Top agents, association executives and managing brokers might be the public faces of the real estate industry, but there’s someone else who is responsible for much of those people’s success and whose job is unique among real estate professionals: Broker Owners.
While managing brokers may sometimes be less visible than others, their work keeps the industry churning. Just like agents, a broker owner’s responsibilities are myriad and ever-changing. But unlike agents, their failure to perform those duties doesn’t just doom one career — it could imperil a whole office or company. Broker owners are bosses first and foremost, and their work can be misunderstood by some employees. But they are also mentors and teachers, and the most successful offices and brokers often have great relationships with their owners.
“When you’re an agent, you measure results based on your own performance,” says Dr. MoustafaElkomy, Broker Owner of RE/MAX 22 office. “But in owning and management, your results are based on the team’s performance and productivity. It’s a different mindset. And you’ve got to wear a ton of different hats. But that’s what makes the job exciting.”
How do broker owners get their starts?
Dr. MoustafaElkomy was joining forces with RE/MAX Egypt and opened his office in New Cairo by February 2018. Dr. Elkomy holds a master’s degree in Business Administration from Cairo University, in addition to a PHD doctorate in Economics. He has more than 14 years of experience in the real estate industry. He started his career working at BAZ Real Estate Systems until he took the decision to start his own company and join the RE/MAX family.
Through Dr. Moustafa doesn’t like to talk a lot about himself, he just loves to discuss the ideas and support his team. He took the best vision from REMAX family and add his own touch to be different from all competitors in the market. He creates the idea to divide not only customers, but brokers as well to their own clusters, so the idea is that each broker is the “omniscient” in his cluster, and in each area of Egypt, Dr. Elkomy has this “omniscient”. And at the same time it makes a perfect teamwork, all brokers from different areas support each others concerning of customer’s needs and clusters.
What does it take to support your agents?
A successful owner broker has to be a people person — someone who can offer constructive feedback or show empathy when needed. People have ups and downs in this business. Helping people to stay motivated, I enjoy doing that, but I never realized how much people would rely on you to do that, to lend an ear or be a voice. The agents want to feel like they’re supported.
Much of an office’s success comes down to its interpersonal relationships. It’s important to show that a broker owner is invested in their team’s success. They can do so by being available, helping with business plans and sharing their expertise. I want to see people make it and have a really great career in this business.
If there’s any magic in this, it’s that I spend a lot of time with people. The only time our company profits is when our agents profit. We have a complete desire to see that happen. If we keep our focus on that, then we can really succeed. For many broker owners, that desire to coach and be a team leader is what led them to the role. But that’s only one facet of the job. Much of the job requires a keen business sense and administrative savvy. We have a VP of sales, a VP of management and a VP of rentals. None of them compete. It’s almost a militaristic layer of management and coaching; you have to be able to make sure that as your agency grows, so do your support systems. Without those systems, your agent pool will suffer and turn over.