A long-time agent shares the surprises, challenges and considerations of opening her own real estate company.

Many real estate professionals are hardworking, ambitious and goal oriented. No matter where they are in their career, it’s only natural for them to be thinking about what comes next. They want to be in control, have a grasp of their destiny and create a plan to get there. For those who have reached the pinnacle of success by hitting their sales goals year-in and year-out and wish to continue making a difference in the real estate industry, they may conclude it’s time to look for a new challenge.

For me, the next logical step was to become a broker-owner and manage my own shop.

My story began over 20 years ago at a local Century 21 office here in Northwest Georgia, and then as a top producing agent with ERA Prime Real Estate. After hitting a sales and personal growth plateau, I made the decision to open my own brokerage with the brand where I started: CENTURY 21 The Avenues in Calhoun, Ga.

I want to share the surprises, considerations and challenges of opening my own brokerage and how I leveraged those to achieve greater success.

Challenge #1: Choosing the Right Franchise

The biggest surprise I faced centered around the selection of a brokerage. I knew I wanted to franchise and affiliate with a company that shares my ethics and values. My biggest consideration—and one that influenced my decision to open my doors as CENTURY 21 The Avenues—came down to one word: “Why?”

My focus was on being perceived by real estate consumers and industry professionals as a champion of the communities where I live and work. What surprised me was Century 21 Real Estate would be that company. The re-branding, its focus on transforming the industry from transactional to experiential, unparalleled name recognition and respect, and C-Suite thought leaders who care about me, my agents, and my overall growth, helped seal my decision to return “home.”

My “why” aligned with that of the brand, which involves getting up and working harder and smarter than the day before. To me, if you do the right thing, then good things will happen. Plus, I didn’t find another company with the same passion that I have—and the timing in my life was perfect.

Specifically, becoming a broker afforded me the ability to invest in my future and take on the challenges that come with a leadership role. Now, I’m building a culture that supports agent growth and prosperity, and a place for people to collaborate, engage, and get deals done. Equally important, I’m bringing to market a company that works to make a difference in the community.

Challenge #2: Building Out a Team

Moving forward, my greatest challenge was building out the office. I needed to make sure I was Onboarding the right people for the right positions to ensure everyone functions efficiently, affordably and within cultural parameters. I do have people in place right now, but I’m also looking to interview and fill leadership positions in marketing and recruiting. I won’t hire someone just because they have a license. I want people looking to create a different experience at a real estate company.

Until my team is fully in place and functioning at 121%, I have decided to continue selling. I simply cannot walk away from the volume of business that I’m doing right now. The good news is that I had experience wearing both hats at ERA and earlier in my career when I opened a RE/MAX startup right out of college.

As an entrepreneur, you’re often asked, “What keeps you up at night?” My answer to that question is to make certain that I haven’t missed anything. I’m constantly reviewing my growth plan, thinking about systems and processes, and evaluating the services and productivity platforms my agents need to deliver the best client experiences, so that they, in turn, will earn industry-best quality service ratings.

The challenges I’m facing now are recruiting agents who share our cultural values and working through office renovations while operating out of a satellite office. But I’m confident I will overcome these challenges by leveraging my positive mindset, leadership skills and prior managerial experiences.

Considerations for Agents Who Want to Become Brokers

Join your local chamber

For other real estate practitioners thinking about making the transition from top producer to broker-owner, consider joining your local chamber of commerce. Get to know other professionals in your marketplace. Ask the chamber to support your office’s grand opening, which can help spread the word about your new brokerage and build those valuable relationships with members of the community.

Get involved in the community

I want to build a company that’s involved in the community. That way, people will get to know our agents. My goal is to promote the people who work here and be the local go-to brokerage that home buyers, sellers, and real estate investors value, appreciate, and rely on.

Manage your mental health

One last note: Identify what relieves your stress and motivates you to succeed. For me, it’s my partner. He listens to me, supports me, and is my voice of reason. When I feel overwhelmed and I get a little too anxious, he reasons with me and gets me through it. When it comes to my motivation, I immediately think of my grandfather. He was a business owner with an unbelievable work ethic and was an amazing human being. He was a huge influence in my life and my biggest supporter.

Going from real estate agent to broker-owner is a monumental shift. You’re moving from having the safety net of someone else’s brokerage behind you to being on your own. Yet, despite the many surprises, challenges, and considerations of opening a brokerage, having the ability to make a difference in the lives of your agents, consumers and industry partners, makes the transition from agent to broker tremendously rewarding.

