Being a real estate broker is a tough job! Managing people for a living requires a special level of patience and care. In this episode we talk about where brokers might have opportunities to improve their businesses and the lives of their agents. From fostering community to mentorship programs to recruiting, we are diving into the world of being a real estate broker from our agent perspective. What parts of the industry seem fully focused on making money and where do the agents get lost in the shuffle? We know brokers have to recruit to keep the business thriving, but where is the line between growing the agents you have and looking for more agents to fill the building. What about education? When is it not enough? Can it be too much? We are ready to talk about all things real estate brokerage and we truly hope there will be some ideas that our broker listeners will find useful for their offices! We love both of our brokers and want more agents out there to feel the same way!
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The following is a rough transcript provided by Otter.ai.
Alissa 0:01
broker burnout has to be a real thing. I’m
Katy 0:03
telling you what to do when you’re not doing it.
Alissa 0:08
And it like makes the new people be like, Look at this. This is a big deal. Wow. Like I am teaching line dances to the office every other Tuesday for weeks. Oh, I can’t talk to my broker.
Katy 0:25
Like I’ve ridiculous.
Alissa 0:28
I have had issues with brokers just not one I’m at. Hi, y’all. Welcome to hustle humbly. It’s Alyssa and Katie. And we are two top producing realtors in the Baton Rouge market.
Speaker 2 0:42
We work for two different companies where we should be competitors. But we have chosen community over competition. The goal of our podcasts is to encourage you to find your own way in business to stop comparing yourself and start embracing your strengths. Hi, Alyssa. Hey, Katie.
Katy 0:56
Welcome. It’s episode 223.
Alissa 0:57
I told Jay it was 222. Bless it. I’m sorry.
Katy 1:02
We said we were holding a spot.
Alissa 1:05
Oh, I forgot we were holding a spot. Oh, no. Sorry, Jay
Katy 1:09
Anywho. Today’s episode is where brokers go wrong. Yeah, but I would like to also maybe give it a positive spin. I may even change the title. It may be where brokers have opportunities.
Alissa 1:25
Where brokers need to improve.
Katy 1:28
That’s still negative. Oh, okay. Opportunities for brokers. Okay, I feel like I don’t want it to be negative.
Alissa 1:37
We’ll have to think on this. Please do okay, what but it’s kind of about where brokers go wrong. We don’t know what the title will
Katy 1:44
be, you know. But anywho we have talked about brokers, and where you are working several times before and more most importantly, how to choose a broker was episode 194. And should you change brokers was way back at episode 56. So if you are feeling like it’s time for a change, you can go listen to that one. Yeah. But today we’re going to talk about why what are brokers doing wrong that makes people want to leave?
Alissa 2:16
And I don’t know. Because I’ve only been that one broker ever. And but we did ask y’all were brokers were wrong. And we got a lot of information.
Katy 2:28
Yes. And I have been at a broker or for but over how long? Well, I started at one broker large franchise in a very big office was not a fit for me that lasted two or three months, okay, at the beginning of my career. That was one that I was at a very small, like boutique firm that was, I don’t know, five agents that was owned by a mortgage office, actually. And that lasted almost six to eight months. And then they were closing, okay, and they were absorbed by the REMAX that I was at. Okay, so that change was not me choosing to leave that and you’ve been at REMAX most of their careers or 14 years. Yeah, now I have been at a southerly so another boutique brokerage with a small number of agents and obviously designers. Since 2023, going on four years, I like to be stable. Yeah. And I learned early on that I like a small office. Even my REMAX was very small. Okay, so I have seen it done four different ways, right? I feel like I have a decent point of reference. Okay, but I liked that you’re coming from the place of being at a broker that you love and is a good example. Sure. So I think you can still talk to all of these
Alissa 3:47
points. And I did interview. Right. And they did some things wrong.
Katy 3:54
What let’s start at the interview, what did the brokers do wrong? In the interview,
Alissa 3:58
my first interview ever was at a larger company. And in the moment, I didn’t necessarily know what they were doing was wrong. morally or ethically just now that I’ve been in the business, I’m like, all the things they told me just weren’t true, right? It was very much about getting me to join and sign and it was about how you can make as much money as you could ever want. And the lifestyle and it’s up to you to make your own success and the sky’s the limit, just a lot of exciting hype, a lot of hype, that as a person who has never sold real estate ever I thought whoa, this sounds promising. Like I like this. Yeah. And you know, they just made it sound like it was going to be very easy, right? very glamorous, and they did NO ME. So they wouldn’t have known that that just wasn’t who I am. I’m not really looking for easy. I’m a hard worker, right. And I was not looking for a fun hobby. I was looking for a career. Right. Right. It did, of course made me feel excited, right. And it was the first person I interviewed. So I didn’t really have anything to compare it to.
Katy 5:24
Thank goodness you interviewed at more than one. Oh,
Alissa 5:27
thank goodness.
Katy 5:28
How many two just 233. Okay,
Alissa 5:30
I did interview at a REMAX.
Katy 5:33
Okay. And they were like, I don’t know. I like that they took the interview though.
Alissa 5:39
Yes, they basically let me know that their particular REMAX was for agents that have been in the business a long time, don’t really need a lot of support and help. And they actually suggested that I go interview with who I was going to interview next with Connie. Okay, and basically told me when you feel like you’re good in your career, come back, come back. What have you had, like, we want the Connie trained agent, wait, if we just don’t want to train you, but we just don’t have the training.
