For months, economists have been pointing toward a downturn in virtually all marketplaces, causing jitters in brokerages of all sizes, from corporate companies to mom-and-pop shops. And while times are still a little unpredictable in all industries, it’s better to get out ahead of what might come instead of waiting for the ball to drop. When it comes to real estate, you need to ask yourself a few questions:
- Are your competitors dropping their commissions?
- Are you cutting back on certain services?
- Are you frustrated in trying to figure out how to stay ahead?
Today, we discuss what you should be doing to not only stay afloat during an economic downturn but how you can come out ahead of the competition and prepare for growth when things settle (in due time).
Communication, communication, communication
For real estate brokers and owners, teams are the greatest economic asset. A strong working team can provide stability for its members and be especially important during tough times. Every agent has to be clear about their role, expectations, and goals, and how it all relates to the team’s overall productivity.
A broker-owner must understand each member’s abilities and weaknesses to plan a long-term outlook accordingly, with a more considerable emphasis on areas of opportunity for growth. Allowing problems to linger only causes more tension, dysfunction, and the potential to lose out on work due to incompetence.
Connecting with others in the industry
It’s important not to rest on your laurels in times of economic duress. While your brokerage might have hit some home runs in the last couple of years, getting back to fundamentals, and hitting singles is necessary in times like these. One way to do this is to connect with other industry leaders to get their perspectives.
Learning what has and hasn’t worked for those brokers and their teams may provide fresh takes on navigating a changing marketplace. Doing this will only help get the wheels spinning on which direction to take your company during and after a settling market.
Make marketing matter
Another vital part of keeping a brokerage business moving forward with a solid foundation is to ensure you’re getting your business’ name in front of potential clients and reminding past clients you’re there to help. This is where marketing steps in to do the job.
Yes, there are traditional marketing strategies that can cost money. But if you’re looking to save some cash and time, repositioning your efforts to the digital landscape is the trick. By reducing your traditional marketing spending on things like bus stops and newspaper ads and moving budgets toward social media, such as Facebook, YouTube, and Instagram, you’re reaching potential clientele where they spend most of their time: online and on their phone.
Always show you have your team’s back
One of the major business killers is stress. While we all operate with some level of stress, no matter the state of the industry, working under added anxiety can only kill morale and energy. It’s important to make sure each agent feels appreciated and important. Having a confident and supportive office will only help to keep agents on track and in tune with their clientele.
This can be done through training, coaching, mentoring, and workshops that only advance their strengths and offer teachable moments. By encouraging your team to stay updated on the industry and plugged into how to reach clients, you are showing you are invested in their growth as well as the survival of your business in 2023 and beyond.
For more information, visit http://homesmart.com/.
Rich La Rue is the Designated Broker for HomeSmart Phoenix, the flagship brokerage operation in the HomeSmart system. La Rue has more than 38 years of experience in real estate sales and management from real estate offices to regional and national operations. La Rue began his career in real estate in 1983 in Phoenix, Arizona as a sales associate. In 1986 he earned his Arizona Real Estate Broker’s License. He also holds a California Real Estate Broker’s license, GRI, CRS, and CRB designations as well as the e-PRO and the SFR certifications.