Not only is spinning great exercise (and an incredible calorie burn), it’s also a perfect example of the benefits of being part of a group with the same goals versus trying to achieve those goals without the comradery of the group.
As I was pedaling away on the bike the other day, I realized that the CRE industry is undergoing a change that parallels this same analogy of exercising in a group versus on your own. There is a trend amongst brokers to:
- Be affiliated with a brokerage firm, but not actually have a specific place to work at the office;
- Work from a home office as a “satellite” broker to a brokerage firm; or
- Just work independently and not be affiliated with a brokerage firm.
Personally I don’t believe that brokers maximize their productivity and therefore best serve their clients by following any of these models. Here are the reasons why:
- Comradery is Motivating: The picture affiliated with this blog is from the spinning class I attend. Being surrounded by 30 other people that are pushing themselves clearly motivates me to exercise harder. I think the same is true for a brokerage firm. There is great energy and competitive spirit gained by being surrounded by other individuals that are trying to achieve their goals.
- Leadership Matters: The instructor at the front of the spinning room provides motivation, guidance, and inspiration. A good brokerage firm manager and/or owner helps their brokers achieve more than they otherwise would if left without leadership. That is my goal in running Progressive Real Estate Partners. I want our team to grow together and leverage our collective resources so that 1 + 1 = 4.
- Accountability Matters: Brokers who work independently, or who don’t have an office with management, brokers and support staff that care about seeing them in person, are not very accountable. This is why having a designated office with “teammates” matters to brokerage success.
- Atmosphere Pushes Brokers Harder To Succeed: Try to give your best exercise effort in a quiet room. It is virtually impossible. But, when you crank up the music and feel the beat, you can do more than you thought. A brokerage office with a good atmosphere, the right tools, and the right people makes a HUGE difference to a broker’s success.
- Metrics: Calories burned, heart rate and distance are all metrics that help a cycler measure their efforts. Phone calls, proposals, listings, showings, completed transactions and revenue are all metrics that matter to a broker in determining their success. Without someone helping a broker be accountable to these metrics, the broker just flounders.
At Progressive Real Estate Partners, we are very cognizant of the importance of having a brokerage office that provides comradery, leadership, accountability, a great atmosphere, and a focus on metrics so that our team is constantly working on being the best they can be so they can provide the best possible customer service to their clients.
And, if you’ve still got doubts, I invite you to join me at one of my Spin classes and you can experience firsthand how much better you perform in a team setting . . . plus we’ll have some fun. Game on!