Katy 6:10
I mean, honestly, that is the backbone of the REMAX structure. It was made to let agents who were producing and wanted to run their own business sort of have a lot of autonomy, and a lot of their money.
Alissa 6:24
Well, I’ve always liked REMAX, and not just because of the hot air balloon. I like how they operate. And that’s why I went there. Because as someone who had never sold real estate, I just thought they operated at a very professional high level overall professional vibe. I like it. Yeah. So I thought okay, well, I’ll go talk to them. And then it actually made sense to me that we’re not gonna that we don’t hire everybody.
Katy 6:51
But that’s what also sets them apart. Yes, that they looked at you and said, sweet baby, new agent, Alyssa,
Alissa 6:56
you’re going to need more. You’re not a fit. Yeah, come back later. And I appreciated that advice. Yeah. And so then I went to CJ Brown, which is now ladder and bloom, same owners and everything, just a name update. And they were sort of a mixture of we have the training, but we’re very professional, and we don’t hire everybody. Right? So are you going to be full time? If not, what is your plan for being full time? And maybe at the end of the year, we need to evaluate if you’re a good fit for the company. Yeah, like if you’re planning to go full time by the end of the year, and you’re not? Like maybe this isn’t, you know, because they just they want the reputation of full time professional realtors, right. And we will give you the resources and support with it. Right. So I chose there and I never left. And so I’ve grown within the company, and I don’t know where I would ever be elsewhere. I just like and the thought of switching is like any work. I don’t know that I would when we named changed from CJ round to ladder in bloom. They presented that to us at our top of the ladder trip slash Conference, which is the top 30 agents within the company. So like Louisiana, Texas, Mississippi, like the top 30. So I was sitting in that meeting and I was excited because we have always been CJ Brown a ladder and balloon company. Yeah, it’s a lot some outfit. It’s just a mouthful. So they were just eliminating it to be ladder and blue. And I was excited to get rid of the brown. Yeah, it was so like go to Navy, royal blue much better. I was so excited. But you know, there were a few at first it’s changed. There’s resistance and Oh, my clients and then it added up. And it’s like, I finally said if I went to my top five clients that have done the most business with me and said, What company Am I with? Right? I don’t think they would know. Right? So just as a tester in that meeting, I texted one of my clients that I have sold like 12 investment properties to I’m like, hey, what company do I work for? He’s like, is this a trick question? I’m like, No, I’m just curious if you know, and he’s like, Alyssa Jenkins real estate. I’m like, oh, no, I work for a company like
Katy 9:17
Is that your final answer? Yeah. But I said
Alissa 9:19
it goes to show that a company is important, but it’s really about your relationship with your clients, how you communicate with them.
Katy 9:30
And I think in the context of where a broker goes wrong, I sometimes they oversell the company. Yeah, even REMAX is like it’s the balloon everyone knows this brand. But what they should be selling is how are we going to grow you as an agent?
Alissa 9:44
Sure how like, that’s not my training. I mean, not that
Katy 9:50
one and then I will say the other flip of that coin is that we’re I think brokers go wrong and especially franchises. I think their training is overwhelming. It is true thinking from a firehose, it’s right that REMAX doesn’t have training. It’s that that broker at that REMAX didn’t provide a class, right? Correct. You could go to REMAX university or whatever they call it now and I’m not dogging on REMAX. I loved it there, but it’s too much. It’s a lot. There’s so many classes and it gets super in to like very in depth on one topic. It’s not a nice overview of here’s point a, here’s the path, you travel as an agent to become, you know, at least fully trained and have a foundation. And then you’re there. It’s more like, Hey, do you want to know everything there is to know about calling an expired, and I’m making this up yet? I don’t know. But it’s like the class is so in the weeds on one thing? Like how do I know which ones to take? First? Why isn’t there a better pathway? And why isn’t? Look, I bet there’s someone at REMAX or someone who like is affiliated with like upper REMAX who could listen to this and be like, we do have that I’m like, then you’re not conveying it to your agents enough. So they understand. Yeah,
Alissa 10:59
we’re picking on REMAX. And we both love remember, yeah, I’m
Katy 11:01
like not picking on I’m just like, look, all the free is just an example too much
Alissa 11:06
the training, especially when we had to go virtual for so long. I think that a lot of brokerages are really hanging their hat on the amount of training that I have. But so much of it is virtual. And like I’m not an online course taker, I just I can’t do it. It’s painful for me. I would rather waste my time in CEE sitting in the classroom, because at least I can doodle and take notes and like do whatever stories, your stories, talk to other agents, yes, talk to other agents. And so if you joined because of the plethora of training, only to find out that it was all online self led, and you have to dig through it. That would be too much too much for a new agent, especially because they’re already getting messages from all these different sources regardless,
Katy 11:58
yes, not just the broker they chose. Right. So I think brokers need to have a success path. Yes. What is the success path for an agent that comes to your office? If they come? What will they do? I will say when I first went to my REMAX office, Lola, who I love, my broker was like, we have 100 access 200 days to greatness. You may take this it is like a five day course. It’s really good. But it’s Brian Buffini scores, because Brian Buffini had always been a REMAX agent. So he’d been affiliated with them for a long time. Neat. Yeah. So you took it? Yeah. And it was great.
Alissa 12:39
You did all 100 days? Yeah, of course she did. It was great.
