30 Best Days.
If there is one thing that I learned from being a Managing Broker (and my past career in the Hotel and IT Industries, as well) it’s that thick skin is your friend.
I walked into my first Broker position all happy, enthusiastic and ready to set the world on fire. I mean, really…how hard can it be? I ran huge departments for huge companies before…how hard is it to run a Real Estate office? Pffftttttttttttt…. no sweat!
Four years after running an office….woweeeeee….. I though it was tough to run entire departments filled with high school interns, ego-centric executives and overqualified, over educated marketing staff. Boy, was I wrong!
There is this interesting dynamic that goes on within a Real Estate sales office. A majority of the industry is comprised of women who are married with children and are looking for a way to create some sense of identity after having raised 2.1 children. These same women are searching hard for a way to contribute to the household after years of a full time job as moms. And please know that I fully recognize that being a full time mom IS a job that is challenging and hard, hard work. I know from first hand experience – I raised my son all by myself. I digress…
So, there is this culture of agents who are “Independent Contractors” who still want the firm to offer high splits with no risk. And by risk I mean costs of doing business. And since most agents have never run a business before….the expectation level is out of control. I am not sure that I know of ANY industry where a person can take 60 hours of classes, obtain a license, open a business with no real hard cost’s and then expect the Broker to pay everything for the business owner to run the business at a 90% split. I scratch my head over and over again over this culture.
So, thicken up your skin because you will spend about every day managing the expectations of the agents. I spend more time explaining that a company cannot survive if the agent is collecting a 120% split. When I break it down…the effective split adds up to that!
Pull up your boot straps. Hire people who understand the business and that to keep the door open and their license’s active….they must participate in the cost to keep the doors open.
Otherwise…something’s gotta give…. and it cannot be your thick skin.
That will not end well.
30 Best Days.