Annual GBREB Scholarship Event






For additional information, please visit the Foundation page, here
Annual GBREB Scholarship
GBREB
Lapatin on the Law is a monthly legal update for RHA Members

Click Here for Lapatin on the Law
Lapatin on the Law - February 2019
GBREB

How to Create Value

A review of recent relevant large scale deals with lease-up and sale components

Wednesday, April 24, 2019

Registration: 7:30 AM

Program: 8:00 AM - 9:30 AM

Putnam Lobby Auditorium | 100 Federal Street | Boston

Moderator:

Robert Griffin, Co-Head of US Capital Markets, Newmark Knight Frank

Panelists:
Jack Connelly, Head of Acquisitions, UBS Asset Management
Jessica Hughes, Managing Director, Tishman Speyer
Charles Leatherbee, Executive Vice President, Skanska

Click Here for registration

Questions? Contact Josh Cooke, Assistant Director of Events & Marketing at JCooke@gbreb.com

CBA Real Deal - How to Create Value
GBREB

How to Create Value

A review of recent relevant large scale deals with lease-up and sale components

Wednesday, April 24, 2019

Registration: 7:30 AM

Program: 8:00 AM - 9:30 AM

Putnam Lobby Auditorium | 100 Federal Street | Boston

Moderator:

Robert Griffin, Co-Head of US Capital Markets, Newmark Knight Frank

Panelists:
Jack Connelly, Head of Acquisitions, UBS Asset Management
Jessica Hughes, Managing Director, Tishman Speyer
Charles Leatherbee, Executive Vice President, Skanska

Click Here for registration

Questions? Contact Josh Cooke, Assistant Director of Events & Marketing at JCooke@gbreb.com

CBA Real Deal How to Create Value
GBREB

Lauren Paton, CPM, CAPS
Regional Director
Brookfield Properties
2019 RHA President
  

Happy New Year! I hope you all had a safe and enjoyable holiday season. I am so excited to be the 2019 President of the Rental Housing Association and look forward to seeing each and every one of you throughout the year.
  
First and foremost, I want to thank 2018 RHA President, Kate Franco, for her outstanding year of leadership as RHA celebrated its 65th anniversary! On top of helping us hit many milestones at our programs and events, Kate also played an integral role in RHA's strategic planning process, which you will be learning more about this year!
  
One of the biggest changes in 2019 is the enhanced Membership structure for Industry Members. In the past, Industry Members paid principal dues, a fee for each unit they owned/managed, plus additional dues for each individual employee that wanted to be a member of RHA. In order to become a more robust and inclusive association, we restructured the dues model. Now, Industry Member dues will be on a company-wide basis - principal dues and unit fees will cover Membership for the entire company! Simply complete the company roster here and include with your dues payment to start receiving benefits for your whole team.
  
I hope you'll take advantage of this opportunity to get your colleagues involved in our association. Active Member's may further participate by signing up for one of our many committees. Please check out the committee sign-up form here for more information on current offerings.
  
Finally, we have some great upcoming programs and events that we hope you can attend:
  
2/26: Bruins Outing vs. San Jose Sharks
  
NAAEI Credential Programs:
2/4 - 2/6: National Apartment Leasing Professional Credential 
2/26 - 3/1: Certified Apartment Portfolio Supervisor Credential
4/3 - 4/12: Certified Apartment Manager Credential (Registration Coming Soon)
4/16 - 4/19: Certificate for Apartment Maintenance Technicians
  
Save the Date for the RHA Expo which will be held on Wednesday, October 2nd at the Hynes Convention Center! Reserve your Booth now! 
  
If you have any suggestions on how we can help strengthen RHA, please do not hesitate to contact Adrienne Maley at amaley@gbreb.com. 
  
Sincerely, 
  
Lauren Paton, CPM, CAPS
2019 RHA President
 
RHA President's Message - January 2019
GBREB

To renew your membership with REFA, please see below. The final deadline for renewals is March 31, 2019. 

Renew the Following Ways:

Pay Online
If you are an individual member with REFA, you pay pay online by credit card by clicking here. Having trouble logging in? Email  Courtney for your user credentials.

