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The Sub-Prime mortgage crises had a devastating impact on many real estate brokers nationwide.
What we are witnessing is the slow transition of the real estate business from the Mom and Pop independents to the major players, the huge well funded independents.
The small Franchisee’s are just as vulnerable as the independents. Maybe more so due to the continuing Franchise fee’s that must be paid irrespective of sales or no sales.
With operational costs soaring and unit sales on the decline, only the well-funded Broker can survive this market.
Here is my advice to the broker who wants to make it to the next upturn.
Consolidate your branch offices to cut your overhead and do it Now.
Renegotiate your office leases to cut overhead NOW.
Don’t make plans to go to the next Realtor Convention because they won’t save you.
Save the airfare and hotel cost as well as the over priced registration fee’s.
Rethink what you really want to accomplish with your company.
Now is not a good time to sell unless you are going under.
The best way to protect your company is to grow your company.
Recruit more productive agents from the offices that are closing shop.
Show those offices that it’s better to merge than just close down.
Obtain mailing lists from those closing offices and then use those lists to recruit other agents by giving them a client list.
Utilize more free advertising such as the many Free Internet listing companies.
IE: Yahoo, Zillow, etc.
Rebuild your Website to include more satisfied customer testimonials.
There still is a need for many to buy or sell a home. Let them see how easy it is to do business with your firm.
Review your competitors websites and make yours better by making it more user friendly. This is one of the best things you could do.
Feature your agents in testimonials that tell of the success they have had in
serving their clients while associated with your firm. All of this should be on the website.
Don’t buy a new car!
Shop for better Insurance rates for your office building.
Stop lending your agents money, you are not a bank.
If you need other idea’s feel free to call me at 888-393-1230, I’d be happy to help.
