Jack Turner, co-owner of New Horizon Real Estate, has built a thriving brokerage with 26 agents and a whopping 475 transactions, equating to $93 million in volume in just one year. His advice to those starting a brokerage is to keep it simple and clean, focusing on creating a culture of success within the office to attract potential recruits.
One of Turner's key strategies is to seek out new agents who lack bad habits or have insufficient training. He focuses on teaching agents how to negotiate, convert leads, work with buyers, and solve problems. To achieve this, New Horizon Real Estate uses videos and individual training sessions to educate new agents. They also teach agents not to practice law and to stick to the standardized contract.
When it comes to marketing, Turner advises new agents to choose one to three strategies and focus on those. He emphasizes playing to the agent's strengths and personality to tailor their marketing approach. Additionally, the company provides company-generated leads to all agents who receive training on how to convert them.
To generate leads, New Horizon Real Estate utilizes realtor.com, Zillow, and referral-based lead sources. The company splits the leads with their agents, with agents getting a higher split if they generate the lead. Speed to lead is emphasized as a critical factor in lead conversion, and the first agent to claim a lead gets it. The company monitors the agents' performance and provides more training to those who need it.
Trust, family-like culture and a drama-free environment are crucial in building a successful real estate business, according to Turner. The company aims to hire agents who they can trust and rely on and cut ties with those who bring drama or conflict to the office. Building camaraderie and doing non-real estate activities together as a team is also important to build a strong sense of togetherness and resolve conflicts easily. Turner emphasizes that the relationship with agents is more important than the relationship with clients, as they are the foundation of the business.
New Horizon Real Estate also seeks to capitalize on the relationships built with clients by offering additional services such as a preferred vendor list for home repairs and getting involved in the mortgage industry. The company emphasizes the importance of keeping things legal and ethical by consulting with a lawyer.
In conclusion, building a successful real estate business requires consistent action over time. Turner's advice is to keep it simple and clean, focus on creating a culture of success, and hire trustworthy agents who are willing to work hard and learn. By offering additional services and building strong relationships with clients and agents alike, a real estate brokerage can thrive in any market condition.
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