When Gino Blefari, CEO of HomeServices of America, wanted to buy investment properties in Chattanooga, he called Doug Edrington.
And it’s easy to understand why: Doug leads the number one team in Chattanooga, is the founder and CEO of a brokerage, and is a Tom Ferry coach.
On this episode of The Byron Lazine Podcast, Doug shares his mistake when starting a brokerage, his team’s mentorship model, and the future of the Chattanooga market.
Starting a Brokerage
After building a top-producing team, Doug decided to expand his reach with a brokerage in 2018. He knew this was the direction he wanted to go in, but the final decision was a bit impulsive.
Doug opted to keep his business under the same name as his team and opened the franchise Berkshire Hathaway HomeServices J Douglas Properties. While the move worked out, Doug said if he had to start over, he would become clear on his end goal before taking the leap.
“Biggest mistake I made – I didn’t align it to a 20-year goal. Do I regret it? Absolutely not.”
Team Mentorships that Produce Results
Doug coaches all the teams under his brokerage and has developed an in-depth mentorship program within his team. Here’s how he ensures new agents receive the education and training needed to start making money as soon as possible:
During the first 30 days, new agents are focused on training only. No leads. No deals. Just education. Mentors meet with new agents via Zoom (so the training can be rewatched), and agents become certified in contracts, scripts, and more. Once agents become certified in each required area, they earn their lead flow.
Education doesn’t stop once leads come in. Agents continue working with a mentor for their first 10 deals, receiving two 45-minute training sessions every week. They shadow multiple agents so they can learn different styles, and work to develop their own style so they are comfortable working with buyers, sellers and investors on their own. The structure of the mentorship program has proven to be successful, providing new agents with the education and support needed to get up and running as quickly as possible.
Since Doug entered the industry in 2004, the Chattanooga market has been pretty stable. Back in 2007-2008, Doug and his team didn’t feel the effects of the housing crisis as much as other markets. In today’s market, the median price point is about $300,000 (less than the national median price), and people from all over are taking notice.
Along with consumers from California who are moving their residence to the area, investors are also scooping up properties – including Gino Blefari. As the CEO of HomeServices of America, Blefari knows the residential market better than just about anyone. Knowing he is buying rental properties in the area speaks volumes about what the future holds for Chattanooga.
Tune in for the full conversation, as Byron and Doug dive into the power of communication, what Gino Blefari is like at conferences, and Tom Ferry coaching: