5 things a broker needs to do to future-proof their office

Depending on the size or resources of any particular real estate business, the broker might assume many roles: coach, cheerleader, office manager, (or nanny). Regardless of the size, one thing that the broker must take responsibility for is the development of a medium to long-term vision for the future of the business and it is obvious that technology will become a more, not less dominant factor.

1.) Be an expert

Yes – an expert. But of what, exactly? Essentially, this requires you to stay current in your field and interact with other professionals who might share similar challenges. The fastest way to do this is to streamline the way you read and follow news and opinion. I, for example, use Google Reader to keep track of what is going on in the mortgage market, social media world, local market news, national association news, real estate blogs, etc. (Here is a really good tutorial for the uninitiated…)

2.) Position your business

There are many different ways one could use social networking for their brokerage. You can use it to, well, network with fellow experts. You can use it to broadcast listings, blog entries, agent profiles, or video tours (“social media”). You can use it to gather information or take polls or solve large and complex problems (“social computing”).

Real estate professionals are most likely to adopt the first two (social networking and social media). There is a difference here.

Determine how you want to run your show. Are you going to dictate what you want, hire a consultant, brainstorm with your energetic and technically-savvy young agents? I’d steer away from the “dictatorial” model, but how you determine what you want to achieve is based on what resources you already have.

3.) Provide the tools

Often, brokers will realize that some people just get “it” and others don’t. Those who understand how to use these new tools and are more likely to easily adapt to new technology are most likely to be young.

According to the Pew Internet and American Life Project, 75% of adults age 18–24 and 57% age 25–34 have a profile on a social network site. 80% say that using social media improves their ability to do their job, and 73% indicate that it improves their ability to collaborate with coworkers.

While more and more baby-boomers are learning, some have fallen through the cracks. Some veteran agents – those with invaluable experience are uncomfortable even using email. Setup hands-on time with somebody to show these agents how to respond to leads electronically. Stress how different these leads tend to be (they require immediate response, given the nature of today’s customer). Baby steps might be required, but your goal is to get everybody on the same page and then leverage your small army of social media mavens to pursue their given task.

4.) Crack the whip

This can be hard for some, but it is necessary. I have learned a lot about real estate agents, but the most obvious quality that I see is a spirit of independence. This is good (to a degree).

One guy twittering away all day isn’t going to get the job done. You need to have a broader plan which leverages all of your human resources. Make your strategies a part of your meetings and assign certain people to engage with different platforms.

5.) Adapt and repeat

Like many parts of our economy, technology has transformed the way we do business. This is a trend that will definitely continue. Being adaptive requires courage. Successfully adapting requires courage plus experience. Now, go back to #1 and keep being an expert. Let your knowledge inform your long-term goals.