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10 Rules for a Successful Brokerage

From passion to empowerment William Raveis shares lessons for success.

(Boonton, NJ, November 17, 2015) — In his new book The Way of the Entrepreneur, William Raveis, chairman and CEO of William Raveis Real Estate, Mortgage and Insurance, shares lessons from his journey to build the largest family owned real estate brokerage company in the Northeast. Raveis’ lessons include:

  • Be passionate. "Passion is essential for starting a business, but it’s also essential to who you are as a person," he says.
  • Scout talent. "A CEO must always be scouting for talent and involved in the hiring process," Raveis says. "You can’t delegate this, because then it becomes somebody else’s culture and the company something other than what you envisioned."
  • Coach and mentor. "You coach and mentor your managers, your teams, and your sales associates, and it’s not an obligation," Raveis says. "It’s an honor that someone would ask you for your advice or help."
  • Empower your team. By pushing their people to make decisions and be accountable, effective coaches urge teams to achieve more.
  • Walk around. "I learn more by talking to people in the hallways than I do in formal meetings," Raveis says. "I listen, ask questions, and offer advice."
  • Say it seven times. Effective communication requires repetition. "If the message isn’t grasped the first time, it must be repeated, not one or two more times but seven more times before it becomes a part of the vernacular of the company," he says.
  • Teach and train. "For employees to have a thorough understanding of the business and be accountable for their contributions, you have to teach them and educate them in all aspects of the job — and not just once," Raveis says.
  • Embrace change. "You can’t be a sissy," Raveis says. "You can’t be afraid of change."
  • Set goals and execute. Raveis aims to constantly build market share, and his strategy focuses on that goal.
  • Solve problems. Problems aren’t easy; that’s why they’re called problems. Rely on your passion to push you to find solutions to financial issues or interpersonal problems.

Raveis expands on many of these themes in a wide-ranging interview in the November issue of Real Estate Broker’s Insider.

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