Mauricio Umansky shares five key strategies for making (and modeling) more meaningful choices as a brokerage leader.
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When it comes to making smart decisions in real estate — and in life — it’s essential to balance personal intuition and hard data.
As professionals in a position of leadership, we must demonstrate ways of thinking and assessing that will not only support our own success but that of our colleagues as well.
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Here are five key strategies to consider when making (and modeling) effective decisions as a brokerage leader.
1. Cultivate a data-driven culture
Foster an environment where data informs every decision. Educate your team on how to track client engagement and encourage them to leverage analytics to identify trends, understand client needs, and optimize marketing strategies.
Track key performance indicators (KPIs) and return on investments (ROIs) for all activities, including social media posts, email campaigns, and open house events.
However, it’s essential to remember that data is best assessed in concert with other factors—it’s crucial to interpret data in context.
For instance, analyzing engagement data from virtual tours can reveal which property features captivate potential buyers. This insight can guide agents to focus their presentations and marketing materials on the most sought-after aspects, enhancing the property’s appeal and driving more targeted outreach.
2. Trust your instincts
While data provides a solid foundation, intuition, shaped by experience and industry insights, is invaluable. Don’t underestimate the power of a gut feeling, especially when navigating complex or unprecedented scenarios.
Luxury real estate often involves unique situations where strict reliance on data may not capture the full picture. For example, a seasoned agent might sense a buyer’s hesitation despite favorable “data points” and need to pivot to provide more personalized support and private discussions.
In another instance, an agent’s familiarity with local market idiosyncrasies could suggest a property has untapped potential, even if it doesn’t align perfectly with current market trends. In these moments, you should trust your instincts and use your real-life experience and judgment to make informed decisions.
3. Take a holistic approach
The truth is simple: Data can’t capture the full emotional and psychological landscape of the luxury market. Complement quantitative analysis with qualitative insights from clients and agents. This holistic approach often reveals nuances that numbers alone can’t capture.
One of our core tenets is collaboration, so when faced with uncertainty or challenging decisions, I always encourage agents to consult with a trusted colleague or mentor. These perspectives can provide clarity, validate your intuition, and offer new strategies for moving forward. Combining data-driven insights with personal experience and collaborative input ensures a well-rounded approach to achieving success.
4. Prioritize open communication
Encourage open dialogue within your team. As mentioned earlier, our human experiences are a key element in smart decision-making — and diverse perspectives can bridge the gap between data and intuition, leading to well-rounded decisions. Create a culture where data and instincts are valued in equal measure.
One way to foster an environment of open communication is by hosting regular team meetings and brainstorming sessions where agents of all experience levels are encouraged to share their insights and experiences. Consider holding a special video or in-person workshop with a mix of very experienced and newer agents where participants discuss recent transactions and highlight how different approaches (be it data analysis or intuitive judgment) contributed to closing deals.
By openly discussing successes, challenges and their processes for problem-solving, agents can learn from each other and feel 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. Continuous learning and adaptation
The real estate market — and its luxury sector — is ever-evolving. Stay ahead of the curve by staying up to speed on new tools and methods and updating your data strategies with the latest technologies and methodologies.
To support our agents in their ongoing education, we have The Agency University, which offers (and could be recreated in your own brokerage) training videos, webinars, and workshops on a number of topics, from new agent training and business coaching to email marketing, client management, and personal branding.
Everything is designed to accelerate our agents’ success and provide them with the full training support they need to meet their potential. After all, you shouldn’t expect your teams to excel without at least providing systems and programs to support their success.
Balancing intuition with data isn’t about choosing one over the other; it’s about blending them to enhance your effectiveness as a leader. When you value and utilize both, you can make well-informed, confident decisions that drive success for your brokerage.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.