We have seen market shifts like this before. We have learned from the past and know what we need to do now to ensure we are able to succeed in all market conditions. But do you do it?
In summary, here is what we know we should be doing:
- Streamline the business and find efficiencies we didn’t worry about before
- Cut costs, but do it in a smart way that makes us stronger and more profitable
- Shift to Long-Term Customer Loyalty as Market Halts
- Prepare for fewer agents able to weather the storm
Knowing is the first step. Doing this may seem like a difficult step, but we break it down into 4 KEY STRATEGIES you can start today to ensure a profitable future.
#1: Consolidate Technology
Most brokers spend over $67/per agent/month on over 12 different technology tools. Brokers can uncover all sorts of hidden savings by simply looking at these expenses and eliminating overlapping technologies (which usually also kill productivity). Additionally, by committing to a single powerful platform like kvCORE, not only do brokers save by consolidating technology, but so do their agents. Typically, agents find themselves looking for point solutions outside of their brokerage to meet their business needs, but an all-in-one platform with the flexibility to integrate as needed makes that unnecessary. The benefits of reducing your tech stack are numerous and always lead to higher productivity, higher profits, and happier agents. Make sure that you are equipped with the best technology, consolidated and streamlined, so that no one is tempted to leave your brokerage for better technology.
#2: Get ready for a shake out
Some sources predict that up to 250,000 agents could leave the industry during this next market shift. Ask yourself if your brokerage could survive with half the number of agents? Agents (and brokers) without best practices in place will suffer the most. It’s imperative that you equip your best agents with the systems, tools and training to be even more productive than they are today.
After consolidating your technology (Strategy #1), you will create efficiencies that will ripple throughout your organization. No more logging into multiple systems and having information scattered all over the place. Your agents will find they have more time and resources to devote to their clients, and more organized and efficient business practices, which they will need to win business in a tighter market. And don’t skimp on the technology that wins or loses a listing on the spot. Make sure your agents have the best CMA and presentation of the quotation therefore they eclipse their competitors.
#3: Back to basics = Generate and nurture leads
New business has seemed easy for the past 1-2 years, now is the time to go back to “normal” real estate best practices for finding new business. Leads will be in high demand again, but buying overpriced, low-quality leads is a thing of the past. Empower your agents to generate free leads instantly with easy-to-use tools like landing pages and IDX squeeze pages, like those available to kvCORE users. Generating more leads with in-house tools is not only more profitable, but you also get the added benefit of owning (and nurturing) those leads exclusively.
Then, manage your prospects and cultivate your database. Your clients need relevant and timely support and your expert advice, especially during market fluctuations. Look for a smart CRM that serves as a powerful virtual assistant, surface the hottest opportunities, automate daily tasks, and intelligently feed sphere of influence and past customers 24/7 so your agents can focus on what they do best: building relationships. . This kind of built-in, AI-driven nurture gives agents superpowers to build strong relationships with 100 times more contacts than they could on their own.
#4: Strengthen your teams
As the market evolves, more agents may turn to a team model. Not only will agents seek the support of a team structure, but the team concept itself dominates the industry. If your technology platform is not designed to allow teams to operate independently as a “business within a business” you risk losing them. You need to provide them with a private and secure database, sophisticated team-designed lead routing, and their own branding flexibility. Nurture teams like you do your business, and the benefits will be mutual and long-lasting.
Efficiencies you’ll create through savvy technology consolidation, increased productivity you’ll create through streamlined processes, more powerful lead generation tools to grow and nurture business within your brokerage ecosystem, and by providing comprehensive support to your teams, you will be a stronger, more agile and market-ready brokerage firm. It’s time to embrace your culture that says “we’re ready for anything”.
By ensuring that you have the most proven and sought-after technology in the industry, a technology partner will show you that you are ready. Learn more about kvCORE Platform.