Here are our top comments from readers this week, compiled by the editorial staff.
Another brokerage whose business model is agents recruiting agents. My thought is, if you focus 100 percent on recruiting agents and 0 percent on helping those agents generate business, you’ll see a bigger decline in revenue in a down market.
Especially now since a new generation of buyer is here. The brokerage that focuses on smart lead generation and client retention will always attract talent and will be able to weather the storms ahead. You’ll see a big attrition rate when the market takes a turn and the broker is not focused on helping its agents genertate business, but rather telling them to go recruit more agents.
The shift in Northern California began about 3 months ago following a quieting down in both Silicon Valley and San Francisco. A normal market goes up and down, creating natural corrections. I am not convinced that a huge shift is coming but balance is definitely on the horizon. Every one always talks about a downturn like it is a ominous event, but in my view, it is nice to see the pendulum swing the other way and give buyers an opportunity to “win”.
Love the interview and Leslie Edersole and agree with her “Diversities Dividend.” I have a woman partner in my business who owns 50% and she also has her own accounting business which we hire for our daily business use. Her partnership has been essential in the culture and growth of our company. My business partner also happens to be my wife. She has taught me diversities dividends.
Damon Harris · Commented on If I Wanted Your Opinion, I Would Have Asked For It
In my real estate business and career there are key issues regarding my community that I will always address. I used to wonder if my views on affordable housing, gentrification, wage inequality and the wealth gap hurt my brand. Then it became my brand.
It gave my clients an idea of who I was and what I represented as a person. They liked that my social media feeds showed other areas of real estate besides me promoting open houses or saying how much I loved my clients after closing. It gave me a personality other than showing promoting my ego.
Think about what most Realtors social media feeds look like…vacations, houses for sale, houses sold etc. On the business side, it created lanes to clients that other agents couldn’t duplicate because we built relationships based on common interest and i just happened to be the guy that sold houses.
Not sure where you got your information about dotloop’s customer service, but I have called them in the past late at night and on weekends and they are there and their support is second to none. They have the ability to get into a loop in working on without having to take over my computer so they can see exactly what I’m seeing and have resolved every issue I’ve had within a few minutes of the call. I love working with this tool. It is very powerful.
Everyone will have their opinion and agents can believe or not believe that a shift is coming. It really does not make a difference if it is coming, already past or will be coming seven years from now. It WILL be coming. Agents need to understand there will always be a shift and business practices need to updated and adapted constantly.
If agents are basing everything on terms like “leads,” “prospects” and “transactions,” you will be out of luck WHEN the shift does come.
So whether you base this shift on technology, financials or whatever, a shift will be coming to the industry. Adapt or update the resumé.