How to run a profitable brokerage

by Neil Sharma20 Jul 2018

Considering running your own brokerage? Take heed of the following.

Ron Sally is the 25-year-old broker of record and owner of REMAX Millennium Real Estate, and he shares what it takes to successfully manage a brokerage’s many moving parts.

“Time management in the sense that so much is happening in all points of time,” he told REP. “There’s dealing with agents, clients and staff. To coordinate all that time, I have to wake up at 4:30 in the morning every day. A lot of energy drinks too, but I’m young and I can handle it.”

Indeed, Sally is one of the world’s youngest REMAX brokerage operators, but to hear him speak about his operational management, one would think he’s a grizzled veteran. Sally understands the importance of building an organization with the right components, namely the talent.

“Finding and training qualified agents who represent themselves well is another challenge,” he said. “That’s a challenge because not a lot of agents can cope with the market. Not a lot of agents are motivated. I have to stay motivated myself because if my agents see me having a dull day, that reflects on them, so I have to be happy and smiling all the time, and give them assurances that things are good. I often sit with them one-on-one and help them through.”

Like any business, costs must be reined in to run a profitable brokerage. Sally warns not to go over budget, ever.

Lastly, don’t take your eye off the prize.

“The hustle never stops. Sleep is optional. Every single day you have to go two times as fast and hard and have to be a game changer, and remain aware of that always. You have to be in tune with the market. The hardest part of being a Young Gun is staying motivated 100% of time and knowing things will work out.

“No matter what you do, you’re representing yourself in the best way possible, and representing your clients and agents in best way possible.”

 

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