BrokerageIndustry News

8 ways to keep real estate biz afloat

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

(This is Part 2 of a three-part series. See Part 1: Will next housing bust kill my business? and Part 3: Real estate survival of the fittest.) Today, the National Association of Realtors has more than 1 million members. If the country slips into a real estate recession, 30 percent to 50 percent of those Realtors may be out of business soon. Do you have what it takes to be a survivor? Last week's column looked at the first step in surviving a market recession–identifying and then strengthening existing profit centers. This week we take a closer look at eight strategies you need to survive while other agents watch their real estate careers wither and die. 1. Explain the numbers Whether you are working with sellers or buyers, being able to articulate how much the market is increasing or decreasing is a pivotal survival skill. To do this, compare the average price per square foot today to six months ago. If the price per foot is declining, the seller's holding costs are increas...