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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.

Relocation Directors: What are your current pain points? I bet I can guess.

Money/Financial Impact:

  • Broker-Owners/Relocation Department Leaders/Relocation Agents are uncertain how they will be paid on referrals in the future

  • Referrals are down from all sources, which means its likely revenue and profits are down

  • Budgets are tight, and resources are slim

  • Broker owners are cautious about the future due to the financial pressures from the settlement

  • Referral fees and other junk fees continue to rise from sources of business

  • RMCs and Networks continue to expect attendance at their events, and you are torn about which industry conferences to attend for the most return

  • Overall operating expenses are up

Sentiment and Behavior Worries:

  • RMCs and corporations have their head in the sand about the upcoming settlement changes, so there are a lot of unknowns, and their counselors may not correctly articulate the settlement changes and how they affect each transferee

  • Agents are nervous about the future, particularly the relocation agent team, and there may be attrition

  • Clients are taking longer to convert or don’t convert because of low inventory, high interest rates, etc.

  • More entities are fighting for the same clients

  • You don’t have the support you need from your leadership

  • Demands and expectations from sources of business and your network continue to increase

  • Requested/preferred agents on corporate referrals

Sound about right? Are you prepared to do what it takes to solve these issues? And if you can’t solve them, how can you counteract them? What is holding you back?

It is understandable that we may all feel a bit lost right now. But inaction is not the cure.

Here are some recommended strategies to chart your path forward:

1.       Increase your sources of business through marketing and put a focus on conversion rates.  We can’t invent business, but we can increase our share of what is available and look for new revenue opportunities.  It means being very strategic and putting aside the old ways. Just because we have always gotten business from certain sources doesn’t mean someone isn’t actively trying to take our share. Protect your relationships and expand them when you can. Focus on the local opportunities before you and strategize how to help buyers and sellers navigate the current real estate environment.  

2.       Decide what activities/expenses bring the most reward. Examine all expenses and attach a dollar amount to their return or the goodwill they bring. Don’t just spend because you think you should.

3.       Establish a strong value proposition for you personally, your department, and your company. What sets you and your company apart? You should be able to articulate that to all stakeholders clearly. And make sure your agents have a solid value proposition. It’s time to pull away from the pack.

4.       Get involved by working with your sources of business to educate them on the current changes and the possible repercussions. Join committees, attend or offer to do webinars or training, speak out, and force the dialog. Don’t stop talking.

5.       Work closely with your agent team and brokers to support and educate them.  It’s a scary time for agents and broker-owners. Keep the dialog continuous and supportive. Sit in on all agent training so you know what they are being told. You must continue to show your value to the company. Have your internal ‘what if’ strategies in place and how you are going to handle them.

So, how should I move forward?

Tackling the above means breaking out of your comfort zone. Are you prepared to roll up your sleeves and look at other options to increase business opportunities? How can you address the current behavior that is driving so many unknowns? The answer is not, “Well, that’s just the way it is.” That may be so at the moment, but it is not a life sentence. Some items will work themselves out over time, but some must be addressed head-on with proactive behavior.

For example, I have a feeling that the ‘requested agent’ situation is going to be dramatically reduced with the new buyer broker agency requirements. Finally. Using untrained or inexperienced agents or brokerages based on a transferee's request has been a nightmare for Relocation Directors. This is no time to risk how the buying transferee maneuvers through these changes. Keep pushing back on the concept of requested agents to your sources and explain the risks involved.

Did I miss anything? I am sure I did. Everyone faces unique challenges based on their market, company culture, brokerage size, brand, network, etc. That’s my specialty: identifying and creating customized solutions and strategies for the current market challenges. Let me know how I can help.

“The pain will leave once it is finished teaching you.” ~ Bruce Lee, martial artist and actor.

Teresa Howe