{The NAR Power Broker Roundtable} Straight Talk With 2017 NAR President-Elect Elizabeth Mendenhall MODERATOR:
advocate for property ownership.
Robert Bailey
RB: Where do the greatest growth opportunities lie for brokers?
Broker/Owner, Bailey Properties, Santa Cruz, Calif.; Liaison for Large Residential Firms Relations, NAR PANELIST:
Elizabeth Mendenhall 2017 NAR President-Elect; CEO, RE/MAX Boone Realty The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Robert Bailey, NAR’s Liaison for Large Residential Firms Relations. Watch for this column each month, where we address broker issues, concerns and milestones.
Robert Bailey: A 20-year, sixth-gener-
ation REALTOR® from Columbia, Mo., the National Association of REALTORS® 2017 President-Elect Elizabeth Mendenhall will be bringing a fresh perspective and important agenda to her tenure at the helm of the membership in 2018. She was kind enough to join me this month to share some thoughts on what lies ahead for the broker community next year. Elizabeth, congratulations! What are some of the biggest challenges facing brokers right now?
Elizabeth Mendenhall: Thank you,
Robert! I’m very honored and excited to take on this important role. As far as broker challenges, I think market conditions top the list right now. We hope that our brokers can be more involved in taking a stake in their communities in order to be leaders in their own market issues. When they’re involved, they can help mobilize programs and development. Brokers are also trying to tackle recruiting and profitability. While NAR doesn’t advocate one business model over another, we do advocate that REALTORS®are essential to consumers in the transaction, and we
16 November 2017 RISMedia’s REAL ESTATE
EM: Technology and partnering. The
fastest way to profitability is to use what you already have. There can be big cost savings in scaling. If NAR can help facilitate that, or if your state or local association can help facilitate that by providing brokers with tools to help them with their business, that’s an advantage.
RB: What should brokers focus on in terms of recruiting and retaining agents?
EM: Just like with consumers, agents are exposed to a lot of information, and as a broker, you have to distinguish what makes you and your office stand out. What’s your culture? Your specific model? Brokers have to know what makes them different. I teach a class called “Broker on a Budget,” and sometimes it’s just a really cool, inexpensive thing that can make your firm different or improve the overall office culture. You have to look at all those little ways that touch an agent and that build connections.
RB: How can brokers evolve their firms to best serve their agents and consumers? EM: Stay involved in their association. And I think they need to constantly make sure their firm reflects the market. Are we diverse enough? Do we have enough younger agents? Enough experienced agents? Do we have teams? If we want to continue to evolve, brokers also have to spend time on themselves in terms of education and training, and then they need to involve their team and their staff members.
RB: What trends should brokers pay close attention to?
EM: For starters, the fact that we’re closer and closer to an electronic transaction...brokers need to start preparing themselves now. Brokers also need to be aware of security
“While NAR doesn’t advocate one business model over another, we do advocate that REALTORS® are essential to consumers in the transaction, and we advocate for property ownership.” – Elizabeth Mendenhall 2017 NAR President-Elect; CEO, RE/MAX Boone Realty breaches and cyber attacks. You need to know how to protect your data. You also have to pay attention to changing consumer demographics. All of this is overwhelming, but this is where NAR plays a role as a valuable resource.
RB: How can brokers best lead in today’s challenging environment? EM: When we hired Bob Goldberg as CEO, we learned that people follow people—they don’t follow organizations. People are looking to their leader and wondering, what are their passions? Are they fun? Are they approachable? They also want to know that their broker is available or that they’ve built a team to handle that type of connectivity with their agents. Brokers have to understand that their clients are their agents, so are they coaching and leading? The best leaders are those who know they’re watched, but also don’t care that they’re being watched, because they’re going to do what’s right, no matter what. They’re not afraid to make changes, and they’re not afraid to let people see them fail. They’re going to own it, no matter what. RE 8For an expanded version of this article and other NAR Power Broker Roundtable topics, please visit www.rismedia.com.