Pay by Fax or Email
Return a copy of your dues invoice with payment information to 617-588-0286 (or secure efax line) or scan and email to cmchugh@gbreb.com.

Pay by Mail
Return a copy of your invoice and payment information (credit cards or checks payable to REFA) to:
REFA Membership, Three Center Plaza, Mezzanine Suite, Boston, MA 02108.

*Please note the deadline for renewals is past due as of January 31st, 2019. The final deadline for renewals is March 31st, 2019. 


 

REFA Membership Renewal Deadline - March 31st
GBREB

Click the button below to read the RHA NextGen Member Newsletter - 2019 Kick Off

Click for Newsletter

NextGen Member Newsletter 2019 Kick Off
GBREB

Attention CBA Members: Help support your colleagues by voting for the Special Recognition Awards! Voting closes on Friday, February 8th at 5 p.m.

  

Rising Star
Collaborating Professional of the Year
Landlord of the Year
McCall Leadership Award

  

In order for your vote to count, your 2019 Membership dues must be paid. To check the status of you Membership, please contact Dominic Carter at 617-399-7874 or Kayla Burmeister at 617-399-7863.

  

Award winners will be announced at the CBA Achievement Awards on March 21st.

 

Click Here to Vote!

Voting for Special Recognition Awards Now Open
GBREB

Click the button below to read the RHA NextGen Member Newsletter - March 2019

Stories include:
-2019 NALP Course Recap
-NextGen Member Spotlight: Ryan Monaghan - Area Manager, Beacon Communities
-NAA Industry Report: Why 2019 is the Year of Sales in Multifamily
-Featured New Community: The Kendrick

Click for Newsletter

NextGen Member Newsletter - March 2019
GBREB
GBREB NEWS

Cancelling Scheduled Elevator Inspections & Acceptance Test Re-Inspection Fees

 The Commonwealth of Massachusetts Division of Professional Licensure Office of Public Safety and Inspections has recently issued an advisory regarding a change to the Massachusetts Elevator Regulations, 524 CMR 1.10 (4) regarding canceling scheduled inspections and change to OPSI Policy regarding fees for acceptance test re-inspections.
 
Effective June 1, 2018 all types of inspections canceled by the owner or contractor within ten days of the scheduled inspection will result in forfeiture of all fees and a requirement to refile for said inspection.   Owners or contractors cancelling inspections within ten days of the scheduled date are required to re-submit application and payment in order to have the elevator re-scheduled.
 
Due to the large number of elevators requiring re-inspections for acceptance tests the department will charge a $400 fee for all acceptance test re-inspections. Effective May 1, 2019 a $400 fee will be required for each re-inspection needed to pass an acceptance test.  Prior to May 1, 2019 the department did not charge for the 1st re-inspection.

Owners and contractors are advised to pre-inspect elevators prior to submitting a request for inspection, so that a re-inspection is not necessary.

Elevator Re-Inspection Fees
GBREB
BOMA UPDATE BANNER

Find out what BOMA Boston is offering this spring! 

ENews Features include:
Sustainability Roundtable
Springfest 2019
Fishing Tournament XV
Save the Date for Upcoming Summer Events 
Member Spotlight: Elisabeth Jackson
2019 Education - BOMI and more
Welcome, New Members
Regional TOBY Winners

Read the April 2019 ENews!

April 2019 ENews
GBREB

The Commercial Brokers Association (CBA) announced the winners of the 2018 CBA Achievement Awards at its annual awards dinner on March 21 at the InterContinental Boston.  The awards recognize the Greater Boston area’s most significant real estate deals of 2018 and honor local industry professionals who have distinguished themselves among their peers.

At the awards dinner, Newmark Knight Frank’s Managing Director, Debra Gould was presented with CBA’s top honor, the McCall Leadership Award, formerly the Broker of the Year Award.  Carolyn Wheatley a senior associate at CBRE, Inc. was honored with the Rising Star Award.   

Deal of the Year Awards were presented for Office (Boston, Greater Cambridge and Suburban), Retail, Industrial, Life Science and Most Creative deals, as well as the Investment Sale of the Year. New this year was a Mutlifamily Deal of the Year Award.  Special Recognition Awards were presented for the Landlord, Rising Star, and Collaborating Professional of the Year.



