This is the time of year to evaluate your needs from a broker and determine if your current broker can meet them, as advised by ERA Real Estate President Alex Vidal.
Whether you’re refining your business model, embracing new technologies, or strategizing for market opportunities, Inman Connect New York will equip you to take bold steps forward. The Next Chapter is about to unfold. Be a part of it. Join us and thousands of real estate leaders from Jan. 22-24, 2025.
With the holidays behind us and a new year ahead, it’s crucial to pause and assess your readiness for success in 2025.
The key is to identify what you require from a broker — be it your current one or a potential new one.
The primary focus should be on understanding what you need from a broker to achieve your goals. This involves delving deep into your current business. Here are five questions to kickstart the process:
1. Where does my business currently originate from?
Are you successful in converting leads generated by the company? Is the marketing support from your firm sufficient for visibility? Does your broker offer a CRM system to maintain connections with your network? Are the firm’s educational resources beneficial to you?
Conducting a thorough analysis like this can reveal the most impactful aspects of your business. Subsequently, you need to ascertain if your broker can further enhance these aspects. If not, could a different broker assist you in this regard?
2. What is the biggest gap in my current business?
Do you aim to expand your client base in specific niches like luxury properties or new developments? Are you looking to gain access to particular neighborhoods or price ranges? Are you interested in working with relocation clients? Would access to leads from mortgage and title services benefit your business?
To what extent is your broker aiding you in filling these gaps to drive your business forward? Can another broker provide more support in addressing these opportunities?
3. What is one thing I wish I could do more of but haven’t been able to?
Is your broker capable of supporting you in this area? Have you sought your broker’s assistance? If not, what is holding you back?
I recently spoke with an agent who experienced great success at open houses by using large balloon letters that read “open house” in front of the property. While this strategy was effective, the agent faced challenges due to time and cost constraints. A simple conversation with the broker led to a solution that supported the agent’s business.
4. It’s Dec. 31, 2025. Where do I want to be?
Addressing the first three questions will provide a comprehensive understanding of your current business, existing opportunity gaps, and your aspirations for business growth.
Now, consider: Do you see your broker helping you reach your goals? Could a potential new broker assist you in achieving them?
5. What do I appreciate about my current broker or brokerage, and am I willing to part ways with that?
Company culture plays a significant role, so I urge you to factor this into your decision-making process when contemplating whether to stay with your current company or explore other options. While I emphasize the importance of agents increasing their earnings and quality of life, both aspects hold equal importance.
If you transition from a supportive culture to a highly competitive one, you may see financial gains but may also experience dissatisfaction. If your goal is to genuinely help people enhance their lives, aligning with a company that shares this ethos may better serve your overall objectives.
While business growth is crucial, it shouldn’t come at the expense of sacrificing what truly matters to you.
A new year presents an ideal opportunity to reflect on your goals and the necessary support to achieve them. Asking yourself these five questions can guide your decision on whether to stay or move on.
In 2025, be bold enough to recognize your needs and vocalize them confidently to pave the way for success. With this mindset, you will be unstoppable. – Alex Vidal, President of ERA Real Estate.