Six Tips For Managing Multiple Brokerage Offices

Get everyone on the same team if you really want to score.

Six Tips For Managing  Multiple Brokerage Offices

To ensure you start off right and stay on top of the challenges of running multiple locations, follow these steps:

1. Organize and standardize operating procedures.

From employee breaks to how to handle customer complaints, you want everyone informed and on board as to how you expect your business to be run. If you need to revise your operations manual and employee handbooks in order to systemize your procedures, get that handled before you open the next location. The great experience your customers get in one store should be just as good in all your locations.

2. Promote or hire good managers.

Hopefully, you have built a strong bench of trustworthy and reliable employees who can either run the original location or manage the new location. Take the time to properly apprentice the managers so you can be sure they run your stores the same way you would. Eventually, you should be able to oversee all your locations at a high level, while concentrating on the big picture—leaving the day-to-day operational details to your managers.

3. Establish methods of communication.

Managers need to know when to check in and when they can handle a situation on their own. Visit each store at least once every week; also be available by email, chat or phone. Hold weekly or bi-weekly meetings with all store managers by conference call or video chat. Request regular reports of how each location is doing.

4. Make communication a priority

Once you’re established a good communication system, use it! According to one study, businesses with multiple locations spend an average of 17 hours a week repeating and clarifying communications. Eliminate redundancy by setting up a group email chat or internal website and having employees check it consistently for announcements and updates.

5. Build team camaraderie.

Once your brokerage starts growing, it’s much harder to maintain a cohesive brand. Since your employees are an important part of your brand, you need to build team spirit. Regularly bring staff from all your locations together for business meetings and fun events where everyone can meet face-to-face. Have off-site outings and set up store-vs.-store competitions to motivate workers.

6. Simplify operations with technology.

You’ll make your life and your employees’ lives a lot simpler if you have the right tools to manage multiple locations. Using cloud-based apps, such as time-tracking software, project management tools, inventory management and accounting programs, can save you time and free you up for more one-on-one meetings and big-picture thinking. Make sure all employees know how to use the technology their duties require, either by holding in-person training sessions with a professional or hosting online webinars. If part of your staff is mobile, make sure they have the tools necessary to stay in touch and get their jobs done through mobile apps.

Whether you’re opening one new location or a dozen, these steps will put you on the right track to success.

Close more loans, be more efficient, stay out of trouble.

Find more at Pro School
This article was originally published in the NMP Magazine February 2022 issue.
Published on
Feb 02, 2022
More from NMP Magazine
NMP MAGAZINE
Leading LOs 2022

National Mortgage Professional magazine celebrates the accomplishments of the top originators.

NMP Magazine
NMP MAGAZINE
Be An Amigo To Latinos

Embrace the family, be nurturing, and understand the cash mentality

Andy Insua
NMP MAGAZINE
Fear The Ghost Of ‘Might-Have-Been’

All things come to the person who goes after them.

Harvey Mackay

Webinars

Mastering Cash-out Refi's to Drive Volume in Today's Mortgage Market

In Today's constantly changing mortgage market with fluctuating rates, margin compression, and declining origi...

Investor Confidence in Today’s Non-QM And Why Originators Are Paying Attention... A Virtual Town Hall

We host Angel Oak Mortgage Solutions for a special 2021 edition of their virtual town hall series they ran fro...

Webinar
Apr 08, 2021
How to Help Real Estate Pros in a Post-Refi World

Hear from Melissa Merriman, REALTOR® with The Melissa Merriman Team at Keller Williams, on what real estate pr...

Webinar
Mar 18, 2021
Highlights
Home Sales Decline In April

Redfin reports soaring mortgage rates cause sales drop.

Analysis and Data
Forum Calls For More Inclusive Access to Homeownership

FHFA, policy experts, and journalists join NAR-Urban Institute discussion on accessibility and affordability challenges.

Regulation and Compliance
Financial Well-Being of U.S. Adults Improving

Hispanics and parents are doing the best.

Analysis and Data
Connect with your local mortgage community.

Meet your your colleagues, both national and local, by attending an event in your area.