2025...Let's Go!
The last several years have been trying, not just because of COVID-19 but also because of other factors like lawsuits and the NAR Settlement, high interest rates, housing shortages, affordability crisis, etc. Individually, they are manageable. But having them hit one after the other has been almost untenable.
The thing about a new year is that it gives us a chance to wipe the slate clean - personally and professionally. If it hasn’t become clear by now, we can’t keep doing the same old things and expect different results. The market is different, consumer and client expectations are different, and so are the rules of engagement.
If you haven’t done your business planning yet, it’s not too late. Just do it. Because rubber stamping last year’s version is not the way to go. There is no better time to figure out what will set you, your company, and your market apart from the rest.
Gratitude:
Make people feel like they matter by showing meaningful gratitude, giving affirmations, and saying thank you. The holidays are a great time to show appreciation. Staff, clients, agents, colleagues, sources of business, vendors…everyone.
Educate and inform:
There is still a lot of confusion on the corporate side and in the relocation companies about how the changes from the NAR settlement are playing out. Use this opportunity to make your voice heard and build trust and transparency with those who need our expertise.
Aim high:
Look back to 2019 as your guide. It’s the last ‘normal’ market we have had. Many factors still work against us, but that means we have to work smarter, not necessarily harder. Set your goals within reason, but don’t necessarily be reasonable.
Make your expenses count:
There is a high demand for our presence. Local and national networking events, along with industry conferences, can keep us on the road nearly every month of the year if we choose to attend. Know your return on investment for those events. It’s not just about showing up. Did you get any referrals or learn anything new you can use to grow your own business? Make every event count and contain costs where you can.
Open your mind to new opportunities:
Examine where your business is coming from, then look beyond those sources. If you can’t get more from your existing sources, then you need to add new ones. Look beyond relocation. Are there ancillary services and partnerships that can contribute to the bottom line?
Local is the way:
Your superpower is your local expertise and involvement. No one knows your market as well as you do. Build programs that support local companies and associations. This will help them, their people, and the economy. And it will also generate new transactions and bring new clients into your organization.
Reevaluate those that make it happen:
The end of the year is a great time to evaluate your agent team by studying hard performance data. Maybe it is time to do an agent training refresher to ensure they are prepared to adapt to how the NAR Settlement affects relocation. Some newer agents may be eager to join the fray. Why not give them a try?
Don’t ignore the value of online and mortgage leads:
There is a general sentiment that online leads aren’t good. I am of the camp that believes there is no such thing as a bad lead. With patience, the right nurturing tools, and a rock-star agent eTeam, you can significantly increase your bottom line.
Preserve the employee/transferee experience:
It can be easy to lose sight of our ultimate mobility mission, especially with the settlement chaos. Keep the family front and center of every service, process, and action.
Don’t let anyone or any entity compromise your integrity:
As the rules of the NAR Settlement are tested, you and your agents may find that customers and clients may, knowingly or unknowingly, push you into a gray area. Stick to your guns, do the right thing, and explain why and how things have changed. They are not the ones in jeopardy.
Amp up your visibility:
There is no better way to show you are a subject matter expert than to volunteer. Whether it is within your own organization or a local or national industry entity, getting involved helps you meet new people, share meaningful perspectives, and learn from others. Our corporate and RMC clients need our support and insights right now. Make yourself accessible. RDC and WERC are accepting committee volunteers right now.
Find your value proposition:
What sets you apart from the other service providers? If you don’t know, figure it out and exploit it. If sources of business can’t easily recall your company name and the market you serve, then you have some work to do.
Create more efficiencies and streamline processes:
Step back and take a look at how you are managing your business. Sometimes, we keep doing things the same way because it is comfortable or easy, but it may not necessarily make sense any longer. Evaluate each step of the process. Can AI assist you, or might you investigate more efficient use of technology? Are your people working at their highest level of efficiency?
Take stock of what you accomplished:
Reflect on the progress you made this past year. Take stock of where you’ve grown and use that as fuel to improve upon what didn’t work. We learn from our mistakes.
Self-care:
If we aren’t healthy and happy, then nothing else matters. Find time to do what you love and explore what makes you happy. Detach when you can.
Set a business resolution:
For example, you might want to declare that you are going to volunteer more next year, support your broker more, or increase referral volume or profits by ___%. Whatever it is, put some feeling and thought behind it. As for me, I want to help more people grow their business opportunities next year.
Wishing you all the happiness of the holidays and great things in the new year. Let me know how I can help with the above initiatives.
“The best way to predict the future is to create it.” ~ Peter Drucker, consultant, educator, author
