To make next year one of your most productive yet, brokers don’t need a 10-point must-do list. Instead, there are just three crucial factors to factor into your 2022 plan. Anthony Hitt, CEO of Engel & Völkers Americas, explains.
Discover all Inman’s year-end coverage here.
Although there has been much speculation about where the real estate market will go in 2022, economists, market and industry experts agree that we are likely to see things normalize to some extent. next year. Price growth will continue, but at a slower pace, inventory will continue to open up and bidding wars will no longer be a given.
However, many external variables remain far from certain. Thus, it becomes all the more important for brokers to focus on the elements of their business within their control in order to plan for the most productive year possible.
Here are three things every broker should consider when preparing for 2022.
Build up reserves
Overall, real estate professionals are most likely coming off a two-year high. While it may be all too easy to overspend, there’s no better time to build up reserves than when times are good.
When the market inevitably turns, whether in six months or six years, brokerages that have been cautious in good times will be ready to maintain a strong position even in a bear market.
Invest in your SEO business
Investing in your brokerage’s listing business will always pay dividends. A real estate professional or listings team, instead of just representing buyers, better understands the ins and outs of their market and can see changes coming well in advance and pivot their business accordingly. .
By focusing on listings, real estate professionals can still control their business, making decisions based on facts and data rather than relying on the whims of buyers.
We know which consumers are most likely to sell their homes in 2022. Brokers should encourage and foster listing expertise within their teams by providing the training, tools, resources and mentorship to achieve these sellers in their markets.
For this, do not leave any avenue unexplored. A lead manager can be an invaluable addition to any team and ensure that no business is left on the table.
Evoke a culture of leadership
Recruitment has never been more important. After two banner years for the industry, it can be easy to overlook the value that real experts and specialists bring to the field. But don’t get me wrong, it’s priceless – and you don’t want to wait for a bear market to find out just how valuable it is.
In order to attract and retain these top producers, brokerage management must invest in each agent’s success, be involved, accessible, and ready to step in and provide mentorship and guidance at all times. As a leader within your organization, the willingness to invest your time, network, and resources with your team inspires a culture of collaboration that permeates from the top down.
We have all experienced how quickly the world around us can change overnight. Yes, real estate has been strong, but you don’t want to wait for a rainstorm to find out your roof is leaking. Now is the time to prepare.