Katy 12:43
And it wasn’t 100 days of classes, but it was like 100 days of activities, if you will, okay, but he’s the one who taught. It’s all about database and how you how do you build relationships? And what are you going to do to grow your business? And how do you how do you talk to people at an open house? How do you exactly do, but it was a program. And that’s really all anyone needs is show me what to do? And how many times I need to log in and do it. And where am I going to be at the beginning? And where am I going to be at the end? Yeah. And most brokers are just like, look at all the classes we have. I’m like, Yeah, that too much. Yes, too much. Okay, while we were on your interviewing part, I think one of the other places there’s an opportunity or where a broker goes wrong, is they’re very, some brokers are very distracted or super focused on the recruiting aspect. Yes. So it’s okay. It’s a business, you’re supposed to be growing the number of agents there if it’s a growing business, however, are you available? For answering questions like Are What is your is 5050? Maybe we’ll be okay. 50% on time, I’m focused on recruiting and growing and 50% of the time I need to pour into the people who are there, right? Like, how are you addressing the people that are already there,
Alissa 14:02
I just got asked to speak at a sales meeting for a local brokerage. And I was so turned off because at one point, he said that his goal was to have the most agents in his office by the end of 2025, or something like that, like the biggest offensive biggest office and I’m thinking why would that be your goal? Well, because he’s running a different business. Yeah, you’re right. He’s running a quantity over quality business. Okay. And let’s really it’s not the same business model as what we do. That would be like me saying, I want to grow my database to 3000 people like I have 400 Right. That’s a lot.
Katy 14:44
Right. That is a lot. Yeah. Okay, exactly. It’s like I want to have all the agents and for a long time until I read this article, actually that inspired some of this episode. It was an opinion article on Inman and I don’t remember the author but I always felt the same. And then why why even the big companies? Why do they keep wanting to recruit so many agents that maybe only do one deal a year. And then she finally put it into the words, that made sense to me. And it was like, the agents themselves don’t necessarily need to make much money for the company to profit. In fact, I have seen some companies grow like crazy when it comes to agent count. But the average sales per agent keeps going down. Because there are fees to work there. There are like she even said, sometimes they they, they buy your E and O for you. But there’s a premium. So they’re making more money on what does it cost, even the one transaction, you gave them some amount of money. So if they’re willing and able to just keep on pouring in all these agents that just do I always thought this makes no sense. Why would we want one agent who was going to do 10 transactions instead of 10? agents that do one? And then the light bulb? Finally, what offer me like, oh, because 10 times the agent paying whatever, office B is more than one times an agent paying the office fee, right? So it does behoove that company and that setup to have more agents. Yeah. And that is why the industry is where it’s at. Yeah. So I don’t have the answer to that, other than you can still make as a broker more money by your agents selling more houses, you’re just not making it on those dumb fees and stuff.
Alissa 16:25
And it also goes back to the point of we’re talking about training, there’s too much online, it’s hard to sort through what’s important, what do I need? Well, how are you going to be face to face with your broker? I mean, new agents are very needy. Oh, yes. I mean, they, they have questions about everything better
Katy 16:48
for them to ask a question than to go out and do it wrong.
Alissa 16:51
I know. And so just like how we have the Monday morning meeting, that’s like our I call it my like therapy session with Connie, where we just sit in a circle and it we just start off by like, what are you struggling with, in particular? And it’s like, oh, well, this is happening in this transaction during the inspection period. Well, there’s no online course about what to do when the inspector flags the electrical panel, but it’s technically up to code, but insurance won’t take it. Like there’s no course for that now. Okay. So you’re going to have to, as a broker, make yourself available to all these questions and all these people and have the patience of a teacher, right? Have a teacher like that can just handle those questions, the abundance of questions. But if you have, you know, 500 agents, there’s, it’s impossible for you alone, to be the forefront the face to face with all those people. Well, without a system. I’ve never been a broker, but before kids when I was going on all the coffee dates, and I do feel like if you haven’t listened to episodes, one through three, you should because we’re getting a lot of new listeners and the requests for coffee dates.
Katy 18:05
Oh, are they ramping back? Go?
Alissa 18:06
Oh, my God, I hate it. Because I can’t do that. Like By the by,
Katy 18:11
Can I point you to Episode One of the hustle home?
Alissa 18:14
I feel so bad that I can’t go on coffee dates with everybody. But before kids when I had no boundaries, and was just doing that I was just going to the lunches and the coffee dates with all these new agents. And by after like, months of that I was just feeling really negative a lot. Because there’s a lot of question asking, and they want the advice. But then it’s not always taken. Do you feel like that’s something brokers probably struggle with? Like, burnout has to be a real thing. I’m
Katy 18:47
telling you what to do when you’re not doing it.
Alissa 18:50
I had someone recently just come in my office when the door was closed. And I’m like, You, I didn’t know who it was. I’m a new agent. And I just have a question. I’m like, okay, and I spent like 15 minutes like giving her the best answer ever. Then on my way out, I hear her asking the same question to someone else. And I’m like, at some point, you have to take the information that’s given to implement it. You can’t ask 12 different people, every person that’s in the office, I’m gonna go ask the same question. Yeah. And it made me think like to be a broker, like people are like, are you going to be a broker? I’m like, No, I just I’m not. I’m not made to manage that kind of people. Yeah, I can manage a transaction, a seller a buyer like I can do that. Yeah. I can’t manage the people No, takes work. It’s a different job. It’s a different job. And that leads me to my next point and bless the brokers for doing it because we need the guidance do.
