A decade into his journey as a broker-owner Phil Faranda said his business life was like juggling flaming chainsaws on a high wire.
Having designed his brokerage business himself, he grew, J. Philip Real Estate from a solo affair into the top-selling independent brokerage in Westchester and Putnam counties, in New York, with three offices and 65 agents. So the predicament wasn’t a lack of ideas or a willingness to hustle or juggle, but rather the absence of a clear roadmap for smart, sustainable, long-term growth.
“You come to a point in building your company where you don’t know what to do next,” Phil said.
So, in June 2015 Phil decided to commit to the one-year brokerage accelerator program designed by T3 Fellows to help brokers overhaul every dimension of their business, from branding to technology, agent coaching and recruiting to a business model. The curriculum includes monthly modules, monthly Web conferences, one-on-one executive guidance, financial counseling, and in person retreats. Learn more here.
The past year was a wake-up call. It was disconcerting, demanding, and yet exhilarating!
Phil revamped nearly every aspect of his firm. In the 12 months ending in March 2016, J. Philip Real Estate increased its production 50 percent for the same period the previous year to 225 units and $75 million in sales.
J. Philip Real Estate evolution through T3 Fellows:
- Increased units and sales volume by 50 percent.
- Produced happier, more productive agents.
- Due to efficiency and systems, now 80 percent of his personal time is freed up to grow and develop his brokerage
A big part of Phil’s T3 Fellows transformation involved a total shift in his mindset. Before, his personal sales defined the firm and the firm’s structure. Now, with a focus on leading and supporting his agents, he is phasing himself out of sales and replacing the “lost” production with “new” production from other people.
The rest of the J. Philip Real Estate T3 Fellows transformation included:
- Bringing on an all-in-one back-office system, CRM and digital transaction management platform.
- Setting up one manager to lead each office, freeing up Phil to focus on larger facets of the business.
- Creating defined firm policies and procedures.
- Scheduling sales development meetings with individual agents on a regular basis.
- Creating a detailed and specific roadmap for agent growth.
- Bringing on new technology and a tech fee, which has increased agent tech adoption.
- Developing a unique value proposition for agents: offering great systems and tools similar to larger companies while maintaining the personal touch of the small boutique
- Developing a unique value proposition for consumers: personal, crafted service from high-quality, extremely competent agents.
With his vision firmly in place—to become a regional market leader doing $1 billion in annual sales—Phil now says “I’m on the right road, driving the right vehicle, heading in the right direction, and now know how I am going to get there.”
Phil Faranda has stopped juggling burning chainsaws and has become the ringmaster.