National Association of REALTORS®
Reprinted with permission

For broker Rory S. Coakley, offering a range of services is only logical, increasing client satisfaction and adding income opportunities for the brokerage and its agents.

In the face of slow home sales, brokers are employing a range of strategies to generate new revenue streams. For Rory S. Coakley, diversification is at the heart of the Washington, D.C.–area brokerage he founded with his wife Nancy more than 36 years ago. Serving residential and commercial clients has enabled Coakley Realty to remain resilient through market challenges.

What does diversification look like in your company?

Coakley Realty is structured as a one-stop shop, able to provide various real estate services to our clients including residential, commercial, appraisals, tax appeals, and litigation support. Not having all our eggs in one basket provides stability. If residential sales are slow, we could be doing more tax appeals and commercial real estate. There’s never what I’ll call equilibrium. The pendulum keeps swinging.

The first six months of 2024 were rough, with the supply of homes very low, but things picked up in the last six months. Meanwhile, our property management company, Coakley Realty Management LLC, provides steady, recurring income. We manage a diverse range of properties, including residential, commercial, industrial, retail and nonprofit.

For the agents, it provides more opportunities to earn income. People who lease things also sell things and sometimes require management of their assets.

To me it’s logical that you would do multiple activities within the same industry, and one of the main benefits of it is that the services we offer are complimentary. We can manage, lease, appraise and appeal taxes for one owner—and we can sell them a house.

We were recently asked by an accountant I’ve known for years to appraise some properties that were part of an estate. Not long afterwards, the owner of the buildings called and asked me, “Do you manage properties?” Long story short, we secured a property management agreement on 45,000 square feet of industrial space right in our backyard.

What advice would you give to a broker looking to branch into a new line of business—or an agent who wants to start a brokerage?

Although I would caution a residential broker with no commercial experience about trying to represent a commercial client on a lease or sale, a lot of the processes are similar. You meet with the client, you find the client’s needs, and you go to the data source that can help you fulfill those needs. Brokers who want to expand their services should get the necessary education and make sure they have access to the right data—or they might seek out a commercial broker who would like to start a division within their company.

For anyone seeking to start or expand a business, start out with a very strong business plan, and review and update it annually. I also have used third-party consultants to help me avoid blind spots. They’ll ask a lot of questions you might not think about. And they bring an outside, objective opinion—and experience in what works and what doesn’t work.

You started out in a different family business, Coakley & Williams Inc. What’s the relationship?

My father, Neil Coakley, started that business with Fred Willams in 1961. I grew up working in the business—painting railings, digging holes, and carrying cinder blocks—and eventually worked my way up to research analyst, director of acquisitions, vice president of development, and finally director of construction business development.

Eventually, it was my desire to create a business that was our own, and so we started the brokerage. I can still remember talking with my dad about it. He was a bit disappointed, but in the end, he and my mom were our greatest supporters.

My brother and brother-in-law ended up buying the construction arm of the company (now called Coakley & Williams Construction). They just recently turned over the reins to their employees. Fred Williams’ son bought a hotel management division. And the commercial leasing and property management division was bought by Donahoe, a large independent here in D.C. Another brother went to that company in the mid-1990s, and he’s still there.

So, we all stayed in real estate, and we still have great relationships. The connections I made at C&W continue to generate business. For example, in 1988, we built two warehouses for a gentleman. When I started my company the following year, the owner needed to get those buildings leased. We handled that work as well as tax appeals on his buildings, his house, and a gas station he owns. Now, my son is doing his leasing and management.

Doing tax appeals seems a bit novel for a real estate brokerage.

We’re also appraisers, and the fact that we’re in the field and know the properties is a big plus. In one recent appeal, an assessor presented three comps to support his value. I was able to point out, “I was inside the first property two weeks ago. The second property, we appraised six months ago. The third property I sold two years ago.”

And because I have connections in residential and commercial real estate, I’m not dependent on the information that’s available in CoStar or the MLS. Of course, we use CoStar and LoopNet for our commercial business—and we use the MLS. But, as real estate professionals, we can also get information from the street.

How did you establish a strong foothold in property management?

Due to our extensive residential and commercial leasing activities, we were seeing opportunities in property management. We had been doing real estate tax appeals for Jim Dailey, who owned an HOA management company. He had back-of-house experience, a CPA and an MBA. I had more front-of-the-house experience—business development and marketing. It made sense for us to team up and create a separate company, Coakley Realty Management LLC, so as not to comingle ownership of the brokerage. That was 1999.

