In Texas as the number #1 agent for Prudential in closings, listings and GCI, Rich was also the broker/owner and manager. Rich took his incredible sales skills and leadership savvy launching a career in leadership that created the new standard. As General Manager for Century 21, Rich grew a company from 150 to 350 agents in two years. In addition to his company duties he grew a new branch to 1 of the top ten offices for closed units among 6,500 Century 21 Offices.
Rich’s incredible record of accomplishments were just beginning. Rich took on the task of a start up office for Prudential and in the first year recruited 120 agents (75% experienced) while becoming the number 1 office for closings amongst a group of 130 Prudential California Realty locations. In addition, Rich took on the responsibility of the respective region growing it from start up to 350 agents in 2 years.
Rich is the Founder of Rich Casto & Company, The Real Estate Coaches, serving brokers, owners and managers in Management and Recruiting Solutions. The Real Estate Coaches deliver value based on practical experience, benchmark results and the transference of skills to people across the country.
Reach Rich at RichCasto@therealestatecoaches.com
Rich Casto: “As each year passes, leadership talent is being diluted. Industry leaders over the past years have been “cashing out”. At the same time I would ask, “How good of a job are current leaders doing in developing people behind them?” This is opening doors for non-traditional leaders which lends itself to a “new shaping” of the industry over the next five years.”
Rich Casto: “Still some talented players at the regional level. An Ed Krafchow, with the tri state consortium of
Rich Casto: “That’s a loaded question. For the real estate agent it is the Brian Buffinis of the industry. Trainers such as himself have filled the niche that a lot of brokers still ignore…coaching and supporting the growth of agent’s business. Hence, the popularity of 100% companies. Right now, still, and this is by no means new information…Cendant’s model (making money in mortgage) has done well. Prudential
Rich Casto: “No mystery here…more for less. Our inability as an industry to change our service model has been eroding our margins for years now. Agents’ deliver “biorhythmic” customer service. What ever they feel like for the moment with a lack of supervision or accountability from the broker. Add in the fact that you have firms that only care about collecting rent from their agents each month ads fuel to that fire. Look at the airline industry. Ninety percent of consumers are concerned with one thing…price. How is the financial health of the airlines? We’re going down the same path…we are doing it to ourselves."
Rich Casto: “Three words. Training, training and more training. Did I mention training? Most industry sales training focuses on the result, getting commissions and productivity. The focus of our training needs to be on the process with the client without an attachment to that result. With this kind of vision the result happens in a magical way and all parties feel good. There is not enough of that taking place in our industry."
Rich Casto: “Develop leadership. I constantly hear complaints from brokers that there is very limited talent for leadership. We only have to look at ourselves in the mirror for that! We are the ones that have to develop them! They aren’t going to fall off trees! If an agent feels that their manager provides no value in their business then, why stay?
Rich Casto: “In my fantasy world I would love to see big brokers and MLS/Associations unite. The problem is they both have very different agendas. Most Big brokers don’t have the time to get involved with their associations. Big broker leadership at the association would truly help the industry as a whole. I applaud all big brokers who come back around and get involved in their associations.”
Rich Casto: “Developing leadership. Period. Soon we will be opening our Residential Real Estate Management Academy. Current manager’s and future managers will be educated in the core area of adding value to their agent’s business along with all of the critical pieces to running a successful real estate operation. I read about the banks getting into our industry and the actions NAR has taken. Banks are already in our industry! They have the most profitable piece. Mortgage! Don’t fear the competition, welcome it and get better. It’s only good for the consumer. This may be just what we need to get our house in order. NAR and brokers should focus on being the best alternative for the consumer…not react out of fear of someone else coming into the business. Focus on the consumer not the banks. Every year we are ranked last as an industry by consumers in comparisons to other professions. That’s where our focus should be.”
Rich Casto: “Servant Leader” has influenced me the most.
