Given today’s residential real estate sales climate, agents have to work harder than ever to gain new listings and clients, and achieve successful closings.
But it’s a different pressure for brokers who are faced with business decisions that must be made to remain viable now and profitable going forward.
Brokerage owners must think deeply, formulate action plans and strategies, and carry them out based on how they predict the market will progress, as the success of their business depends on the choices they make.
In this exclusive RISMedia Premier report, real estate leaders and visionaries who participated in RISMedia’s Real Estate’s Rocking in the New Year virtual conference detail how they’ve met the challenges associated with market highs and lows.
Key takeaways include:
- Adapting to changing demographics is crucial for a brokerage’s long-term viability.
- Cost-cutting measures must help agents as much as possible. Simply trimming staff for more bottom-line profit isn’t enough.
- Agents want to grow their business, so provide them with the tools they need to succeed.
- Connecting with agents in this relatively new remote work environment should be a concerted effort among brokers.
- Whether new or seasoned, agent recruits must mesh with your staff and be aligned with your goals.
Section 1: Understanding Changing Homebuyer Demographics
Given shifting work patterns and the changing complexion of first-time homebuyers, understanding demographic trends is more important than ever to securing the future of your brokerage.
Section 2: Shoring Up Profitability in a Shifting Market
The brokers who survive—and sometimes thrive—in the midst of a real estate slowdown are those who make smart and quick adjustments to their business operations, forensically reviewing every detail to ensure profitability.
Section 3: Recruiting and Retention in a Tepid Market
When the market gets tough, agents get antsy, often looking to jump ship in search of the “ideal” brokerage. Providing them with the tools for success will keep them motivated and part of the team.
Section 4: The Commission Game: What Really Matters to Agents
Training and technology are what matter most to today’s agents, along with compensation structures that keep them incentivized, happy and loyal.
Section 5: Strategies for Growing Your Business
Understanding and utilizing the strategies around mergers, acquisitions, roll-ins and agent expansion can and will result in outcomes that move your brokerage forward.