Please see the Boston Business Journal Awards Supplement for all awards finalists and winners.

CBA Achievement Awards Winners
GBREB
GBREB NEWS

Monday 3/18 & Tuesday 3/19 Public Hearing On Wetlands By-Law and Real Estate Sales Tax

The Boston City Council will be holding two public hearings next week of interest to the real estate industry.    Both hearings will be held at Boston City Hall in the Iannella Chamber, 1 City Hall Square 5th Floor.  Members of the public are welcome to attend.

WHAT:  Wetlands ByLaw
DATE:  Monday, March 18th
TIME:  11:30
Docket #0250 - An ordinance protecting local wetlands and promoting climate change adaptation in the City of Boston.
SPONSORS:  Councilors Wu, O'Malley, Flaherty, Edwards, Essaibi-George, Flynn, Janey, McCarthy, Zakim and Campbell

WHAT: Real Estate Transfer Tax
DATE:  Tuesday, March 19th
TIME:  2:00 p.m.
Docket #0187 - A hearing regarding a petition for a special law re: An Act Authorizing the City of Boston to Establish an Investor and Commercial Properties Transfer Fee.
SPONSORS:  Edwards, Janey, Wu, Ciommo, Essaibi-George, Flynn, Garrison, O’Malley, Zakim and Campbell

Boston Wetlands, Real Estate Sales Tax Hearing
GBREB
BOMA UPDATE BANNER

Find out what BOMA Boston is offering this spring! 

ENews Features include:
BOMA MAC TOBY Winners!
BOMA Benefit
Save the Date for Upcoming Events 
Winter 2019 Education - BOMI and more
BOMA Membership Renewals
New Members
BOMA International Events

Read the March 2019 ENews

March 2019 ENews
GBREB
GBREB NEWS

The Greater Boston Real Estate Board Scholarship has been established to provide scholarships ranging from $500 to $5,000 to graduating high school seniors who reside in Boston or the Greater Boston area.

This scholarship will be guaranteed for two years.  Applicants will be evaluated on the following criteria:

  • Demonstrated Academic Achievement
  • Leadership Experience and Extra-Curricular Involvement
  • Demonstrated Financial Need
  • Short Answer Response and Essay Response

In order to apply for this scholarship you MUST:

  • Be a class of 2019 graduating high school senior
  • Reside in Boston or the Greater Boston area (click here again to check to you live in this region) or see the list below:

Acton, Arlington, Ashland, Avon, Bedford, Bellingham, Belmont, Boxboro, Brookline, Burlington, Cambridge, Canton, Chelsea, Concord, Dedham, Dover, Everett, Foxboro, Framingham, Franklin, Holliston, Hopkinton, Hudson, Lexington, Lincoln, Malden, Mansfield, Maynard, Medfield, Medford, Medway, Melrose, Millis, Milton, Natick, Needham, Newton, Norfolk, Norwood, North Reading, Randolph, Reading, Revere, Sharon, Sherborn, Somerville, Stoneham, Stoughton, Stow, Sudbury, Wakefield, Walpole, Waltham, Watertown, Wayland, Wellesley, Weston, Westwood, Wilmington, Winchester, Winthrop, Woburn, and Wrentham. 

  • Submit a 2019-2020 FAFSA
  • Be a U.S. citizen or permanent resident

The deadline to apply is April 1st.

 

 

GBREB Foundation Scholarship Deadline April 1
GBREB
BOMA UPDATE BANNER

Find out what BOMA Boston is offering this winter! 

ENews Features include:
February Networking Night
BOMA Benefit
Save the Date for Upcoming Events 
Winter 2019 Education - BOMI and more
BOMA Membership Renewals
New Members
BOMA International Events

Read the February 2019 ENews

February 2019 ENews
GBREB
GBREB NEWS

Elevator Inspections:  Overtime Update

  The Office of Public Safety and Inspections has announced that overtime for elevator inspections are are available again.

You may now request overtime for Annual, Placard Removal, New Construction, Modernization, Repair, Alteration, and Fire Service Inspections.

