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The Bridge

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The Bridge

Do you want to amp up your company generated business game? The Bridge is where the real estate, relocation and mobility industry can discover how taking a new path doesn’t have to be scary. Teresa R. Howe is an expert in her field with years of successful program and services development and management. She has a passion for helping companies be the best they can be. Do you want more revenue, more customers and better experience management? Get tips on how to compete more effectively in a world of constant change and disruption. You might also come across some random thoughts that just pop into her head.

It hasn't been all Rainbows and Unicorns this year, but there is hope!

Well, here we are halfway through the year. It has flown by compared to the slow crawl of the Covid years. The halfway point is a great time to reevaluate your strategic plan and adjust the course if necessary. Don’t have a plan? It’s not too late to create one. Sometimes a six-month plan is easier to visualize by utilizing the knowledge you have gained from the previous six months.

While it hasn’t been all rainbows and unicorns the first half of the year, there are some bright spots that give me hope. As inflation gets under control, interest rates will ultimately level off. Consumer sentiment says that if we can get into the 5%+ range on mortgage rates, people will begin to reconsider non-essential moves. In the meantime, we need to focus on those who have to make a move and capture as much of that audience as we can.

It’s time to take a look at these markers and possibilities:

  • How do your referral and closing numbers compare to this time in 2018 and 2019? Leave 2020-2022 out of the mix due to the Covid anomaly.

  • What is the mix of your referral business? How do your broker-to-broker and RMC business compare to 2018 and 2019? What marketing efforts can you take to increase those lines of business?

  • How is your conversion rate holding up? Can you focus more energy on follow-up and ensuring the agent team is doing what they need to do to hang on to every prospective customer and nurture them?

  • What are some new sources of business that you can target to add to your sources by year-end? Are there non-transactional services you can deliver to generate more revenue?

  • Maybe it’s time to take a look at your fee structures. Do your referral fees still make sense? When was the last time you increased your rental and tour fees?

  • Can you bring eCommerce or license holding under your umbrella if it isn’t already?

  • What local corporate opportunities are there for you to help companies that only offer lump sums? What about affinity partnerships?

  • How can you support your leadership with any challenges they are currently facing? They are all looking for budget cuts or increased revenue. Help them achieve that.

Corporations will make some final policy decisions on remote versus in-office work by the end of this year which will set the relocation wheel back in motion. The C suite is keen on people returning to the office or at least being close enough to be hybrid. Those decisions may make some people jump ship which will cause hiring that may mean relocations. Or it might get people to move back close to their office if they moved away during Covid to hang onto their job.

Whatever the rest of the year brings, having a fluid plan will allow you to ebb and flow with the tide. If we learned anything during the last few years, it is how to be flexible. Create a plan and adjust as necessary. It costs nothing but time to do that. Set some goals with timelines attached even if they are for your eyes only to give you and your department something to strive for. Happy half year and here’s to rainbows and unicorns for the rest of the year!

“Be a unicorn in a field of horses.” ~Unknown

Teresa Howe