Brokers Discuss the Modern Meaning of ‘Full-Service’ By Jordan Grice
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eing a “full-service brokerage” has always meant providing a one-stop shop for clients, but leading brokers say it takes a bit more than that to warrant the distinction in today’s market.
“I think today the full-service concept is twofold: what we do for the consumers and the agents,” says Joan Docktor, president of Berkshire Hathaway HomeServices Fox & Roach, REALTORS®. “When you talk about full-service today, the agents are the customers too, so you need full service for your agents as well.” Though the approach varies among brokerage firms, offering a full range of tools and services geared toward supporting agent growth and streamlining the transaction process has become a core component of most business models in real estate. 52 October 2021 RISMedia’s REAL ESTATE
For Berkshire Hathaway HomeServices Fox & Roach, REALTORS®, Docktor hires full-time sales managers and administrative staff devoted to assisting agents with their business development and transaction processes. According to Docktor, the firm also offers ongoing training and support for agents of all experience levels. “The agent needs to focus on selling houses,” Docktor says. “What’s unique about a brokerage like ours is we have the deep knowledge and brokerage experience to support our agents, where a newer company may not.”
Proprietary Products Ancillary services have gone from perk to necessity for most business models. Still, a growing reliance on tech platforms and tools has also become a new normal for full-service broker offerings. “If brokerages want to survive in an industry where they are no longer just competing on services, but also with lower brokerage splits and an overall decline in agent commissions, they have to get creative,” says Josh Harley, founder and CEO of Fathom Realty. Offering agent websites, transaction management, financial management, personnel management, business intelligence, data aggregation and more with the help of tech has become common practice for companies looking to revamp their brands and attract top talent. While Fathom and other traditional firms own the technology suite they are offering to agents, Harley notes a growing trend of companies establishing joint ventures with other companies to provide these ancillary services and offerings. “That’s why we can charge our
