Our Five Core Beliefs
- 1. Our Five Core Beliefs and how it will change the firm and commercial real estate brokerage 5
- 2. We Studied the Best Places to Work...
- 4. We took the best practices of the best companies and built a GREAT commercial real estate brokerage firm.
- 5. We built a culture where employees and brokers LOVE the firm!
- 6. Surprised?
- 7. Reviews From Glassdoor..." (a website where employees anonymously rate their employer) “I love it here because it’s fun, challenging, and I’m building new skills.”! ! “The superstar brokers are good guys. They’re not arrogant like at the other firms.”! ! “I can’t imagine ever working for another brokerage firm.”!
- 8. Reviews From Glassdoor..." (a website where employees anonymously rate their employer) “From day one, I could tell the firm wanted to invest in me.”! ! “I’m making more money than I thought was possible. That’s awesome, but the best part about working here is that the firm does a lot of good things for the community.”! ! “My friends are totally jealous. I’m constantly introducing people to the hiring manager.”!
- 9. Here’s how we did it. We started with these...
- 11. 1. We had to change to grow. 2. We became obsessed with making CLIENTS happy. 3. We love what we do and don’t dread Mondays or say TGIF. 4. We invest heavily in training. Nothing provides a higher ROI. 5. We believe every employee should feel great about his or her financial situation.
- 12. 1We had to change to grow.
- 13. The world had changed, but our firm hadn’t changed with it.
- 14. We were stuck in the past. A time when...
- 15. • Brokerage firms were controlled by a small group of guys 55+ who wooed clients while playing golf, drinking at lunch, and partying in strip clubs. • Brokers didn’t talk to brokers outside their team. • Arrogance was a common broker character trait. • Brokers would do anything to win a client; including sabotaging another broker’s pursuit. • The average age of brokers rose while recruitment and retention of young, smart, talented candidates was becoming increasingly difficult.
- 16. In the NEW world...
- 17. TECHNOLOGY Destroyed the barrier between WORK & HOME
- 18. EMPLOYEES FOCUS on work when they want to and wherever they want to LIKE their colleagues BRAG about their employer FEEL proud of how their office looks PREFER working in an open space EXPECT their employer to focus on societal or mission-driven problems
- 19. “The balance of power has shifted from employers to employee, forcing business leaders to learn how to build an organization that engages employees as sensitive, passionate, creative contributors. We call this a shift from improving employee engagement to a focus on building an irresistible organization.” Deloi&e Review, Issue 16, 2015 “Becoming Irresis.ble. A new model for employee engagement”
- 20. BEFORE we initiated changes, we needed buy-in from the rainmakers. We explained...
- 21. • Our brokers were aging and losing touch with our younger clients and prospects. • Our out-of-touch culture reflected the industry. If we changed, we could lead the industry. • We needed to recruit a new class of brokers; smart, talented, diverse Millennials. • We could restore pride in our company. ... they agreed with us
- 22. 2 We became obsessed with making our CLIENTS happy.
- 24. Solve the client’s problem. The right real estate solution is no longer about just saving money and finding the best locations for the executives.
- 25. Solve the client’s problem. The right real estate solution helps clients grow their business, retain employees, and recruit talented candidates.
- 27. Working with" clients. We won’t work with a prospect unless we know they’ll be delighted with our service. We don’t compete on price. We are partners, not technicians. The relationship is more important than the deal. A happy client (whether or not the deal closes) leads to more business and referrals.
- 28. Working with clients. We openly discuss how we are compensated. We disclose any special incentives offered by landlords. We explain how high commissions help offset high risks (deals not closing) and costs of salaried employees supporting the transaction.
- 29. Working with clients. The broker becomes the face of the firm. Brokers refer to the firm as “we” or “us,” never “they” or “them.” Brokers take ownership of any problems. If something goes wrong, they apologize and fix it so it doesn’t happen again. Our goal is for our clients to love working with our brokers.
- 30. Working with clients. We MEASURE client satisfaction for all of our work. We do this before, during, and after the assignment.
- 31. 3 We love what we do and don’t dread Mondays or say TGIF.
