EXIT Realty Corp. International CEO & Founder, Steve Morris, announced recently that he expects the real estate market to begin to turn around in the second quarter of 2009. With this in mind, EXIT asked some of its key regional leaders, "With the bottom of the real estate market being formally announced by the end of the 2nd quarter of 2009, what 3 strategies would you give both a broker and a sales representative to prepare accordingly?"
"A positive attitude is first and foremost," according to Brad Fennell, Regional Owner of EXIT Realty Ohio, in a presentation at EXIT Realty's 10th Annual Convention held at the Gaylord Opryland Resort & Convention Center in Nashville, TN.
Fennell's three strategies are:
1. Refine and Redefine. "Take a good hard look at how you're running your business," he said. "Surround yourself with good people." Do you really need all that office space or can you downsize or renegotiate your lease? Where are you spending your marketing dollars? Create a business plan and a strict budget and stick to it.
2. Employ new systems and tools. "Agents must leave the mindset of traditional real estate and think outside the box," he said. "But, and it is a big BUT, the agent must understand all that is necessary to unleash the power of the technology, from how Internet leads are different and how what they have been told by traditional trainers over the past twenty years, may not be the most effective and efficient way any longer."
3. Accountability. "In the end it comes down to getting out of bed and going to work." Maintain your ethics, don't compromise your reputation - it takes years to build and only minutes to destroy.
"I view this as an opportunity market and a cleansing process," Fennell concluded. "We will reinvent ourselves and find new and better ways to generate business and make money. These will only serve to further position us for success when the market turns around."
For more information on real estate franchise opportunities in Ohio, please contact:
Brad Fennell, Regional Owner
EXIT Realty Ohio
866-781-3948
brad@exitohio.com
This article is also posted on http://www.realestateindustryleaders.com/
Thanks for the post. I think it is important to continue to redevelop yourself without compromising your values.
I would venture a guess that if you weren't already using these strategies, you're working at the hardware store or worse, a used car lot already. Those of us who wanted to weather the storm got a strong whiff of the coffee over a year ago and have been employing these techniques for survival of the fittest. What kills me is the agents who ask me how I am still closing property in this market. Being gentle, I try to impart my philosophy, but more often than not, they will shrug their shoulders and just keep doing what they're doing. You really can't change people, they will only "get it" if they are truly motivated. Sorry for the long vent.
Great post and very well put together, I do appreciate the tips.
Thanks for the posts.
Suzanne - you're absolutely right. If these measures haven't already been implemented, the likelihood of still being in the business is minimal. I believe, though, sometimes folks can read something worded in a way they haven't thought of before and be spurred into action.... at least that's the hope :)