“This is a relationship business. You have to be nose to nose, toe to toe with people.”

Liz Totten: Keeping Agents Motivated in a Challenging Market

By Karen M. Kroll
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Her family’s frequent moves not only gave Liz Totten, GRI, an opportunity to see different parts of the world; they also piqued her interest in real estate. “The REALTORS® we had in California and Washington described the epitome of customer service,” says Totten, whose husband was transferred several times during his career with a multinational manufacturing company.

When moving to California in 1982, for instance, Totten and her REALTOR® had just three days to find a house before Totten had to fly home – which at that point was in Ghana, Africa. The REALTOR® worked nearly around the clock to get the job done. It was the same story a few years later when the family moved to Seattle.

Inspired by these professionals, Totten decided to jump into the business herself. “I was bitten with the bug. Real estate is what I do best,” she says. Since then, Totten has progressed from agent and assistant manager to branch manager and broker/owner with RE/MAX Advantage in Spanaway, WA.

Although it may seem unlikely, Totten’s time abroad has helped her in business, she says. While in Ghana, Totten volunteered with a local orphanage. Observing the Ghanaians’ infectious positive attitude and resourcefulness amidst grinding poverty taught Totten and her family, “to respect the differences in beliefs and values,” she says.

And, Totten’s compassion and concern for others also have been important in both her personal and professional life, she says. When Totten launched her real estate career, she didn’t know anyone in Tacoma other than her husband and two sons. She was happy to work with potential clients in every price range. “It’s not all about the commission check,” Totten says. “You have to value the person first.”

Totten started with Coldwell Banker and spent six years as an agent before she moved to John L. Scott, a large regional firm. There, she progressed from agent to assistant manager to branch manager.

Next, she spent several years as a designated broker with Gateway GMAC Real Estate. In this role, Totten provided training and one-on-one coaching to about 140 REALTORS®. “It’s fantastic to help agents be the best they can be.”

In June 2007, Totten took an even bigger leap and purchased the RE/MAX Advantage office in Spanaway. Of course, this was right as the market was turning. Even so, Totten has made the move pay off. “It’s work, but real estate is always work,” she says. “You have to wake up every morning and get motivated.”

Currently, Totten manages about 10 agents. She emphasizes training and requires each agent to have a business plan tailored to his or her interests. Then, of course, the agents have to execute their plans. As she reminds them, real estate is an expensive hobby. To make it, they have to be committed.

That said, Totten strives to provide her agents with enough flexibility that they can tackle the business in ways that best suit their interests and personality. One uses her involvement in civic organizations to get her name out. Another focuses on several neighborhoods, and in a throwback to days gone by, walks door to door to market herself and get to know the residents. Another has become an expert on bank-owned properties. “It’s important to let them be individuals, but they all have to be working,” Totten says.  

That’s particularly key in the current market. “It’s easy in this market to get down, disappointed and want to stay home in your bunny slippers,” Totten acknowledges. Of course, that won’t work. “This is a relationship business. You have to be nose to nose, toe to toe with people.”

Success today also requires knowledge. Potential buyers and sellers can’t help but see the steady stream of less-than-promising news about the real estate market. To gain their confidence, agents need a good grasp of the market, current pricing and inventory and the absorption rate. “Now is not the time to be shooting from the hip,” Totten says.  Similarly, given that more sales involve bank-owned homes, patience in dealing with financial institutions also comes in handy, she adds.

While Totten’s role as broker/owner is demanding, she makes time for several professional groups. She is education chair of her local REALTOR® association, and, through Women’s Council of REALTORS®, is helping to build a house through Habitat for Humanity.

Totten’s focus on education and her interest in her clients appear to be paying off. Even as the market has contracted, the number of transactions her agency closed rose 30 percent in her first full year of ownership. This year, sales volume is expected to jump another 70 percent.

Karen M. Kroll is a freelance writer from Chanhassen, MN.