Bringing two companies together isn’t always easy. What made the partnership work so well?

The three C’s—compromise, communication and compassion. Jim retired recently, and we had a buyout agreement. Our son, Rory P. Coakley, along with another member of our team, Meghaan Lane, will now oversee the property management operation with an aim of deepening our footprint in the industrial market.

You hold a bachelor’s degree in finance from Georgetown University and a master’s degree in real estate and urban development from American University. Was real estate always part of your grand plan, and what role has education play in your success?

I never considered a career outside of real estate. I was lucky enough to have smart parents who had the ability to send me to good schools. I also took six construction courses at Catholic University. And I am also a licensed broker and certified general appraiser in Maryland, Virginia and Washington, D.C., so there’s always continuing education.

Field experience is a great teacher, too. When I was in high school and college, I worked at construction sites. After graduating from college, I worked in land acquisition and then moved into development. I was involved in rezoning, hiring architects and engineers, getting permits, leasing and operations.

Can you name three factors that have contributed to your long-term success?

We’re a locally owned and operated family business, which appeals to a lot of small to medium-sized businesses. We have hands-on management, which provides continuity to our agents. And we have high employee and agent retention rates. Some have been here more than 20 or 30 years. If I need to leave town, I know the company is in good hands.

The other thing is I’m involved in the community, and I’m always networking. Just about everybody you meet needs real estate assistance. Nancy and I were at a happy hour last month, and we struck up a conversation with someone. I told him I was in real estate, and he said, “I may need your services.” It turns out he’s moving from the neighborhood where I grew up to the neighborhood where I live now. To buy a property subject to selling your house is a nonstarter these days, so he’s looking for a bridge loan. Well, guess what? I just had a lender come in to give a presentation to our agents on bridge loans. So, I was able to provide information on a bridge-loan product.

That conversation is still ongoing. I’ll let you know how it turns out.

How is 2025 shaping up so far?

It should be better than 2024 with hopes of decreasing costs, inflation and interest rates. People have adjusted to these higher rates, and that may provide momentum in getting more homes on the market. Year-to-date in the DMV, the active residential listing supply is about 30% higher than the same time last year. Despite all the uncertainties in the market, we’ll continue to stick to our company motto, “Consider it done!”

National Association of REALTORS®
Reprinted with permission

Many real estate professional were glad to put 2024 behind them. High interest rates, practice changes and the relative uncertainty that nearly always accompanies an election year meant the industry had to pivot and adapt, often several times. As the calendar finally flipped to 2025, agents and brokers exhaled, hoping lower interest rates, an uptick in inventory and better sales were on the horizon. 

Some positives so far in 2025 include the fact that mortgage rates have fallen for several straight weeks and that the new administration has recently confirmed Lori Chavez-DeRemer as Secretary of Labor, who NAR believes should be a good partner for the real estate industry as her background proves she understands the complex issues that many are facing right now in business and in daily life, which trickle directly into their housing decisions.

Still, many agents might have reservations about the current market or feel uncertainty about how their business will perform this year. In a moment where the market is shifting once again, brokers are uniquely positioned to proactively support their agents so they can effectively serve their clients.
As always in our business, the agents that are most successful do so regardless of market conditions, possessing an unwavering focus on providing their clients with top-tier guidance.  Brokers need to provide those agents with the best information, insights, and direction so they can do their job successfully

Today we are on the cusp of the spring market, which in most parts of the country is the busiest season, achieving the highest prices of the year. For agents working with hesitant who are on the fence about listing, explaining the value of getting ahead of the spring market could help those sellers make an informed decision. 

Explain the Favorable Dynamics of the Spring Market

Many consumers—and agents as well—have no idea why the dynamics of the spring market are typically favorable for sellers. It is incumbent on brokers to explain to their agents what drives the spring market. This helps their agents differentiate themselves when communicating with clients, prospects, and, crucially, with homeowners during listing presentations. 

The Law of Supply and Demand

Agents need to be able to clearly communicate that real estate prices – like all prices, for everything sold on a free market – are fundamentally determined by the universal law of supply and demand. It is this incontrovertible force which accounts for the strong spring market most years. 

In most markets in the United States, early January is usually when we see the lowest levels of inventory of the year.  But a few weeks into the new year – often by mid-January, or in some years, just after Superbowl Sunday – we’ll see a notable uptick in buyer activity. There are many buyers who might have started their search in the fall market and are ready to resume after the holidays. But, it’s typical that the number of buyers exceeds the number of homes on the market.

