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Pete Galbraith: A Recruiting-Focused Growth Strategy

Pete_GalbraithIn the late ’90s, Pete Galbraith got an invite to come work at his father’s real estate firms. Today, he is the president of Coldwell Banker Select Tulsa.

“What I love most about this business are the people and the challenge of the job,” says Galbraith. “Real estate sales can be a messy business. There’s nothing better than being faced with the challenge of a transaction, seeing it through and having a successful outcome for the client.”

In 2016, Tulsa and the surrounding areas experienced some marginal price increases, with units up 1-2 percent and average sale prices climbing, compensating for the lack of an increase in units.

“While some other markets are seeing giant increases in value, we’re seeing closer to 5-6 percent in increases,” says Galbraith. “We have an average sales price of $165,000.”

What’s unique about Coldwell Banker Select Tulsa, and the entire market, is that 75 percent of the marketshare is covered by four large real estate firms, but 300 brokers belong to the MLS. That means agents either go with a firm with very large or very small representation.

“Our biggest competition is the independents,” says Galbraith. “There are bidding wars for agents, and we do what we can to bring on the best ones.”

The firm’s growth comes a great deal from recruiting out of its real estate school, where it brings in approximately 125 new agents each year.

“We help cultivate and grow them as they launch into the business,” explains Galbraith. “When you try to recruit an existing agent, you end up having to buy the production, but this way, we’re adding people who could be long-time assets. People may do 5-6 transactions the first year, but then do 10-15 once they get the learning curve and build a track record.”

In 2016, the firm rebooted its marketing initiatives, working to generate and produce customized presentations for its agents, to help promote and support their business.

“We also offer tons of training; whether it’s with technology, best practices or ethics, we focus on having a well-rounded agent,” says Galbraith. “Before we roll anything out, we beta test it with a small group so we can cherry-pick and find out what challenges exist. Then we’ll bring it to the full spectrum of our agent contingent.”

Looking ahead, Galbraith sees a lot of opportunity in recruiting and believes the firm will experience a fair amount of growth in 2017.

“What makes us unique is that out of the largest companies, our company has the highest per-person productivity in the Tulsa market,” says Galbraith. “It’s important for us to continue that and be the best we can.”

Vitals: Coldwell Banker Select Tulsa
Years in Business
: 42
Size: 14 offices, 650 agents
Regions Served: Tulsa and Oklahoma City Metro
2016 Sales Volume: $1.4 billion
2016 Transactions: 8,100
www.cbtulsa.com

For more information, please visit www.coldwellbanker.com.

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