The application and overtime payment must be submitted through the IPS Portal prior to the request being made. Requests for overtime inspections should be sent to elevator.overtime@mass.gov with a copy to elevator.scheduler@mass.gov. Please make your requests at least two days prior to your desired date. Include the type of overtime inspection, and the requested date and time in your e-mail. You must attach a Pre-Inspection Checklist if you are scheduling a New Installation or Modernization.

All types of inspections are still available on regular time. If you wish to request an inspection on regular time please follow the procedure currently in place by sending your request to elevator.scheduler@mass.gov. Specify in your request that you wish to have the inspection done on regular time.

Please note that the procedure for scheduling regular Overtime Fire Service at night has not changed. You must submit your payment for, and schedule Fire Service Overtime at the same time that you pay for your Annual Inspection. The Fire Service Inspection must be completed prior to the Annual. If the OTFS is not performed prior to the Annual, the unit will be written up, and the Fire Service will be tested during the day at the 90 Day Re-Inspection. Regular Overtime Fire Service must be scheduled by phone call to our office, not through e-mail.



Elevator Inspection Overtime Update
GBREB

Massachusetts recently adopted a new law taxing and regulating the short-term rental market. The following information should help REALTORS® navigate the short-term rental market under these new laws and regulations. The law, H3454, An Act Regulating and Insuring Short-Term Rentals, governs short-term rentals in Massachusetts. These are defined to include occupancy for a period of not more than 31 consecutive calendar days of accommodations normally used for sleeping and living purposes, including without limitation an apartment, house, cottage, condominium unit or furnished accommodation other than a hotel, motel, lodging house or bed-and-breakfast establishment (all of which are already subject to regulation). Traditional tenancies at will are not covered, nor is the law meant to legitimize short-terms rentals by tenants in violation of their leases.

Short Term Rentals Member Advisory
GBAR

Artilce Courtesy of: Inman News
By: Berince Ross

Trying to dodge the flames? Keep these strategies in your pocket

Have you ever encountered a “dragon” in one of your deals? They come in many different varieties — the persnickety business manager or CPA, the testy attorney, the nit-picking inspector, the appraiser who doesn’t know the area, the helicopter parent or the “white knight” agent who insists on making decisions for their client.

If you find yourself facing a dragon, here’s how to tame it and keep from getting burned.

1. The persnickety business manager or CPA

For those agents who work the luxury market, one of the most disheartening things their multi-million dollar client can say is: “Here’s my business manager’s phone number — he’ll be writing an offer for us on this house.”

Taming strategies:
If you’re dealing with a CPA or business manager, just know these people love the numbers. While your luxury client only cares about whether they like the house, the dragon wants the data. Keep this dragon happy by feeding it plenty of details from the following sources:

- Property reports from NARRPR.com.

- Automated valuations: Along with your personal comparative market analysis (CMA), include the valuations from Homesnap, realtor.com, Zillow or from your local multiple listing service (MLS) if available. These tools are free.

- Numbers people are usually interested in absorption rates (i.e. months of inventory on the market). When there are five or fewer months of inventory, you are in a seller’s market with increasing prices. Six or seven months is generally a flat or transitioning market. Eight months or more is buyer’s market with declining prices. This data is normally available through your local MLS.

- To really make the numbers dragon happy, use Weiss Analytics, which allows you to add comparable sales to their algorithm. If the dragon disagrees with your price, enter the dragon’s price estimate and the algorithm will incorporate it into its valuation.

2. The testy attorney
Dealing with attorneys is challenging. Some are extremely knowledgeable about real estate law and you’re thankful to have them in your deal as an ally. Then there are those who think they know more than everyone and are out to prove it. Others will insist on rewriting your contract or that you use a contract they have drafted to write your offer. The worst of the lot are those who dissect every minuscule detail in order to drive up their fees.

Taming strategies:

- Today’s affluent clientele expect you to have expert knowledge of the latest luxury industry data and trends READ MORE
To avoid having to fight this dragon, provide him or her with copies of the key transaction documents at the beginning of the process. This includes the purchase agreement, the agency disclosure, mandatory inspection disclosures, plus any other documents typically used in your state or local area. If the dragon has issues, it’s best to surface them up front as opposed to fighting him or her during a multiple-offer situation.