This natural imbalance of supply and demand, which is exacerbated by the supply shortage that the industry has been up against for years, is what leads to shorter days on market and rising prices for most of the spring season.  

Why Sellers Should List Early

However, my experience has been that the earlier part of the spring market is often stronger than later spring.  Every month, more houses come onto the market that sell – and spring sellers will typically keep their homes on the market at least until summer.  This means that every month of spring, there are more homes available for purchase than the month prior – yet by mid-April, the bulk of the buyers are already out looking, and the market will frequently have hit peak demand for the entire year.

My guess is that the early part of the spring market is busier in most markets. Brokers need to assess the spring season in their markets to determine this, and then relay to their agents that clients need this information as well.

What an Uptick in Inventory Means for Sellers

Of course, no two years are quite the same – and already, 2025 is shaping up to be notably different than 2024. New listings coming onto the market were up by double digits versus the same period a year ago. In some markets, new listings are up sharply so far this year, surging by 40-50% year-over-year.

For agents and sellers, this increase in inventory provides a challenge when it comes to getting buyers through the door, and it’s one that brokers need to prepare agents to meet. This is especially important because it is more than likely that we’ll continue to see supply increases well above levels seen in at least the past several years.

Agents and sellers have the idea that spring is always a favorable market for sellers. But there’s nothing magic about spring; there is only the law of supply and demand that drives prices. Brokers should make sure agents understand what increased inventory means for days on market so that they can help seller clients get ahead of the market.

If agents can educate their sellers, sharing the market data and a choice anecdote or two from their own experience (or from their brokers, for newer agents with few stories to tell), they will be of tremendous service to their clients. Astute agents will help sellers to see the wisdom of getting their homes on the market sooner than later to best position themselves for a successful sale.

National Association of REALTORS®
Reprinted with permission

Train your agents to start a dialogue with potential buyers and sellers that builds relationships and establishes trust.

Much has changed in the industry in recent years for real estate professionals and or buyers and sellers. Fortunately, this market also provides a plethora of opportunities for agents who are ready to put in the work to grow their business. The same holds true for buyers. Buyers are faced with high interest rates, low inventory in some places and high prices, but there are still opportunities to work within, especially as inventory rises.

This is where buyers should look to their real estate agents for the knowledge they possess and begin having conversations to set up a plan. Likewise, this is where agents can look to their brokers for guidance on how and where to gain the knowledge they need to stay competitive as the market continues its shift. I’m encouraging my family of relentless sales professionals to follow a series of action items to help them identify inventory and assist buyers with developing a winning strategy.   

Focus on Your Sphere 

First, and most importantly, I’m counseling my agents to start conversations with people in their sphere of influence. Even if they’re uncomfortable doing so, I urge them to make phone calls. They can start off the conversation by simply asking if the homeowner wants to sell or if they have been thinking about selling. Even if the homeowner objects or says no, a series of follow-up questions can set the agent up for a possible future listing. Bottom line: A conversation, especially one that addresses today’s buyers’ concerns around managing the current market, is critical to building a relationship, establishing trust and closing more deals.  

Do Research on Potential Sellers

The second action item I have for agents is to look at owners who’ve been in their homes for more than 15 to 20 years. Again, it’s about starting a conversation. The agents should inquire about lifestyle or familial changes. This isn’t a new tactic, but it is a fundamental practice that works in any market, especially the current one.

In the past few years, investors bought up up hundreds, if not thousands, of properties. With the market changing course, investors could be potential sellers. It is time for agents to do research, find information about investors’ portfolios and then call them to see if they’re looking to leave property management behind or trade up to a like-kind property through a 1031 tax-deferred exchange.

Focus on the Online Experience

Lastly, in an age where the majority of buyers and sellers begin their real estate experience online, it is critically important that agents audit their social media accounts and landing pages, ensuring that the content is relevant, reflects today’s landscape and will influence viewers to start a conversation offline.

The counsel I give agents on these action items depends on their level of experience, but all our agents are encouraged to start conversations. What we have seen is that most everyone in the Century 21 Hansen Realty family is having success starting conversations, explaining the current market to buyers, and offering ways to win and get to the closing table. What they’re learning firsthand is that a lead without a conversation is simply data. A lead with a conversation is a relationship.

Like we all know, real estate is a relationship business, and lifelong clients who value and trust you only come as the result of conversations.

National Association of REALTORS®
Reprinted with permission

Born from a health crisis, the remote service offers agents and sellers an affordable option for making a listing sparkle.