Katy 19:48
brokers who who are still selling are a double edged sword to me? Yeah, I think Lola did an excellent job of it because she was really doing mile number of transactions and it kinda like an hour. First was very small, is always available. If you needed to talk to her, it is not hard to find her very open door policy, and they are a lot. But she did sell and she get out and sell. But I never felt like she was my competition. And the original broker that recruited me, it was a very big company, and they were like, one of their selling points was always our broker doesn’t sell. Do I think that there’s a right answer to this? No, I think it’s nice to know your broker isn’t your competition? Yeah, because that can be a really weird and sticky situation. But it’s also nice if they are still selling some and they really have a better knowledge of what’s happening in the market right now. Right? So if you’re gonna be pouring all your time into mentoring and teaching, then great, maybe don’t sell. And I think that I think that’s wonderful, because I don’t want you to be my competition. But on the other hand, if you want to dip your toe in, but what’s not going to work is you being like a top producer. Like if you’re out there pounding the pavement selling, and that’s your set 80% focus of your time and your income, then I don’t know that having a brokerage makes sense. Like, how will you spend time unless you only have one or two agents? Sure. I mean, there’s a lot of ways to go with it. But it was interesting, because I was definitely recruited under the guise of this, you know, person is never going to compete with you. They’re going to be here just for you and teach you and blah, blah. They were also very hard to reach. Because there were so many agents, right. So it’s not an automatically a better thing. But I thought it was interesting that they recruited that way. Yeah. When’s the last time county sold? Do you know? Oh, I don’t know. Like you never knew her to be
Alissa 21:43
a selling agent. Once she became a manager. She wasn’t. Yeah. So I don’t know what your thought was. Do you like that? She doesn’t sell. She is in her office at 730 in the morning. And she’s there all the time. Yeah. So you know how to get in touch with her.
Katy 22:02
Right? And you know that her priority is you and helping you.
Alissa 22:06
I like I sell real estate. So I know how hard it is to implement an office day. Yeah, I can’t even have an office day at my actual office. Because of people in and out. They want to ask questions. And it’s like, it’s fun when I am available. But if I’m trying to have an office day, now I have to do it at my house where no one can open my door. That’s why
Katy 22:28
I always worked at home. Yeah, because I want to help the nature of me is to be like, Oh, you’re struggling with literally anything, anything, I’ll
Alissa 22:36
help you. Oh, same. I have
Katy 22:38
taught so many agents in my old office, how to put tabs on a Google like, open more than one tightly. It could have been anything. Let me help you. I want to help you or people just walk by and be like to let me tell you the story. It’s so distracting. It’s like, it’s good to be in that real estate environment and like get that vibe and that focus. But then it can be really hard to like get through your work if you’re always wanting to help someone.
Alissa 23:03
And I say that because I can’t imagine trying to have my office day where I’m trying to meet deadlines and get things done. But also I have to be available to anyone that walks through the door. That would be too hard. That would be way too hard. Mm hmm. Like I like on Mondays. I get there early before anybody’s there except Connie. And I just have the quiet office for an hour before our Monday morning meeting. And I get so much done. And then after the meeting, I like to sit in my office with the understanding that I’m kind of here to chit chat. I’m catching up catching up with friends like I do that. And so but if I’m trying to accomplish things, it’s got to be alone that
Katy 23:42
there. Okay, let’s go into community since your office has such a lovely community. I think that some brokers go wrong here. And I’ve seen a few. They don’t foster community. And they use the independent contractor situation, as I feel like almost an excuse like, well, I can’t force agents to be here. Like, you’re right. You can’t force agents to be here. But you recruited the agents that are there. If it was important to you, or your business or the office for them to attend one meeting a week or to come to yoga or to go to the sales or whatever it is. You chose the people who are working there.
Alissa 24:26
I’ve been trying to understand why our office has this special team. Please tell us Do you know why? The core group has been there for
Katy 24:35
decades. And they like to see each other? Yes, but they’re provided opportunities to do such right by the broker. Right? It’s not like the core group has a meeting on Monday mornings that Connie is not involved in right. She scheduled it. Yes. She picked the day in the time. And she fostered the routine of it always being that day and that time Yeah. For years and years and years. So it’s sort of like this is when this happens. And I think that the routine is part of the problem.
Alissa 25:05
Yeah, I mean, I can’t there’s, I think it’s hard, especially for a brand new brokerage, it’s gonna take time to foster that community. Because even in our office, of course, there’s people that come and then they go, and they count, and then they go. And so every office has that right. Within a real estate office, it is very hard to foster community. Yes. It’s like, do I get attached to you? Do I learn your name after a year of you being here? Because I know you’re here to stay? Or are you just here today? And I’m never going to see you? Right? What is the kind of there’s so much turnover in our industry is hard to have that community, but if treated appropriately, the core group will stay, right. And then you build to a link the there is
Katy 25:51
also a weird dynamic in our industry, because you are competitors, you are in the same business. I remember one office that I worked at, you could come in in the morning and do phone duty, I’m doing air quotes, because it wasn’t assigned. Okay, you walked in, there was a check in and you could say I will take a call and you put your name on the list. And it was first come first serve. And so as the day ran on, they’ll if you were still there, and they got down to your name, you would get a call. Okay, but you are each other’s competition, like whoever got there first that day beat you there on the list first. So it is kind of hard. And then even when your broker isn’t selling and the call comes into the office, they have to divvy it up some way. Yeah. REMAX is pretty good about your calls on your listings are yours? Yes. Okay. So we don’t pull them into some type of phone duty where anyone who’s there can get it, you get the calls that are on your listings, but sometimes there are random calls, calls from buyers that aren’t calling about a listing calls from sellers, how do those get divided up in a way that you feel as equitable as a participant in that office? Right? Yeah. And I’ve been through many experiences where I did not feel like it was equitable, or I was the benefactor of being there at the right place at the right time. Yeah. So it goes both ways. But it’s kind of hard because your competition, but how again, does your broker come in and foster the community part? Like how do we make everyone feel seen and heard? Where are we going to be? What’s the routine? When is the meeting? Yeah, what are some of the things that y’all do regularly? weekly, monthly, yearly. Okay.
