As a broker, you know the importance of keeping your business moving forward. Digging in is an important part of a business model but staying put shouldn’t be. As the real estate landscape continues to evolve, and as consolidation continues to rise, it’s crucial to prepare your brokerage for the future by cementing a strategy for business expansion while creating a valuable asset.
Here are five things to focus on when it comes to not only surviving but also thriving in the ever-changing real estate brokerage industry.
Simply put, if you’re not recruiting, you’re dying. Brokers need to build bigger brokerages consistently. When you recruit and scale, you have other revenue-generating opportunities with ancillary businesses like mortgage and title. When recruiting, the goal should be to have agents find a home in your business, not just a place to work. Brokers need to think long-term and have a strategy to roll with future changes in the industry. Scaling for long-term growth is key and providing agents support and resources from the start can help to solidify your future.
When a brokerage works with a company that has a lineup of ancillary businesses baked into its business plan, it’s providing agents a 360-degree solution for their clients’ needs. This concierge-type approach offers brokers the chance to bring everything an agent and their clients require, including mortgage, title and escrow, home warranty, photography, staging, roofing services, plumbing, and more. Building partnerships helps build trust, promotes healthy relationships in the industry and positions you as a one-stop-shop for all real estate-related needs.
Digital brokerage tools and platforms have streamlined operations and made it easier for agents to work with clients. Furthermore, for brokerages, technology has made it easier to scale. For growing companies, there would need to be a whole army of agent associates ready to answer questions and just as many brokers on hand to help with broker review and compliance.
Operating on an all-in-one proprietary platform, HomeSmart makes daily tasks more efficient, easy-to-use, and time-sensitive—all items that make a growing brokerage more in tune with its competition and needs as a business. Without this kind of technology, companies like HomeSmart would not be able to scale at the rate they want.
Being in real estate comes with a certain level of individualism. Prestige with partnering with a brand is great, but you should be offering your agents the opportunity to brand themselves. Through comprehensive marketing and design centers from companies like HomeSmart, agents are taking charge of their own branding efforts while keeping the focus off the company. Whether it’s flyers or door hangers, being able to personalize their marketing from anywhere to build their brand pays off.
Today’s real estate agents are a little more straightforward compared to the traditional. They want to close a transaction, get paid and move on while on-the-go. Offering agents a full support team helps them keep their operations running smoothly while growing your own brokerage’s reputation organically. Working with a company that has agent service teams that are all about utilizing technology to get all transactions and related tasks done efficiently while staying compliant should be the goal.
While it’s important to take stock of where you’re at and where you want to be from time to time, it’s even more important to have a long-term outlook on your business, your agents and the industry. By planning around scaling, seeking out helpful partnerships and utilizing innovative technology at your fingertips, you are positioning yourself as confidently as possible for a successful 2021 and beyond.
Bryan Brooks is the senior vice president of Franchise Sales for HomeSmart International, responsible for spearheading the company’s domestic and international franchise growth initiatives including mergers, acquisitions, roll-ins and conversion opportunities. For more information about HomeSmart International, please visit HomeSmart.com/Franchising.