We’ve seen market shifts like this before. We learned from the past and know what we need to be doing now to ensure we are able to succeed in any market conditions. But are you doing it?
To summarize, 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 nurture as the market causes pause
- Prepare for fewer agents able to weather the storm
Knowing is the first step. Doing it might seem like the hard step, but we are breaking this down into 4 KEY STRATEGIES you can start today to secure a profitable future.
#1: Consolidate technology
Most brokers spend upwards of $67/per agent/month on 12+ different technology tools. Brokers can uncover all kinds of hidden savings by simply reviewing these expenses, and eliminating overlapping technologies (that generally kill productivity as well). Moreover, by committing to a single powerful platform like kvCORE, not only are brokers saving by consolidating tech, but so are their agents. Typically agents find themselves looking for point solutions outside of their brokerage to solve 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 profit, and happier agents. Ensure you are equipped with the very best, consolidated, and streamlined technology so that nobody is enticed to leave your brokerage over better tech.
#2: Be prepared for a shake out
Some sources are projecting up to 250,000 agents could leave the industry in this next market shift. Ask yourself, could your brokerage survive with half as many agents? The agents (and brokerages) without good practices in place will be the ones who suffer most. It’s imperative that you equip your top-producing agents with the systems, the tools, and the training to be even more productive than they are today.
After you consolidate your tech (Strategy #1), you will create efficiencies that reverberate across your entire organization. No more logging into multiple systems and having information scattered everywhere. Your agents will discover they have more time and resources to dedicate to their clients, and more organized and efficient business practices, which is what they will need to win business in a tighter market. And don’t skimp on the tech that wins or loses a listing on the spot. Make sure your agents have the very best CMA and listing presentation so they outshine their competition.
#3: Back to the basics = Generate and nurture leads
New business has felt easy these past 1-2 years, now it’s time to get back to “normal” real estate best practices to find new business. Leads will be in hot demand again, but buying overpriced, low-quality leads is a thing of the past. Empower your agents to generate free leads instantly with simple-to-use tools like landing pages and IDX squeeze pages, like the ones available to kvCORE users. Driving more leads with in-house tools is not only more cost-effective, but you get the compounding advantage of owning (and nurturing) these leads exclusively.
Next, manage your leads and cultivate your database. Your customers need relevant, timely nurturing and your expert guidance, especially during market fluctuations. Look for a Smart CRM that serves as a powerhouse virtual assistant, surfacing the hottest opportunities, automating day-to-day tasks and intelligently nurturing sphere of influence and past customers 24/7 so your agents can focus on what they do best: building relationships. This type of built-in, AI-driven nurture gives agents superpowers to build strong relationships with 100x more contacts than they could do on their own.
#4: Fortify your teams
As the market shifts, more agents may gravitate towards a team model. Not only are agents going to seek the support of a team structure, but the team concept itself is dominating the industry. If your tech platform is not designed to allow teams to function independently as a “business within a business,” you risk losing them. You need to provide them 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-term.
From the efficiencies you’ll create by savvy technology consolidation, the enhanced productivity you’ll create through streamlined processes, the stronger lead-gen tools to develop and nurture business within your brokerage ecosystem, and by providing full support to your teams, you’ll be a stronger, more nimble, more market-ready brokerage. It’s time to embrace your culture that says, “we are ready for anything.”
Ensuring you have the industry’s most proven and most sought-after technology, and technology partner will show you are ready. Learn more about kvCORE Platform.