Mauricio Umansky shares five key strategies for making (and modeling) more meaningful choices as a brokerage industry leader.
Whether refining your business model, mastering new technology, or discovering strategies to capitalize on the next market surge, Inman Connect New York It will prepare you and make you brave enough to take a step forward. The next chapter is about to begin. Be part of it. Join us and thousands of real estate leaders, January 22-24, 2025.
When making informed decisions in real estate and in life, balancing personal intuition and hard data is crucial.
As professionals in leadership positions, we must demonstrate support for not only the way we think and evaluate own Success is also the success of our colleagues.
Participate in the August INMAN Intel Index Survey
As a brokerage leader, here are five key strategies to consider when making (and modeling) effective decisions.
1. Cultivate a data-driven culture
Create an environment where data informs every decision. Educate your team on how to track customer engagement and encourage them to use analytics to identify trends, understand customer needs, and optimize marketing strategies.
Track key performance indicators (KPIs) and return on investment (ROI) for all campaigns, including social media posts, email campaigns and open houses.
However, it’s important to remember that data is best assessed in conjunction with other factors – interpreting data in context is crucial.
For example, analyzing virtual tour engagement data can reveal which property features attract potential buyers. This insight can guide agents to focus their presentations and marketing materials on the most popular aspects, thereby enhancing the property’s appeal and driving more targeted promotions.
2. Trust your gut
While data provides a solid foundation, intuition informed by experience and industry insights is priceless. Don’t underestimate the power of intuition, especially when dealing with complex or unprecedented scenarios.
Luxury real estate often involves unique situations, and relying strictly on data may not capture the full picture. For example, despite favorable “data points,” an experienced agent may sense buyer hesitancy and need to pivot to providing more personalized support and private discussions.
In another example, an agent’s familiarity with local market idiosyncrasies may indicate that a property has untapped potential, even if it doesn’t exactly align with current market trends. In these moments, you should trust your instincts and use real-life experience and judgment to make informed decisions.
3. Take a holistic approach
The truth is simple: data cannot capture the full emotional and psychological landscape of the luxury market. Supplement quantitative analysis with qualitative insights from customers and agents. This holistic approach often reveals nuances that numbers alone cannot capture.
One of our core principles is collaboration, so when faced with uncertainty or challenging decisions, I always encourage agents to consult a trusted colleague or mentor. These perspectives can provide clarity, validate your intuition, and provide new strategies for moving forward. Combining data-driven insights with personal experience and collaborative input ensures a comprehensive approach to success.
4. Prioritize open communication
Encourage open dialogue within the team. As mentioned earlier, our human experience is a key ingredient in informed decision-making, and diverse perspectives can bridge the gap between data and intuition to make well-rounded decisions. Create a data culture and Instinct is equally valued.
One way to create an environment of open communication is to hold regular team meetings and brainstorming sessions where agents of all experience levels are encouraged to share their insights and experiences. Consider hosting a special video or in-person workshop with experienced and emerging agents, where participants discuss recent deals and highlight how different approaches, whether data analysis or intuitive judgment, helped in closing trade.
By openly discussing successes, challenges, and their problem-solving processes, agents can learn from each other and become more confident in blending analytical and intuitive strategies in their own work. This practice not only enhances decision-making but also builds a cohesive team culture centered on mutual respect and a growth mindset.
5. Continuously learn and adapt
The real estate market and its luxury goods sector are constantly evolving. Stay ahead of the curve by keeping abreast of new tools and methodologies, and updating your data strategy with the latest technologies and methods.
To support the continuing education of our agents, we have acting universitywhich offers (and can be recreated at your own agency) training videos, webinars, and workshops on a variety of topics, from new agent training and business coaching to email marketing, account management, and personal branding.
It’s all about accelerating our agents’ success and providing them with the comprehensive training support they need to reach their potential. After all, you shouldn’t expect your team to perform well without at least providing systems and procedures to support their success.
Balancing intuition and data is not about choosing one or the other; Instead, mix them up to increase your effectiveness as a leader. When you value and leverage both, you can make smart, confident decisions that drive your brokerage’s success.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.
