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A few days ago I attended the Coldwell Banker Elite Retreat in L.A., an annual gathering of the very best-performing Coldwell Banker agents across the country.

I was excited to meet this group and understand what exactly makes them “Elite”. At dozens of other gatherings, I’ve seen idealistic optimism on the one hand and severe cautiousness on the other as agents seem to brace themselves against the tougher market conditions. Perhaps here there would be something different.

At the CB Elite Retreat, I had an opportunity to get under the hood on how these agent-entrepreneurs think. I spent two solid days full of seminars, small group chats and dinner conversations. During this time, I made a few key observations:

First, agents such as Joyce Rey, represent homes that us ordinary people only see in movies or from tour buses. A $125,000,000 price tag for a single family (and a dozen people to run your errands) home is not uncommon in her world. Getting access to these assets and ultimately winning listings around the kitchen table - or should I say around the marble fountain in the main lobby - is the ultimate demonstration of entrepreneurial skills. I can only guess that it’s her extraordinary negotiation and people skills coupled with consistent hard work that have put her where she is today.

Second, practically every person I spoke with approached the current market conditions in a thoughtful, realistic manner. Agents are carefully considering new ways to capture market share while keeping costs under control. They know it is going to take every ounce of hard work and business savvy they’ve gained over the years to continue to thrive. They are eager to face the new market and recognize that it may not always be easy.

Third, while everyone was thoughtful and realistic, the mood of the event was still highly optimistic. Certainly these Elite agents deal with the top end of the market which, in many areas, is still doing well. But what I suspect is that they know a down market is usually the best time to capture market share and get ready for the next up market.

All of the above made me rethink the definition of what makes a great agent. I realized that I was in the midst of highly successful entrepreneurs, willing to roll with the punches, able to realistically assess the situation at hand and to adapt quickly—without complaints. No surprise given that most of these ladies and gents are making seven-figure incomes. My guess is that most of these agent-entrepreneurs would succeed any number of fields. And frankly, we all have a lot to learn from them!

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