most successful and self-fulfilling year yet. And let’s face it, the one thing on everyone’s mind in Q1, is getting listings lined up to sell in Q2. Everyone is working as diligently and quickly as humanly possible but working hard and working smart can be two very different things. Because of that, we’ve put together a list of the five steps you need to take that will pay more dividends this year than anything else.
One: Do something that makes you feel good about yourself at least once a week
Maybe it’s standing in front of the mirror each morning and giving yourself a pep talk. Maybe it’s getting your nails done to look more polished in front of your clients. Maybe it’s taking language lessons to broaden your prospect scope. Little things can make a world of difference and it’s important you feel good about yourself, because you are your business. Mental health is incredibly important, don’t let yourself slip to the bottom of the priority list.
Two: Know who you are targeting with Moxi Insights
If you don’t know who you’re targeting, you’re basically taking shots in the dark. Wouldn’t it be amazing if there was some magic tool out there that could tell you who would be likely to list soon? Well, there is! If you haven’t heard, we have a new tool called Moxi Insights that is part of our Moxi Marketing suite. It aggregates public data for your entire sphere and auto-updates it for you too. There are even badges that identify those in your sphere that are likely to list and the reasons why they are likely to list.
Check it out – you won’t regret it.
Three: Prepare for those pesky taxes with QuickBooks
The worst part about tax season is being a 1099 independent contractor. It makes everything ten times more complicated. Finding all the receipts from the entire year and trying to ballpark your mileage is enough to drive someone mad. And even then, it’s easy to forget all the other stuff you can deduct, so by the end of it, after pure exhaustion and frustration, you throw your hands up and say, “whatever.” Well, it’s time to take the stress out of your taxes!!! QuickBooks Self-Employed was created just for independent contractors like real estate agents. It simplifies everything and does most of the heavy lifting, PLUS it saves people an average of $4,340 on their taxes. What’s not to love? More on QuickBooks Self-Employed and try it for cheap here.
Four: Try something new
Einstein’s definition of insanity is doing the same thing over and over and expecting different results. If you’re not happy with your current results and the shape your business is in, it’s time to try something new. It can be scary and nerve-racking to take the first step, you’ll hit roadblocks and some things will go smoothly while others won’t. Whether it’s as simple as trying a new marketing method or hosting your first party, it’ll be worth it!
Five: Get as many eyes on your listing as possible with Advertise Your Listing
It’s a digital age and if you’re not advertising on Facebook, are you really getting the most optimal reach for your listing? The answer is no. But I do realize not everyone is a Facebook pro and not everyone has the time to create and analyze their Facebook Ads, let alone have enough time to even eat lunch. That’s why we created Advertise Your Listing. It’s all the Facebook goods and glory you need to show your clients (including automagically sent client reports *cough cough*) that you’re a marketing genius and you deserve their repeat business. Also, it only takes you five minutes to set up, and we do all the heavy lifting.
Find out more about Advertise Your Listing here.
If you do these five steps, we promise you your success will be much greater than if you hadn’t. Whether you do these because your resolutions are calling your name or you’re always looking for ways to grow, these will make you more productive and increase your repeat and referral business. Regardless of the reason, it’s a #GetShitDone kind of attitude that lights the fire within and turns the mediocre into real estate legends. What are you doing today to help yourself tomorrow?