Alissa 27:26
So Monday morning meeting Wednesday, sales meeting
Katy 27:29
two meetings a week? Yeah, every week.
Alissa 27:33
And they are well participated in? I love that. And I guess it’s because it provides value, right, you know, it’s not a waste of time. It’s funny because our office right now is decorated with all these posters. And it’s because our big thing is Fall Fest. Okay, so we have a Halloween dress where we all dress up. It’s a real good group. So we pick a skit and things get like borderline inappropriate, and we just laugh and laugh and say don’t video the inappropriate things. But we each year, our staff makes a poster of that year’s costumes. So you can go through the decade and be like, this is when we were the crazy cat ladies, this woman were the Dunkin Donuts. And this is when we were the Barbies. And so it’s in order and you can just walk through the years and it goes back. Well before I was ever they are they rehang the posters every year, every year they rehang the posters and it like makes the new people be like, Look at this. This is a big deal. Wow. Like the new people want to get together and be like, what are we going to do? I love it. So it’s like they just do a good job of documenting everything and sharing it and sharing it and you know Connie’s Christmas party is probably like the second thing like after Fall Fest you we love Connie’s Christmas party. This is our first year that I am teaching line dances every other day to the office every other Tuesday for weeks. For weeks. We started in September to prepare for the Christmas party prepare for the Christmas party. Y’all we had like over 25 people come to the line dancing class. Right? And it was the core 25 Like it’s the people that and then we had some new new agents that just like that’s how they get to know the core 25 Yeah, you know, like, I don’t know, I don’t know why it
Katy 29:26
works. It works because she’s giving you all these opportunities and she’s making it valuable. So you’re like, Well, I want to go and then they make it fun. Okay, so
Alissa 29:34
I think this is another good thing. I feel like she respects that I am busy. And so even when I had like over cocktail said I would teach line dancing. Later when we were like in business hours and sober. She’s like, I mean, you mentioned this is that something you would really do? Right? And I was like I would I would and so I took that off her plate Connie doesn’t teach these classes she friends
Katy 29:59
right she when she did yoga, she wasn’t teaching the yoga No, no,
Alissa 30:03
but But I bring that up because I just recently had a new agent that I’m friends with. So within our Board of Realtors, in 2019, we started the greater Baton Rouge Association of Realtors Leadership Program. Our state Louisiana Realtors also has a leadership program. So we sort of developed this is like a precursor to that and modeled it similarly. Okay, of that. Well, I’m so I meet a lot of new agents from all different companies, because I’m the chair of that. So one of them was telling me that she was super excited to be an agent, interviewed, brokers chose one and ended up being a little bit of a smaller office, than she realized she might need something a little bigger, but they had training. So she’s attending everything. She’s a class taker, she loves doing it, she’s attending everything. Well, they sort of recognized her energy level and asked her if she was sort of like spearhead the training program. This is where I go, No, they’re, they’re falling into the trap. Okay, they’re doing what a lot of companies do, by taking the agents that have the drive, but have not produced the numbers yet. And don’t have the sales under their belt, and are taking them and putting them in sort of like a leadership position because of their enthusiasm. But she came to me and was like, I need the training, I can’t, I don’t realize it, provide it or teach it or make a training schedule. I don’t want to be an Office admin making a training schedule, I want to be selling real estate. And I feel like I have over the years through all the things I have served on the boards, the committees, the state functions. If you are the one that shows up and shows the energy, you also have to be very protective of your time. Yeah. And be able to say, No, I’m not here for that. I’m here to grow so that I can sell real estate, right? Because what they do is they’ll say, well, she’s not really selling, right. So because she’s just hasn’t even made her first year yet. Like, of course she’s not. And they’re trying to get all this service from them to provide to the office or the committee or the board. And it’s like, I’ve those people burn out the fastest. Yeah.
Katy 32:38
Because they’re filling up all their time with non income producing activities.
Alissa 32:44
Yeah. And so it’s like, as a broker, I feel like if she had been fostered correctly in that environment, she would have by year five, become a top producer. Right. But instead, she left the company. Yeah, and went somewhere else. And it’s like, well, brokers, it again, brokers sometimes need to remember it’s a long game. Yeah.
Katy 33:07
You know, it’s funny that you brought it up, because in my notes, too, I had that. Brokers go wrong when they leave that. Like, oh, well, we’re gonna just foster teams, and we’re gonna let the team lead, train the team and choose how they’re going to do their standards of practice. And like, just basically hands off, little baby brokerage. It sounds more like a mini broker. That’s like a little baby brokerage. And, and I think that there’s so much disconnect when you do that, like, the team has the branding, the team does the training that well, then all of a sudden, it’s like the broker is just sort of an imaginary, they’re not really part of the process. Right? I just think that there’s a of course if you have a team you want to structure it how you want to structure and you’re going to maybe train on your processes, but there should be an overall this is the broker and the broker says this is how our agents behave. Yeah, this is our safety procedure. This is our training process like that. It’s okay to then fine tune it for your team, but I shouldn’t be like, hey, there’s some new agents I’m just gonna send them over to join your team because I don’t I don’t want to deal with this right? I don’t want to I don’t want to train these people.
