What major issues are facing you as broker?

For me, the constant challenges are:

* Determining, from interviews, which recruits have the will and energy to succeed.

* Dealing with the ups and downs of agents as they have successes and failures.

* Deciding which of the multitude of new tools, systems and ideas should be implemented next.

* Training and coaching staff.

What about you?

Delegating...

definately my biggest challenge..

I am in the prep phase... so day to day stuff is not what worries me most. My search for decent E&O insurance is driving me nuts!

* Determining, from interviews, which recruits have the will and energy to succeed.
- I have all my recruits take the Real Estate Simulator on my site. Two of the things it measures is achievement and dependability level. It's been very valuable. I also ask agents at the interview to "Mayor Campaign" their database over the following week. How they do with that assignment tells me volumes!

* Dealing with the ups and downs of agents as they have successes and failures.
- I'm setting up a leadership team of my preferred vendors. The people I am choosing are all not only experts, but HIGHLY motivational, wise, have strong values, and share my philosophy. They make a commitment to stay in touch with my agents and coach them through their successes and failures. I am choosing people for this team based on their ability to coach.

* Deciding which of the multitude of new tools, systems and ideas should be implemented next.
- I have the same challenge. I want to offer the best, and it's so hard to determine what's truely the best and most valuable.

* Training and coaching staff.
- We don't have any staff right now, but as far as training and coaching agents go I love Brian Buffini's 100 Days to Greatness Program. We also do a complete mock real estate transaction that last 4 months. We go through everything from receiving the buyer and seller leads to a mock closing. The leadership team is also a HUGE part of this.

Right now my biggest challenge is finding affordable office space for a small company.

My biggest challenge is finding agents who want to move to a new company in a small town!

RebelBroker - Hi jacking here a bit but have you tried Geo. F Brown http://www.gfbgroup.com - 888 372 6262. Super easy form and easy to deal with and relatively inexpensive.

Rebel,

I used CRES, as I was a new brokerage. Getting E&O the first time is like trying to get a job as a travel agent.

You can't get hired as a travel agent without experience - but you can't get experience without being hired.

I couldn't find somewhere to get E&O because I was a new company without prior coverage. I had no prior coverage because I was a new brokerage.

CRES insured me quick & easy. The coverage is great, the cost is so-so. I figured, with a year contract, if I didn't like it I could always try somewhere else after I had been insured for a year - because by then I would have had prior coverage.

cres is one of the worst e&o policies out there, read what your coverage is! youll also be paying through the nose if your paying per transaction. I dropped them like a bad habit

for E&O i use blackink insurance, they shop all 31 E&O insurance carriers in California and find the one that fits my profile the best.
Instead of paying about 2,000/month with Cres, i know pay about $280/month

i still have Cres, but the rates and service have been good, compared to a few others that i had checked out. maybe it is different in AZ than CA..

oh, and as for challenges, i would say getting good agents to work for my company.. i also live in a smaller town and in this type of market soo many agents are scared to death to change from their companies..

As the others have said it is very difficult to find good agents nowadays

Being small... no-one to delegate to. I hate accounting and the mundane day-to-day tasks of the business. I want to spend 100% of my time training, mentoring, recruiting, encouraging and managing people.
Also, still needing to sell to pay the bills. Don't get me wrong, I enjoy selling... It's just not where my heart is. My heart is for people development.

Carla,

I have kind of the reverse problem. I have considerable staff but struggle to delegate.

In CA? Insurance. E & O, worker's comp, business insurance . . .

Tons of $ to deflect litigation.

1-Dealing with the competion offering "FREE" everything and selling their souls for a lower and lower fee everyday
2- Having the real estate industry (agents & Brokers) not value their own time.
3- MLs agencies destroying the real estate industry.
4- Having other agents show buyers property without Buyer Broker protection
5- Having the states allow real estate agents to make less and less while the sellers and Buyers win everyday the agents lose.
6- I can go on and on.

So let me ask you guys this.

I am fixing to go start classes to train for the broker exam.In ga you have to be in the business for 3 years,you can take the test after 2 but not get the liscense until the 3rd year.I am past the 3rd year easily but have just not have time to do it.

In my situation it's kind of different.I do not want to be this huge brokerage or have other agents.Basically my other agent friend who is a broker will partner with me.Were looking to have our own company and I will handle the developers and land assemblage for residential and commercial properties and he will head up the investment division for the rehabs and flips.

In this case can you get cheap e&o since you won't have any other agents?It will just be me and him.Right now with the company I am with I pay a yearly 220.00 for E&O.

thanks

It will probably be more than what you paid previously . . remember you will not just have the agent liability but also the broker liability.

Good tip VM Group. I'll give them a call when my current policy w/ CRES is up.

My policy w/ CRES doesn't cover mold, commercial, agent/owned, condo conversions, etc.. I wish I would have read the policy closer.

Isn't that horrible? As a broker or agent, you are obligated to act in the best interests of your clients. Why put the blame on the states or on the clients?