- If your market is experiencing multiple offers, explain that properties are often going over asking price. Provide comparable sales if necessary. Then ask: “If we end up in a multiple-offer situation, how would you like me to negotiate it on your behalf?” If the attorney doesn’t get the urgency in the situation, be prepared for your buyers to miss out on a house or two before they decide to do something about the situation.

- When this dragon starts breathing flames and you know the dragon is wrong, contact the legal hotline hosted by your state association of Realtors for advice. Next, share what you discovered. Even the most difficult attorney will usually listen to the expert attorneys who handle these calls.

- For title issues, most title companies have an attorney or a title advisory officer who can help you sort through the issues and speak to the dragon if necessary.

-Other resources include your office manager, broker and/or company attorney.

- Don’t try to win. Instead, always remind your clients and their attorney that it’s their house, it’s their mortgage and it’s their decision. My role is to be a conduit of information to help you and your clients make the best decision possible.

3. The helicopter parent
The helicopter parent has always tried to control their child’s life and they’re not about to quit when their child is buying a house. In fact, they may not even want their child to leave the nest. If the parent is a detail-oriented person, use the strategies above to calm the flames. If not, here’s what else you can do.

Taming strategies:

- It’s important to determine whether your clients and their parent(s) have a strong, supportive relationship or whether that relationship is contentious. In either event, always keep emphasizing your role as a conduit of information — it’s up to them to work out the decision.
- Assuming that the parent and child have a good relationship, you can make the parent feel as if you and their child are in sync by mirroring and matching the child’s body language. For example, if the child crosses their arms, cross your arms. If the child says, “What a beautiful view,” respond by saying, “It is a beautiful view, isn’t it?” You’re much less likely to receive pushback from the helicopter parent if they perceive that you and their child are in alignment with each other.

4. The nit-picking inspector
While most inspectors are reasonable, every so often you will draw one who cites not only actual issues, but fails to differentiate between needed repairs vs. what is preventative. Worse yet is the inspector who claims there is an issue when there is no issue. Normally, you will not meet this dragon face-to-face, so you won’t be able to tame it. You can, however, put out the flames.

Taming strategies:

- To minimize any burn damage, educate your buyer prior to the inspection about what is normally covered on inspections vs. what is preventative and not covered.

-Also explain that it is OK to ask for more on the inspection report as a strategy to obtain as many concessions as possible. Warn them, however, making too many demands can cost them the deal.

- Explain the benefits of taking a credit for the repairs, i.e., that you can choose your own contractors and be sure the job is done to your satisfaction.

- If the size of the transaction merits it, purchase a one-year home warranty for your buyers. Check with the title officer/escrow closing the transaction to determine if the cost of the warranty can be deducted prior to your commission being disbursed. This means less hassle at tax time and less income to report on your 1099.

5. The white knight agent

“White knights” are agents who decide they are the decision-makers in the deal, not the clients. You can spot these dragons when they say things such as, “I would never let my clients take an offer that low!”

Taming strategies:

- Taming this dragon requires finesse, because you may find yourself negotiating with this individual in the future. Many of the strategies above can be adapted to fit the white knight. When this dragon starts making statements that are wrong, bring in your manager, call the legal hotline and/or get opinions from people who are experts.

- If the dragon tells you that your price is too low, request permission from your buyers to tell the listing agent the following: “My buyers have asked me to have the offer presented without any commentary from you (the listing agent) or me — they really want straight feedback about the buyer’s response. Is that OK with you?”

- The next time you bump into a dragon in your deal, be the one who calms the flames and gets the deal done.

Bernice Ross, President and CEO of BrokerageUP (brokerageup.com) and RealEstateCoach.com, is a national speaker, author and trainer with over 1,000 published articles. Learn about her broker/manager recruiting program, new agent sales training, and her membership program that includes podcasts, videos, and the Office-Meeting-in-a-Box program at BrokerageUp.com
.