Alissa 34:17
I had a situation like two years ago with a very well known larger company franchise very team based, okay. The one of their buyer’s agents from the team came and wrote an offer on my listing, we closed a week later the buyer realizes that there was a septic tank and not a like city sewer situation. Okay, so the buyer calls me freaking out and he was really sweet. I felt really bad for him. And I was like, Well, if you see I had that marked that way. So I’m not sure why. You don’t know You don’t know. And so he was like, my buyers are like saying they’re gonna sue and this and that. I said, Well, what is your broker saying, Oh, I can’t talk to my broker. Like, I’ve ridiculous. Yeah. I’m like, Okay, well, what is your team leader saying? Well, we kind of have to, like pay for our own mistakes. So, like, financially, if they want to $1,000 for whatever repairs needed, they’re saying that, like, they’re gonna, like, sue me for it. And my team leaders like, Well, I’m sorry, you made a mistake. And my broker actually doesn’t live in our city. Right? And so they I can’t go to their office. And if I call them, they would have no idea who I want i. So I felt really bad for that situation. And it was very eye opening to me because I have been taken to arbitration before by another agent. Yeah. And I was newer. And luckily, we won everything. But I was shaking in my boots. I’m so afraid. And have I done something wrong? And Connie was my bull dog. Yeah, she basically sat me down and was like, Don’t speak. I’m gonna handle this. And I was like, Okay. And she just
Katy 36:09
did. Yeah. And so and that’s their job in right, because they are supposed to be supervising you and what you do that is their job. That is literally the definition. And I had the same thing happen much further in my career. And the one time I was taken to arbitration, Lola came with me. And she was like, No, absolutely not. This is not how this is gonna go down. I will sit with you. This is what we need to do. Again, and she would do take phone calls like that all the time. I overheard her doing so many times, someone will call about one of her agents, blah, blah, blah, this happened and she’d be like, let me get the rest of the story. She went by another story she called back. Absolutely not. You’re not gonna bully us. This is what really happened. Blah, blah, blah, like. So they are in charge? Yeah, they are. And they boss, they take their responsibility to supervise their agents. Seriously. Yeah. Like, she would be like, you better have your documents in your folders. And I’m not paying you until they’re because it’s on me if they’re not there, right. And I don’t know who these brokers are. They’re just they’re like rail. Who cares? Like
Alissa 37:13
your check, whatever. I don’t need all the compliance documents. Right. So
Katy 37:16
you had a note in here, it was like, it’s like the wild west out there. Yeah. Where is the supervision? That is actually what’s supposed to be happening. And I wish that we were like appraisers and had to be like, apprentices. Right. And like, someone had to really babysit us, but truly, no one has to babysit us. I mean, legally, your broker is supposed to be, but they’re not right. And they should I have to share this quote, from the Inman article I read. Oh, okay. She said, brokers and real estate companies are the only entities who can raise the bar. And some have, they have standards. They provide training, supervision and ongoing support. Others work with any licensee who can fog a mirror and turn them loose for profit. Behind every poor or marginal agent. There is a marginal, greedy or incompetent real estate broker.
Alissa 38:10
Wow. Quantity over quality. Right?
Katy 38:15
Okay, let’s revisit where I think we kind of brought it up brokers that don’t have shared standards of practices and safety procedures, give your give your agents you as the excuse be like my broker says, You have to get your license copied.
Alissa 38:34
I use Connie for so many excuses. I’m like, I’m sorry. Or just the company not Connie. You know, like I actually work for ladder and bloom. And this is how they conduct business. I do feel like we’re constantly having to remind the public that we are a business. So when you go to your CPA and say I’m sorry, this price doesn’t work for me, right? I need this price. And you say, well, at this business, this is how we operate and this is the paperwork that’s needed. So if you’re not willing to do it this way, we may not be the company for you. Right? The company it’s not Alyssa Jenkins Realty and it never repeat. It is always the company I fall back on, right? This is how I run my business. Right there has to be standards, sort of like how you said when Lola handled things, just that example you gave reminded me so much of how Connie handles things. I can remember really having to train myself as a new agent and maybe this is where all my emotions went. Like if I had a fear or I was worried and I found myself in colonies chair weepy. She’s like, if I would talk, I would say I just feel like no, we don’t deal with that. We don’t deal with feelings. We deal with the facts. It’s a business. It’s a business. This isn’t a therapy office, even though you like to call it that. Oh, tell me what happened and don’t say the words I think or I feel. That’s her challenge. And so I would have to be like, buyer showed up at the property buyer thought that this was gonna happen. This is what happened. I’m not gonna say how I feel about it, you know, like she wanted the facts only. And while of course her job is to have my back, she has told me plenty of times things I have done wrong. Yeah, I get random emails from her. That’ll be like, I don’t like how you worded this on the purchase agreement. So how are you read my purchase agreements,
Katy 40:39
all of them?
Alissa 40:40
Like, I’m your top producer. And she’s reading my purchase agreement?
Katy 40:45
Yes. Well, as her top producer, you’re the one most possible to get into trouble because you have a higher frequency of transaction I
Alissa 40:52
did. I just have a really good track record.
Katy 40:54
While she’s checking on you and holding my kid. I like that.
