Brokers Do It Better
By John Meechan, CEO, The Gallery Residential Brokerage
April 22, 2019
The question inevitably comes up in every interview and networking conversation I have with agents interested in learning about our company:
Why does The Gallery require that every affiliated agent seek their Broker’s license?
The answer is simple. Broker-Associates are experienced professionals who are twice as educated as salespersons and more dedicated to their craft. This is the kind of agent you want in your corner when it comes time to sell or buy a home, new construction, investment property, or second home. They are knowledgeable, resourceful, expert negotiators, and they make less mistakes in the field. When you work with a Broker-Associate, you can be confident in their skill set and trust their guidance.
For these reasons, The Gallery intends to be the first brokerage in North America where its entire sales force will be made up of Brokers. We want our brand to stand out as the smartest and most dedicated brokerage in the market and we know this will send a very loud signal to the public.
In my experience, I’ve seen the public suffer from substandard guidance at the hands of inexperienced agents that don’t do more to learn and grow aside from the continuing education credits required by the state. The list is long: mispriced listings, weak negotiations, disclosure issues, messy contracts, ethical missteps, legal conflicts, and poor transaction management, among others. In addition, ill-prepared managers, trainers and mentors aid in eroding an agent’s potential for peak performance.
The public can be easily misled by rookie agents touting real estate prowess. However, since Brokers must first serve 3 years of service in the industry to be eligible for the license, take a rigorous course and pass the state licensing exam, a client is automatically assured that they are working with a true professional. By attracting Brokers to our company and requiring that our current salespersons become Brokers within 18 months of their eligibility, we are moving towards our goal of being rookie-free. Eventually, when a client calls on The Gallery for service, they will immediately know they are interacting with a higher caliber professional. This is a benchmark in our business model.
Smarter agents are better agents. It is incredible to me that New Jersey requires just 75 hours of class to enable a person to transact on what may likely be your most expensive transaction. By comparison, a barber must complete 900 hours to become licensed! We’ve all suffered a bad haircut. The difference is that damaging your equity has far more repercussions than an uneven trim. The list goes on and on.
Due to low education standards and nonexistent field training requirements, 80% of new agents wash out of this industry within 24 months after starting. This attrition rate bears a heavy burden on the public and brokerages. Revolving doors in real estate serve only real estate schools that continue to churn out thousands of new agents every year. Even so, The Gallery recognizes that everyone needs to start somewhere. As we grow, new agents that join our company are initially partnered with experienced team members and trained through mentorship, in-house classes and coaching. They gain three years of useful experience by the time they are eligible for the Broker class and license exam.
With a seasoned staff of only Brokers, our company will be able to focus our training, meetings and budgeting around the needs of proven, successful practitioners. No time will be wasted teaching agents how to answer phones and show homes. No training wheels will be needed. As a result, our company will attract only the best agents in the field – Brokers that bring experience, education, and exemplary reputations to the table. The benefits to our clients are immeasurable – after all, providing consistent, top-notch service has always been The Gallery’s goal.