 

5 Real Estate Dragons & How to Tame Them
GBAR
Atricle Courtesy of: Inman News
Written by: Teke Wiggin


Creative use of tech support, stock options, health insurance, financing and legal support can all help solidify a long-term brokerage-team relationship.

Whether you’re a rookie agent, a rising team leader or an established veteran broker, we can all benefit from sharpening our skills. Follow our “Back to Basics” series to learn fundamental strategies, tactics, philosophies and more from real estate pros across the industry.

Real estate agent teams are growing rapidly in number and strength. The trend is causing soul-searching among many brokerages.

In a sense, teams compete with brokerages. They can siphon off commission revenue generated by less experienced agents that would have gone to brokerages in the past. They’re also largely independent businesses — fickle and sometimes willing to defect on short notice.

Yet because teams can reel in so much business, many brokerages are nonetheless scrambling to build warm and cozy nests for them. Some newer firms have taken off like rocket ships thanks partly to their team-oriented focus.

Dangling attractive commission splits is, of course, a tried-and-true way to grab the attention of top producers. But there are plenty of other techniques that brokerages are using to hook and retain teams. Here are nine of them.

1. Stock options and signing bonuses

Given how much commission revenue teams can haul in, some brokerages are handing out big bucks to lure and lock them in.

One way is to pony up fat signing bonuses. Stock options are another. Options can be particularly alluring to team leaders when they are paid out in exchange for recruiting new agents.

That’s because recruiting is often part and parcel of running a team. So rewarding leaders for conducting business as usual can be a strong draw. EXp Realty and Fathom Realty are among firms that have found success with tying stock options to recruiting.

2. Revenue sharing 

Brokerage revenue and profit-sharing programs typically also reward existing agents for recruiting new agents. They do this by giving the existing agent a portion of the subsequent commission revenue generated by the new agent.

Like stock option recruitment rewards, these programs are particularly attractive to team leaders because leaders routinely bring on new agents. Keller Williams Realty popularized the idea with profit-sharing. And eXp Realty has put a new spin on it: revenue-sharing.

“If I close a sale today, theoretically, revenue share could be paid out at the same time,” explained Russ Cofano, former president of eXp World Holdings. “But that can’t be done in the profit-sharing scenario because you don’t know what your profit is [until later].”

Profit-sharing tends to be “less transparent, less immediate and a smaller number at the end of the day,” he added.

3. Health insurance 
Team leaders often nurture their juniors with leads, training, support and business tools. Brokerages that offer discount health insurance plans would allow leaders to make sure their rank and file are taken care of as well.

Many brokerages will claim to offer health insurance, but what they’re really offering is access “through a fancy webpage and a link to an insurance broker,” said Leslie Ebersole, a real estate consultant, in the Facebook group Inman Coast to Coast.

“The outside insurance broker has no obligation to enroll people with prior medical conditions and redirects applicants to the state ACA [Affordable Care Act] website/providers,” she said.

The independent contractor status of most agents has traditionally restricted brokerages from offering employer-like plans that could be cheaper. But health care reform announced in June of last year has opened the door for Realtors to create group plans that could be more affordable than what’s on tap in government marketplaces.

Compass and Fathom Realty claim to offer coverage that actually can save their agents money.
To pull this off, Compass partnered with a benefits company, IdilusHR, that offers access to insurance, as well as other benefits such as dental, vision, etc. “While pricing varies nationally, the program offers value through a combination of  price, lower annual out-of-pocket expense and access to national PPO network,” a Compass spokesperson said in an email.

Fathom Realty CEO Joshua Harley said Fathom did it by contracting with an independent brokerage to create a “private label” plan. But not all agents can qualify for it.

“Ultimately, we had to choose between creating a plan that worked for every agent but saved no one money or creating a plan that was a fit for 70 percent to 80 percent of our agents but saved them a lot of money,” he said.

Cofano offered one way to target health coverage specifically at teams.

“I am not very close on this subject but there could be a possibility for a [team leader] to cover some portion or all of the costs of the insurance through the [team leader]/team member commission split,” he said.

4. Business loans
Business loans are quite the carrot to dangle to team leaders. Compass has been doing this by offering no-interest financing to agents. And it announced plans for its own credit card in November.