Alissa 40:57
But it was a good reminder. Like, it doesn’t matter where you are. She is reading your purchase agreements. And she might even say, Hey, I read your purchase agreement. I don’t like how this sounds I think you need to do an addendum to protect your clients. occation that’s,
Katy 41:15
that’s high level supervision. Yeah, I don’t know how she does and holding you accountable. Well, she takes her job very seriously. And it’s her only job. Right. And she’s not busy recruiting. She’s just fostering better agents who
Alissa 41:30
were there. Yeah. And then they see us. For instance,
Katy 41:34
she didn’t have to recruit you, ReMax since you’re right over? Yeah. They were like Alyssa go on over to County’s office. Yeah, her reputation recruits 100%, the office reputation recruits. She doesn’t have to spend any time begging people, right out of the doors of the real estate test to come talk to her about how the moon and the stars are going to be there’s no, it’s very interesting. Okay, let’s talk about mentorship. A little, I think a lot of brokers. Look, I understand maybe they can’t all be there to mentor every moment of every agent in their office. But not having a mentorship program I struggle with this is a problem because I don’t feel like they facilitate it well, in the mix of agents in the office. Like, why are we only recruiting brand new agents, maybe we need to recruit some agents that know what they’re doing that would like to be mentors that maybe you’re at the point in their career where they don’t want to grow it anymore. But giving back is something that appeals to them, then you have a mix, and then you pair people up, or at least give them the opportunity to learn from each other. I feel like brokers lose out on a real opportunity because they don’t foster that from their new agents to be comfortable to ask the veteran agents, nor do they find the veteran agents that want to teach the class or want to help. You know, I love taking a new agent in my car to an appointment one for safety reasons, I now have another person with me. Yeah. And two, I like telling them okay, well, this is what we’re gonna do. Do you have questions? Like, it’s such a teacher, it’s great. But there are other people who feel like that. And that, and I think a good broker could like, foster that you don’t watch her mentorship. But
Alissa 43:29
I just think that it’s very easy to get like, and maybe the coffee dates ruined to me. I think that I used to have that. But I would get so disappointed by I would be more excited for them than they were and I would tell them like this is what I did. This is what I did. And it was like, I would get actually like it would
Katy 43:50
drain. Yeah, it’s hard to be invested in someone.
Alissa 43:54
Yes. And then they just don’t do it or they don’t have it or, and then I feel like they’re like, Well, my mentor wasn’t there for me. Okay. In all fairness brokers, if you’re feeling beat up on even though we think you’re doing a lot of great things, I did make a list of a few things where agents go wrong and how they think of their broker. Yeah. They the number one thing I see all the time, especially in our leadership program, when they’re struggling, they 100% believe the broker is responsible for their business. And if I was just at the right brokerage, my business would take off. No. It is so false. I do think your broker is important as a new agent so that you can use their numbers instead of your numbers and they can have resources and things to help you. But when it comes to your bank account, you are responsible for that. Yeah, only you no matter where you are. And on that same note if If someone offered to be a mentor to you for free, there is nothing that negative that you can say about them agree, even if they weren’t there for you as much as you thought they were going to be. It’s because they’re busy. And they have their own business. And so pick up the phone call them if you need something, they’re not going to hold your hand through ever being assigned a mentor doesn’t mean okay, I haven’t made I’m going to sit back and relax this three years of training, right? Oh, no, it’s like we are there. If you have a specific issue that you need help with, or Okay, so I just think that’s very important. Okay. The second thing is over asking without training yourself, and it kind of piggybacks on the Oh, like Google can answer this vibe, like the agent that went around the whole office and ask everyone the same question, right? That’s over asking, right, and you’re not have you? Nothing irks me more than when we just had an MLS class? And the brand new agent is like, can you sit down and teach me MLS? I’m sorry, did you have the class? No, I was working my other job yesterday. So I missed the class. Well, it’s not my job. To do this for you. It’s your job to decide what’s important. And where do you want to put your time? Are you attending, like all that effort, all that stuff we talked about in the episode about free things you should be doing? You should be doing those things. You shouldn’t ask until you have exhausted all resources, right? Once you have exhausted all resources, and you are struggling with something specific, that is the time to ask. It’s like the the picture of the bird actually picking it someone’s brain? Can I pick your brain for a minute, right? The bird has like picked it to death. It’s very morbid, but I relate. You’re like I can be
Katy 46:58
picked anymore. Okay, well, I think that if a broker had a better scheduling of check ins, yeah, with these new agents, like, you know, if you’re out in the, in corporate America, you have a job. Once a year, you have a yearly review, you show up to the review, you talk about maybe your numbers, or like what you’re doing or what projects you’re working on, or where you want your career to go? Or how do you like how they feel like your performance has been? Where are the struggles? It’s almost like an interview? Yeah, every year, right, right. Like, let’s see how this is going.
