3 Insights from the Broker Retreat in Chicago

3 Insights from the Broker Retreat in Chicago

Last week RE/MAX held a retreat for broker/owners in Chicago.

I love attending meetings in Chicago. Two of our sons live in the windy city running their own start-ups (not related to real estate). It’s always great to visit them and write off the trip for business.

During the event I picked up some insights that will help you improve your business and give you a little competitive intelligence on RE/MAX.

Insight 1: Disruption Creates Fear

RE/MAX CEO Adam Contos talked about the disruption of the real estate industry.

We are constantly bombarded with new technologies, new brokerage models funded by Wall Street, iBuyers who purchase and sell properties without the help of agents.

This generates fear.

The key to overcoming these perceived threats is FOCUS. You need to get clarity and follow the vision you established for your business by creating systems. With systems you can deliver exceptional customer experiences with every single transaction.

A great customer experience trumps price anytime.

If you win listings because you discount commissions, you may not have any value to offer, but price.

Lesson Learned: Don’t get distracted by so-called disruptors. Focus on your goals and follow your systems to achieve them.

Insight 2: Advertising Goes Hi-Tech

I was really impressed by the presentation of RE/MAX’s Marketing Director.

RE/MAX has paid for TV advertising for years (sample below).

With fewer people watching network TV and more cutting the cord (cable) to stream Netflix and Prime, are TV ads still relevant?

They are, as new advertising channels have emerged.

When you stream, advertisers can target commercials to your individual account instead of showing a spot to everyone on the network.

Research found that viewers switch to Facebook during commercial breaks. So, advertisers run targeted ads on Facebook when you take a break from the TV screen.

Even billboards enable hi-tech, multi-channel advertising.

Advertisers track your cellphone while you are driving by a billboard. When you get home and open Facebook an ad appears, reminding you of the billboard you saw earlier.

Lesson Learned: It’s almost impossible for individual agents to pull off this type of advertising. Good to know that the company you work for takes care of it.

Insight 3: Be in Control of Technology

Earlier this year RE/MAX acquired a tech company called BOOJ (be original or jealous). They’ve been creating agent websites and CRM’s for more than 10 years.

Booj will develop a proprietary, state-of-the-art real estate marketing system for RE/MAX agents. It will roll out next year.

RE/MAX had good technology all along, but it was owned by someone else.

Here’s why this is a big deal: the new RE/MAX technology will be as sophisticated as top marketing platforms like Boomtown or Commissions Inc.

Some of you pay more than $1,500 for these systems per month. Wouldn’t it be nice to have these capabilities provided by your broker for NO extra fee?

Lesson Learned: Controlling the best technology is critical for a modern brokerage. BUT, it comes down to the agent to use it and improve the client experience.

I will share a more in-depth report with our agents during our Tuesday mastermind, as I always do after industry events. If you want to join us for a future mastermind, reply to this article.

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Mythbuster – 5 Things You Didn’t Know About RE/MAX

Mythbuster – 5 Things You Didn’t Know About RE/MAX

Remember Mythbusters, the super popular show that brought science into our living rooms by debunking common assumptions on how things work?

I remember how our kids were glued to the screen when the show came on, because most of their experiments involved blowing things up.

You probably heard all kinds of myths about RE/MAX and wonder if they are true. Today I am going to debunk some of the myths and let you in on the secret why RE/MAX agents are so successful.

Myth 1: RE/MAX is too Expensive

I can almost guarantee that the fees and commission splits you would pay at RE/MAX are less than at any other national brand.

We charge a fixed monthly fee so agents can keep most of their commissions. If you close a deal a month the fee is not a problem.

This money is put to good use, as RE/MAX invests in national advertising, world class technology, and top-notch training for our agents.

RE/MAX is not too expensive – it’s an investment with an exceptional ROI.

Myth 2: Who Needs a Brand Anyway?

The RE/MAX balloon is an iconic brand – the most recognized name in real estate anywhere in the world.

​Every business needs a brand and so does every Realtor. Personal branding is one of the favorite topics of social media experts.

Imagine how easy it would be to boost your personal brand if you have the #1 real estate brand behind you?

Adding the RE/MAX balloon to your business gives you instant credibility. Consumers associate RE/MAX with high quality of service.

Since we opened RE/MAX 24/7 we had countless success stories due to the RE/MAX brand. Here are a few …

  • A new agent earned $8,000 in commissions in his first month because a buyer wanted to hire a RE/MAX agent.
  • One of Susanne’s clients told her last week that he will only hire RE/MAX agents, because the other national brands have too many part timers.
  • An agent who left RE/MAX at the beginning of the year told me that his production is down by 6 deals because clients don’t recognize the name of his new brokerage.

Myth 3: There’s No Training

This one’s easy to bust: long before the Internet RE/MAX had its very own satellite network to broadcast training to brokerages. It evolved into RE/MAX University.

At our office we focus on comprehensive agent development. This means we look at your business, have a one-on-one consultation and figure out exactly what prevents you from reaching your goals. Then we coach you to take action and hold you accountable.

Every Tuesday RE/MAX 24/7 offers agent masterminds where we jointly develop solutions to everyone’s business challenges.

The classroom training most brokers offer is basically entertainment that makes agents feel good.

At RE/MAX 24/7 we focus on implementation. If you don’t take action nothing’s going to happen.

Myth 4: RE/MAX is only for Top Producers

Did your broker tell you that you are not good enough for RE/MAX?

We stress quality over quantity. RE/MAX 24/7 is not a body-shop brokerage. We don’t take everyone. We are not right for every licensed agent.

However, we are a good fit for you if you are an entrepreneur, if you want to grow your business, if you close $2 million a year or more, and if you consider real estate your full-time career.

At RE/MAX 24/7 you are working with motivated, professional Realtors, not part timers and inexperienced hobby agents who bug you with basic questions every day.

Remember, you are the average of the 10 people you spend the most time with (Jim Rohn).

Myth 5: Every RE/MAX Office is the Same

RE/MAX offices are independently owned and operated. There’s a difference in how owners run their brokerages.

RE/MAX gives each franchise office complete freedom to run their business as they see fit.

We don’t tell agents how to run their business either, but we are here to support them 24/7 when they need help.