Introduction to episode
Broker-to-Broker Real Estate podcast is where we have real, raw conversations with industry leaders, finding out how to connect, support, lead, and ultimately make an impact and drive results in the lives of your agents.
In this episode, we have Phil Duke who was raised in Alabama, where he started and grew his business, the 1st Class Real Estate. Before becoming who he is today, he entered the military and still continuously serves as an Army National Guard Reservist (just got promoted to Captain Duke a few days after this podcast was recorded!). He lives with his wife and two boys (one- and five-year-olds) in Northport, Alabama.
Phil talked about his real estate brokerage and how he was able to make it prosper even in the midst of the pandemic (Fun fact: 1st Class Real Estate experienced a 300% growth in sales in only a year). The secret? It’s all about agent empowerment. Find out exactly what he means in this episode!
Podcast episode summary
Below are the summary and talking points of this episode.
- Phil shared his thoughts about the current state of the real estate industry.
- He also shared about the traditional real estate industry being broken, primarily because we don’t guide the agents well in their journey.
- Phil told the story of how he started venturing out and create a brokerage firm himself, after realizing that he couldn’t grow as a person and as a broker if he did it all.
- Instead of focusing on getting more listings, Phil focused on teaching his agents, guiding them thoroughly on the first three transactions before letting them on their own.
- Making agents believe that they can close their first deal within the first three months is what can convince them to stay with you.
- Teaching agents at their own pace is a good way for them to learn information without overwhelming them with it.
- Using a technology that everyone can use is another way for agents to be encouraged to learn the basics of closing a deal.
- As leaders, we can’t spoon-feed. We can only provide the right conditions for agents to thrive. They have the choice if they want to thrive.
- Recognize which one of the agents is more motivated, and be more focused on teaching them because chances are, they would keep all of them to heart.
- Being an effective leader means getting into the correct mindset: why are you doing this? Why do you need more agents?
- Hiring a coach may be an expensive way to spend money, but it provides life-long benefits. Phil highly encourages everyone to hire a coach.
- Instead of learning everything all on your own, find the right coach/mentor who already did the hard work and learn from their expertise instead. It saves time and money in the long term. “Rip and duplicate.”
- Phil shared what the next level of success for him would look like.
Recommended resources
1ST CLASS Real Estate company website
Phil Duke's contact information (for your real estate needs!)
Phil Duke's LinkedIn profile
Phil Duke's Instagram profile
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