Alissa 47:30
Where are you a good fit? Do
Katy 47:32
you get a raise? Or do you not? Because this, we have to talk about this? Why don’t brokers say every year on your anniversary, even so we want to do them all at the same time. We’re going to we’re going to have a chat. And you’re going to we’re going to talk about how things are going and we’re going to discuss your business plan. And if you don’t know how to make a business plan, I’m going to show you like it they’re not. You have to check in Yeah, if you don’t check in and you don’t put your agents in that mindset of growth, they’re not going to grow. No, because some agents are afraid for all sorts of reasons. Maybe they’re just introverted, and it’s very uncomfortable for them to reach out to their mentor. But if you as the broker are like, Hey, I can’t tell you how many times I walked past Lola’s door, and she was like, saw you closed on whatever good job so night, or you’re gonna I know, you’re gonna sell that listing soon, like, yeah, they should be your cheerleader. And they should also be giving you ideas on how to make those goals happen, right? It just shouldn’t be. Good luck. Yeah, you’re an independent contractor. I think
Alissa 48:42
acknowledgement is a big thing, especially new and you have a small you’re a small accomplishment, whether it’s your first listing or whatever, the broker, you as the broker need to know that, yeah, that happened in their business, and congratulate them or I sold them or whatever the case may be. The last thing that I had were agents go wrong, is not respecting the brokers boundaries. Oh, it is seven o’clock in the evening. It can wait until tomorrow. Lenders are not open. title companies are not open. Don’t be the agent. Yeah. Every time your name appears on your broker cell phone, they’re like, oh, my gosh, here we go again. You know, it can wait. Yeah, it can wait.
Katy 49:29
And it’s asked don’t ask the same question over and over and over again. Why are you still doubting the answer, even to the broker over and over again? Like, why are we revisiting this same issue repeatedly?
Alissa 49:41
And my biggest thing with the coffee dates was like, Well, did you do that thing we talked about last time? No. Well, why do you want a new thing? Why do you want a new thing? You just want the magic answered and want to do that thing? There’s no magic hands.
Katy 49:56
I know. It’s funny. It’s the bottom line. No, no. Since being a broker as work being an agent as work there’s no magic way to build a business and not work correct but everyone wants to find or some people are seem to be looking for the easy way to make money build a business without actually doing the work. Yeah, we
Alissa 50:20
you have to work but you have to work but if you do the work,
Katy 50:22
it will work like you will grow and it will be more pleasant bit time. Yeah. And you know, I love all kinds of brokers small ones big ones wouldn’t like you but I do think everyone can improve I can improve as an agent they can improve as a broker everyone. Everyone stands to improve a little Are you ready? Oh, actually, before the toast I did want to read this email we got Okay. About brokers. Oh, this is from a listener said I do not feel valued by my current brokerage. I have been there for seven years and on the same commission plan the whole time. It took more than one week to get the broker to respond to my meeting request to discuss my plan. Seven years they were there. When they presented a new plan. It was still not competitive with other brokerages in the area. I asked them if I could if they could do better. That was over four weeks ago and I have not heard back yet. And then she said when I ran my current year numbers against the plan at other brokerages, I was leaving more than $20,000 on the table year to date with my current with other brokerages I would have kept at this point with my current there is no cap so I’d be leaving at least another $10,000 on the table for the rest of the year. My current brokerage has an admin staff that submits listing to us for the MLS. The staff made an error and did not send a doc to the MLS that was needed. The MLS fined me for the error, my broker and the staff were copied on the infraction and fined notification and not one person offered to cover the fine or even offered an apology for the mistake they had made by I was out $100 When I hear Alyssa talk about her broker on the pod and how supportive and thoughtful her broker is, I would find myself thinking sigh. I want a broker like that. Well as I started to look around and interview brokerages, I found a broker seems like that good. Lots of other reasons, too. But those are the biggies why she moved. That’s wonderful. But I thought that was a good story example.
Alissa 52:28
And that is one of many that we have read from what y’all have told us.
Katy 52:33
And other than you I don’t know if I could find an agent in the world who doesn’t have a bad broker story. Yeah, you are an anomaly. I mean, I have them everyone has them.
Alissa 52:44
I mean, I have had issues with brokers just not one I’m at.
Katy 52:52
It’s hilarious. Okay. Are you ready for a toast? Yeah. This toast is from Eric Stowe to Nancy RIA in Lewisville, Texas. And Eric says I love the podcast. My agent told me about hustle humbly and I’m on episode 35. I got my license earlier in the year and hope to become active very soon. You have so many great stories and amazing advice. I would like to toast my second second favorite realtor Nancy Rio with repeat Realty in Lewisville, Texas. She sold our home and helped us purchase our current home in the fall of 2021. So you know how crazy the market was. Our first buyer fell through after we had a contract and on our new home that was contingent on the sale of our previous home and Nancy had a backup buyer ready to go. Whoa, she’s good. There’s too much to list but we were probably her most difficult clients in her career so far. She’s my sister, so you know how it goes. She did an amazing job from beginning to end and I can’t imagine working with anyone else. It okay. Oh, it said I wasn’t supposed to say that. She was the second favorite realtor because it’s an inside joke. Oh, we’ll just remove that. Okay. Also, she would be a fun interview. She’s an amazing, amazing with marketing on a budget and runs her business much the same as we do. Okay, thank you too, so much. Oh, thanks, Eric. So cheers to Nancy. She sounds delightful. She does. She’s my first favorite agent. First favorite, and my second favorite. That’s right. Okay, so, brokers. You can do this. You can do the an agent’s Don’t be a bad agent be annoying, right? Don’t blame it all on your broker. It’s not their fault, right? Hopefully, it might be their fault. All right, moving on. Okay.
Alissa 54:44
Thank you so much for tuning in to the hustle humbly podcast.
Katy 54:47
If you enjoyed this episode, please go to rate this podcast.com/hustle humbly and leave us a review or drop a comment if you’re listening on Spotify.
Alissa 54:55
If you have an episode topic or someone you’d like to toast on the show, please email us at Team At hustle humbly podcast.com
Katy 55:02
Find us on social media at hustle humbly podcast don’t forget to find all of the free resources at hustle humbly podcast.com/resources See you next week this is the good day
Transcribed by https://otter.ai
