To realize progress objectives, brokers want to interrupt out of current molds and get artistic with their strategy, all whereas protecting their “strategic subway map” on the forefront, Duffy informed Inman Join New York attendees.
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New Zealand Black Foils driver Peter Burling doesn’t win races by following the remainder of the pack — he does it by seeing issues in another way. That’s the message that United Actual Property founder and CEO Dan Duffy needs brokers and brokers to take dwelling after leaving Inman Join New York this week.
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The CEO confirmed a clip of the New Zealand workforce’s latest victory in a global hydrofoil boat race the place the Black Foils began the race distant from different groups that had huddled collectively for cover from the wind, however nonetheless achieved an ideal end.
Dan Duffy
“[Burling] said, forget it,” Duffy relayed to the group. “I’m going to go method out over right here and begin the race in another way.
“They never caught up to him — they never came close.”
That mentality of pondering in a method completely different from the remainder of the {industry} is a core worth of United Actual Property that Duffy credit as serving to the household of actual property manufacturers develop about 735 % over the previous 5 years, each organically and thru mergers and acquisitions.
As a part of this mindset, brokers and workforce leaders ought to take into consideration how their purchasers spend their day and the way they will higher serve these purchasers.
For Duffy and his management workforce at United, meaning desirous about how brokers spend their time daily and the way management may help streamline their jobs.
An organization’s evolution doesn’t occur in a single day, Duffy reminded the Inman Join viewers. It’s a very gradual course of, and generally there are durations of stasis.
“In real estate, there were decades of stasis,” Duffy mentioned, earlier than the {industry} picked up momentum in recent times, and billions and billions of {dollars} began to be poured into merchandise to disrupt the {industry}.
Duffy likened the cataclysmic local weather occasions which have occurred over the course of the planet’s historical past to the businesses and occasions which have disrupted actual property in recent times — akin to Houses.com, Compass and Zillow — in addition to the antitrust fee lawsuits.
“Instead of these events … these companies have positively created an environment where certain models … will win and lose,” Duffy mentioned.
“When these things happen, you have to think differently … And for those that think differently … you have an incredible opportunity.”
Dan Duffy’s slide of actual property firms disrupting the {industry} | Credit score: Dan Duffy
Duffy’s technique for addressing {industry} disruption whereas selling United Actual Property’s personal progress has been to create what he known as a “strategic subway map” that helps the corporate with a plan of motion to attain its objectives.
“You need to have a strategic subway map,” Duffy urged different brokers.
The subway map helped the corporate improve its agent rely from about 2,500 brokers in Q1 2011 to about 25,000 brokers in This autumn 2024.
As a part of the map, the corporate additionally needed to implement step capabilities, with a purpose to obtain systematic progress, Duffy mentioned.
“These are the kinds of results you get, but it doesn’t happen immediately,” he mentioned. “There have to be long-range strategic plans in place so you can see things and execute them so you can arrive at your destination.”
Close to the tip of his presentation, Duffy additionally gave viewers members examples of how one can put pondering in another way into motion, which he shared in a slide.
Dan Duffy’s 10 actionable strategies to suppose in another way | Credit score: Dan Duffy
From taking the inverse place from the favored one to transferring individuals round inside an organization about as soon as each three years (by their third yr, most individuals begin to defend the established order of their place, Duffy mentioned), the CEO proffered 10 methods for brokers and brokers to modify issues up with a purpose to suppose in another way.
Duffy additionally confirmed a graphic illustrating the outsized proportion of tech firms within the U.S. in comparison with these in different elements of the world and mentioned it represents simply how a lot enterprise capital is keen to guess on rising new concepts on this nation. That willingness to gamble may very well be an incredible alternative for brokers, Duffy mentioned.
“The U.S. as a culture will take capital and risk it on new ideas,” Duffy mentioned.
“Venture capital firms will get behind you and you need to think about the fact that you are blessed … You have the opportunity to capture that dynamo.”