Under conventional circumstances, Jill Friedland, an agent with Weichert, REALTORS®, in Warren, N.J., would have a stager come to her clients’ home to spruce it up before it goes on the market. But like so much else in real estate, COVID-19 changed the staging playbook. In April, she had to come up with a novel approach for clients who wanted to list with her but didn’t want anyone in the house to stage it. And she did: Friedland hired a design expert who helped the sellers rearrange furniture and accessorize rooms without setting foot inside. In fact, the stager was more than 700 miles away.

As stay-at-home orders earlier this year forced many aspects of real estate transactions to go online, stagers began offering virtual consultations to agents and their clients. Staging from afar involves sellers taking unstaged photos of each room in the home and sending them to the stager, who analyzes the pictures and compiles step-by-step guides that help sellers style the property. The stager then meets the sellers over a platform, like Zoom or FaceTime, to provide feedback and evaluate progress.

The online consultation results in a customer service experience that is as personalized as it is safe. “It gives sellers professional guidance on what to do or not to do, as well as an understanding of why certain recommendations are provided,” says Jennie Norris, chairwoman of The International Association of Home Staging Professionals.

Even as business activities return to more normal levels, remote staging may be a trend that lasts. While the coronavirus remains a risk, these services will continue to appeal to some sellers, says Audra Slinkey, president and founder of Home Staging Resource, a training center for the staging industry. “Necessity is the mother of invention,” Slinkey says. “Staging isn’t going away, and we are proving it can be done in other ways.”

Friedland learned about remote staging when she came across a social media post from an old friend, Liz Reid, who had lived in Friedland’s New Jersey town before moving to South Carolina a few years ago. Reid, founder of Upstage Interiors in Charleston, S.C., said she was continuing to offer staging services through the pandemic. “Liz suggested an online appointment with my clients, and she explained to me how it would work,” Friedland says. “I thought it was a unique workaround to stage a home during the lockdown.” So, after the sellers sent Reid unstaged photos of their 1,500-square-foot, three-bedroom home, she developed a detailed seven-page staging report and, over three days of video conferences, walked the sellers through her suggestions room by room.

The sellers moved furniture around themselves following Reid’s recommendations. “The report was so detailed,” Friedland says, “but my clients weren’t overwhelmed when they saw it. They were grateful for an action plan they could execute.”

The guiding principle Reid conveyed to the sellers was simple. “Let’s show how much space you have, not how much you can fit in each room,” Reid recalls. “Each room should have a purpose, a focal point, and an easy pass-through.”

Reid offered the service for free because it was the first time she and Friedland had worked together, and the remote concept was new. Reid now typically charges $250 for remote staging. Friedland says she intends to pay Reid’s fees and provide the service no cost to future clients if they’re willing to do the hands-on work at home.

This approach will provide many stagers with another source of revenue, Slinkey says. They’ll pitch free video consultations for 30 or 60 minutes to introduce agents and their sellers to the new offering. Then, they’ll charge a fee for a larger service package, including longer, more detailed consultations and do-it-yourself staging guides.

Friedland says Reid’s guidance helped her sellers go under contract after just one day on the market—and the offer they accepted was $8,000 above the $530,000 list price. “The clients used all my suggestions, and the transformation was incredible,” Reid says. “We created a warm and inviting space. [Remote staging] is a great added service to both the agent and home sellers, especially during these unique times.”

Some sellers either can’t or don’t want to do the work of hauling heavy furniture in accordance with a virtual stager’s instructions, Friedland says. She recently presented the idea of using remote service to sellers who are in their 60s, but they declined. Instead, because New Jersey had begun reopening its economy, the sellers opted for a stager to come to their home. Friedland says clients in her town typically pay an $800–$1,000 fee for an all-day, in-person staging job.

But for some clients, Friedland believes virtual staging is here to stay. “I will offer it to every seller going forward,” Friedland says. “For people who don’t want others in their home, moving their stuff, this is a great option.”

New Staging E-Design Boards

Accessorizing is important. During remote consultations, stagers may present e-design boards to guide homeowners through the process. These boards offer images and online shopping links for products to enhance a listing. Home Staging Resource’s Audra Slinkey teaches a course for stagers on how to create e-design boards using a program called DesignFiles.

“We like to use these boards as inspiration,” she says. “Stagers can send them to their clients to give them an idea of what paint or lighting to buy. We like to give examples at different price points, too.”

National Association of REALTORS®
Reprinted with permission