- 32. When we interview candidates, we look for these character traits...
- 33. • Effective. Gets it done. Resourceful. Always looking to leverage their work. • Curious. Asks if there’s a better way. If there’s no answer, they pursue the answer. • Hungry for MORE. More knowledge. More skills. More clients. More deals. More money. • Honest. Never lies. Admits mistakes. • Humble. Does not brag about success. • Helpful. Loves helping colleagues.
- 34. work space OPEN we believe in an...
- 35. work space OPEN Our offices look and feel high tech There are NO private offices* (if Mark and Sheryl can work on the floor with their employees, so can our leaders) * Well, there’s one excep8on; a 62 year old broker. His 6 person team works on the floor and they tease him when he’s in his “cage.” They even painted bars on his window.
- 36. Our office space is very cool, but our employees decide where to work.
- 37. at the office. Work at the beach. at a coffee shop. at home.
- 38. It’s up to them. " We care about results. It’s pretty simple.
- 39. That’s also why we offer" UNLIMITED" vacation and sick days.
- 40. We all work really hard, but we love it.
- 41. We love the challenge of complex deals and pursuing clients.
- 42. We are proud of being industry leaders.
- 43. We are improving the reputation of brokerage.
- 44. And we have fun. We laugh a lot. And about once a week, we laugh so hard we cry.
- 45. Diversity is a high priority. We are embarrassed how much catching up we have to do. But we are determined to build diversity into our DNA.
- 46. We measure employee happiness. This is how we learn what needs to be improved. We also measure PAST employee happiness. We ask former employees to rate their experience at our firm.
- 47. 4 We invest heavily " in training. Nothing provides a higher ROI.
- 48. Training makes our employees more productive and happier. It’s also a great recruitment tool.
- 49. We agree with " Richard Branson...
- 50. “Train people well enough so they can leave. Treat them well enough so they don’t want to.” Sir Richard Branson
- 51. Some of our training... • Sales. Getting in front of prospects using social media. • Personal Branding. Build your brand and control how the world sees you. • Relationship Building. How to turn prospects into life-long clients and referral sources. • Advanced Real Estate Transactions • Building Authority Through Public Speaking
- 52. Types of training... • One-on-one coaching/mentoring • Moderated Private Facebook Group • Live Classes • Webinars • Video Courses • Periscope (live video broadcast) • Podcasts
- 53. Types of training... • Certification Programs (CORENET, BOMA, CCIM) • Accountability Meetings (Small groups of 4 to 6 people meet weekly to discuss business and personal goals and hold each other accountable)
- 54. Two-thirds of Millennials believe their employer should provide career development opportunities for them to stay.
- 55. 5 We believe every employee should feel good about his or her financial situation.
- 56. Compensation. ! Brokers choose how they are paid. There’s a sliding scale ranging from 100% commission to 100% salary.
- 57. Financial Education. ! We want to help our employees feel good about their personal finances."
- 58. Financial Education. ! We don’t want them worrying about having enough to retire, how to pay off their debts, or how to fund their kids’ college.
- 59. Financial Education. ! We offer free comprehensive classes and coaching on budgeting, paying off debt, and saving for retirement and college. "
- 60. Financial Education. ! When we help employees eliminate financial stress, they are much happier and their job performance soars. "
- 61. That’s it. Let’s recap...
- 62. 1. We had to change to grow. 2. We became obsessed with making CLIENTS happy. 3. We love what we do and don’t dread Mondays or say TGIF. 4. We invest heavily in training. Nothing provides a higher ROI. 5. We believe every employee should feel great about his or her financial situation. OUR 5 CORE BELIEFS!
- 63. Intrigued with what we’ve built? Want to learn more about us? Want to be part of our team?
- 64. Sorry. This firm doesn’t exist. I made it up. I wanted to share my thoughts about what is needed to improve brokerage. Please take these ideas and make them part of your firm.
- 65. Thanks for reading the slide deck. I’d love to hear from you. Send me your candid comments or give me a call (908.917.7926) richard.hopen@gmail.com Twitter: @rhopen Rich Hopen!