On this 245th episode of my Monday Morning Pep Talk, I will take you through the thoughts, ideas, questions asked, concepts and process improvements that have "risen to the surface" for me as we have been preparing to lead our broker/advisors through change. It is my belief that we should all look at this time within our industry as a perfect opportunity to hit the reset button or, as I like to say, “clear the calculator.”
Before I jump into today's call, I want to remind you of my professional purpose and that is to help you, the broker/advisor, optimize your productivity and help you become the best version of yourself. Why? "Because Happy Brokers Sell More Real Estate". I do that by teaching you how to handle the challenges and opportunities that you face every day. If you can effectively manage those certain situations that arise on a daily basis in your business, you'll be more productive and live a life that is the best version of you. My ask is that you listen as if you are in a one-on-one coaching session with me in my office or on a phone call. If you'd like a transcript and full recording of today's MMPT, send me an email at [email protected] and I will add you to my private email list.
It's occurred to me recently that this moment in time within our industry is the perfect time for the true professionals, the full-service broker/advisors and entrepreneur/business owners, to completely hit the reset button on their businesses and change the way they think about certain topics. Over the course of the last week, I have been jotting down some notes and thoughts on what this change really means and the opportunities that exist. Bear with me as go through them in no particular order.
- You must realize that the industry just put all of the opportunity in the marketplace back in a pot to be redivided. A complete reset. There will be winners and losers and my guess is that if you took the time to read or listen to this call, you'll be a winner.
- Words Matter: I am using the word "broker" or "agent" for the last time in this MMPT. I will be moving to the word "advisor" to explain a shift in mindset around our titles. At Sotheby’s International Realty, we are Global Real Estate Advisors. I plan to move from using titles like "broker" and "agent" to a better-defined title that more accurately describes our role: Advisor. A broker is simply defined as a person who buys and sells goods or assets for others (sounds transactional). An Advisor is defined as a professional with deeper knowledge in a specific area and usually also includes person that has cross-functional and multidisciplinary expertise. An adviser's role is that of a mentor or guide and differs categorically from that of a task-specific broker, agent or consultant. Kudos to Premier Sotheby's International Realty for leading on this topic. When you look at that definition, it is clear the difference and one of those defined "job descriptions" is worth more in the marketplace. Get used to me saying "Happy Advisors Sell More Real Estate.” It's time for a complete reset.
- It’s time to change how you think about your performance. A switch to GCI (gross commission income) by you from production is necessary for you to stay focused on your true performance. Moving forward, on production reports, rankings and leaderboards, "production" will have an asterisk by it. Jameson Sotheby's International Realty will begin moving towards emphasizing GCI in 2025 for the rewards season of 2026. I'm sure other brokerages will follow. Yes, it's time for a complete reset.
- If I was still an active ADVISOR, I would immediately start tracking the following fields to track my production: Total Production and Total Gross GCI, giving me an AVG "fee percentage" per side. You can also track your net GCI after splits, fees and expenses. All super important measures to track. If you want to really get detailed, track the hours you put into the transaction and give yourself a profitable per hour (PPH) work measurement. This one set of numbers will help you make solid decisions around if you are a "Full Fee Agent" or not. The goal here is not to be a fool but to be the favorite. It's time for a complete reset.
- There are some of you listening to this call that are "Over Motivated Under Achievers.” Ouch! Yes, there is a group of advisors that love to study, take all of the courses, read all of the book recommendations, listen to all my MMPTs to self-medicate but they fail to consistently translate that into focused, intentional effort. If that's you, it's time for a complete reset.
- The collaborative advisors in your market and those that still refer to themselves as brokers and agents will take on a different role. Clear cooperation is “on the table” to be changed. Those advisors/brokers/agents you collaborate with in your market will become your "internal clients," a term used in corporate America as those internally whom you support or they support you. There has never been a better time to do some soul searching and auditing around how you look at you "reputation" and your "influence" in the marketplace. If I was still an active "advisor," I would be adding steps to my standard operating procedures to improve my communication with collaborative brokers in the market, those in active transactions and my referral partners within the brand and locally. It's time for a complete reset.
- Your administrative skills must improve. The documents required to operate in this new environment will be non-negotiable. Expect risk management and enforcement efforts to be in full swing from your local brokerage and the industry boards and governing bodies. The lawsuit settlements are only good on transactions prior to August 17th. There are immense levels of exposure for brokerages and those advisors/brokers/agents that make up their rosters. If you are administratively "sloppy," it’s time to clean it up, pronto. It is time for a complete reset.
Team, it is time to raise your standards if you want to compete at a high level. You'll hear me use the word "standards" a lot more as I move forward with my content. Raising your standards is actionable and I've come to learn that entrepreneurs immediately skip to action and avoid fluff. Using phrases like "it's time for a complete reset" is also actionable. What I talked about today is real. I came at you hard today, but these are times when a leader, coach, mentor has to call it like it is:
"It's time to clear the calculator.”
