As real estate professionals, we help people “make a move” from one home to another. But we also use the expression to refer to strategic shifts that move our business from one place to another.
I’m a few months into my new role as president of Better Homes and Gardens Real Estate, and I have wasted no time in visiting our brokers across the country to better understand their business challenges and opportunities. What has emerged are three distinct areas of focus that our brokers are leaning into as part of their strategic growth plans.
- Setting up agents for success
The disruptions in the job market created by the pandemic led to an influx of new agents into the industry. At the end of 2022, there were 1.58 million REALTORS®, the most ever in the National Association of REALTORS®’ history, many of whom have never experienced market conditions like what we’re seeing today. That means they have never hosted an open house, coached a seller through a price reduction or navigated concessions. Brokers must proactively prepare their agents for these new conditions, doubling down on training, sales meetings and coaching to develop their new talent for continued success. Experienced agents can be tapped as well to provide advice, insight and best practices for their colleagues. We’re seeing that companies that adopt a “rising tide lifts all ships” approach have made the right move.
- Leverage available tools and resources
The market frenzy of the last few years required very little in terms of tools and resources. Buyers were plentiful and sellers were in the driver’s seat. As the market has cooled, smart brokers and agents are getting reacquainted with the tools they have at their disposal to prospect, cultivate and close business. From CRMs and lead generation to online and offline marketing programs, as well as professional development and sales training, full-service brokerages offer an array of business-building tools. Brokers focused on the future are making it a priority to ensure their agents are availing themselves of the support that already exists within their brokerage.
- Specialized lines of business
It’s likely many brokers and agents are well-versed in working with all types of clients, but to win the most business, it’s become really important to distinguish yourself in a crowded marketplace. That’s why savvy brokers are formalizing specific services such as luxury homes, new construction and relocation support into clearly defined lines of business. Tailored marketing support aligns with the specific wants and needs of each target audience, creating a more personalized approach that supports client acquisition. Having diversified lines of business also ensures that the business is spread out enough to weather fluctuations in specific areas.
As brokers navigate current market conditions, they are clearly making strategic moves focused on ensuring a successful future. Interested in making a move to secure your future? Learn more at https://bhgrefranchise.com.
Ginger Wilcox is a third-generation real estate agent with experience in residential real estate, mortgage and technology. She is president of Better Homes and Gardens Real Estate.
