Two Choices for a Secure Path Forward

When I speak with industry professionals right now, I can feel the anxiety through the phone. There are so many unknowns, and it is wearing on everyone. Broker owners are stressed about the lawsuits, agents leaving, and how the business is being affected by the current economic climate. There is a trickle-down effect on everyone in the organization.

Since the traditional relocation and referral sources are also down, it compounds the situation for those who manage these lines of business. While interest rates are projected to drop throughout this year, they are still a sticking point for those who don’t have a reason to move. The lack of inventory exacerbates the problem by creating multiple offer situations and a lack of choice.

Corporate relocation may never fully return to its former glory. Remote work has become embedded in just about every corporation and will continue in some capacity. As long as skilled talent is scarce, companies will have to accommodate those who have no real need to be on-site.

We can twist our hankie and wait for this to pass or take action. Waiting may mean someone else will make decisions for you.

So, what is the path forward? We have two options:

Cut our expenses or increase our revenue. Or both. That is the only way we will protect ourselves during these turbulent times. Your broker will do what they have to do to ensure a path forward. And with so many unknowns, they are having to make hard decisions. Some companies look at every unnecessary expense first. Some go for the low-hanging fruit and just begin to cut staff. More agents will either leave the business or try out other brokerages, thinking it might improve their business, which causes more stress at the top.

We may believe that our leadership truly supports us and believes in what we're doing. And that may be true. But business is business. It is time to take action to build a marketing strategy that steps outside of the usual RMC and broker-to-broker business. It means broadening the sources of business outside of what’s obvious.

That’s why you need an outside perspective.

You may have a sense of what needs to be done, but the day-to-day grind gets in the way. Or you aren’t exactly sure how to prioritize the business lines and the tasks needed to go after the business. I am confident each of you could figure it out in time. But it could take you a year to get it done with a lot of trial and error.

My job is to streamline the process of developing new business opportunities based on your preferences and your company culture with a customized approach. And get it done fast. I am here to help you counteract the problem of diminishing business from your existing sources.

In today’s environment, I always like to speak to the leadership when I am speaking with an RD about helping them. I do that for all of the reasons above. They are looking to cut expenses, not increase them by hiring a consultant. But a short-term investment in me has a big payoff. I leave you with the tools that will transform your company by broadly increasing the sources of business so you depend less on your agents and your existing sources. If you do what I recommend, I will help you increase revenue. Period.

The danger of short-term thinking.

Recently, I had a Relocation Director tell me their broker was shocked at how much my services cost. I actually laughed out loud when they said that. In comparison to most business consultants, my services are a great value. Depending on your average sales price, it only takes a handful of new transactions to easily cover my cost, and you reap the long-term benefits in the future. This company currently has very few diversified sources of business. But that is a broker that is only looking at the expense before them, not the projected outcome and increased business.  

What will it take to get back to 2019 unit numbers?

We have never experienced a market like this before. It is a perfect storm of sorts. We should be trying new things and expanding our service delivery.  It’s time to turn over every rock.  Sit down and calculate how many new transactions it would take to put you back in line with your 2019 revenue numbers.  

I know what works and how to create the programs and services to give your brokerage and department the boost you are looking for. The longer you wait, the longer you put off the rewards.

"The best way to predict the future is to create it." – Peter Drucker, Management Consultant and Author