“It is my hope that this program will help alleviate the initial financial pressure that comes with looking to grow your teams,” Compass CEO Robert Reffkin said in a company-wide email that explained the loans.

Compass expects to have distributed more than $100 million of this capital to agents by the end of 2019.

“What better way to create retention than have someone owe you money?” Cofano asked.

Indeed, Compass agents are required to pay off the loans in full if they leave the brokerage, according to Compass spokeswoman Gabriella Lourie.

“Compass recognizes, however, that every agent’s situation is unique and is willing to discuss repayment options on a case-by-case basis,” she added.

Business loans represent one perk that Compass is unusually well-equipped to offer due to its massive venture capital funding. Cofano said he has heard anecdotally of other brokerages that have provided similar financing. But none specifically came to mind, he said.

5. Let team brands shine bright — like a diamond
Side, a high-tech brokerage that caters to teams, makes a point of subordinating its brand to that of its teams. Indeed, brokerages that accept a low-profile, behind-the-scenes role can appeal to team leaders. Leaders generally want to own relationships with customers.

“Our website is completely our own branding … I don’t even know if Side has any fingerprint on it at all,” Daniel Risman-Jones, co-leader of Ascend Real Estate, a team with Side, previously told Inman.

6. Make expansion easy

Team leaders can be hungry to charge into new markets. But the process can be tricky if their brokerage isn’t licensed in multiple states. This requires teams to partner with firms in other locales on a case-by-case basis, often a cumbersome process, according to Cofano.

Streamlining this relationship-building can be one way to please team leaders. Another is to simply get licenses in many states.

“A brokerage company like eXp can offer frictionless expansion to other markets because eXp is the broker and not a franchise,” Cofano said. “I believe that is a big reason they have successfully recruited teams from some well-known franchise orgs.”

7. Reduced commission caps for team members

This is pretty straightforward: “Many companies will offer reduced caps to team members, which results in the team member generating more team commission income that the [team leader] can take a piece of,” Cofano said.

8. Provide team-oriented technology
This is becoming a must for forward-looking brokerages, according to Cofano.

At the least, brokerages ought to offer internal communications platforms to teams. The most popular options are Slack or Microsoft Teams, he said.

Customer relationship management systems and accountability software geared toward teams, such as Sisu and FirePoint, are also highly valued by team leaders, said Brandon Doyle in the real estate Facebook group Inman Coast to Coast. Doyle is a co-leader of the Doyle Real Estate Team, a Maple Grove, Minnesota-based team at RE/MAX Results.

Matthew Rathbun, executive vice president of Coldwell Banker Elite, recommends the following team toolbox: MyOutDesk.com for virtual assistants; Follow Up Boss for customer relationship management; FiveStreet for lead management; Trello for task management; Slack for team communication; Grasshopper for phone communication; and SiSu for production tracking; and G Suite for email.

Similarly, Pat Hiban wrote a story for Inman about five tech tools you could group together for teams that cost just over $1,000 a year.

9. Community and legal support
Analogue support can also endear brokerages to team leaders.

Fathom Realty’s CEO, Harley, says Fathom is developing three types of mastermind groups for teams. The first will teach agents who want to create teams how to structure and hire for them.

The second is for smaller teams looking to take their businesses to the next level. And the third helps top-producing teams pinpoint the best ways to maximize team member productivity, satisfaction and marketing return on investment.

Rathbun, the executive vice president of Coldwell Banker Elite, said his brokerage equips aspiring and existing team leaders with sample team agreements, attorneys who can help with the legal work of setting up and maintaining teams, job descriptions for recruiting team members and team coaching.

“When they are respected, trained and supported, they stay with you and add a lot of value to your firm,” Rathun said about teams.
9 Clever Ways Brokers Can Recruit and Retain Teams
GBAR

Upcoming Events

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A Fireside Chat With Sandy Lish And Susan Esper
100 Federal Street
4:30pm
 
GBREB Foundation Leadership Scholarship Breakfast
Westin Copley Place
7:15am
 
8th Annual CRE Young Leaders Social
Central Wharf Co
5:30pm