How Brokers,
Owners and Team Leaders Can Market-Proof Their Business
By Larry Rideout | Originally published by Banker & Tradesman on September 18,
2022
Major shifts in the real estate market are inevitable, but not
always easy to adapt to. Some of the nation’s largest real
estate companies are announcing layoffs, and the cutbacks are the
latest indication that the housing market is cooling.
But for Gibson Sotheby’s International Realty, this
doesn’t paint the full picture of what’s going on.
Having seen numerous market shifts over our decades-long tenure,
our outlook and approach are grounded in market realities and
keeping our powder dry, proven methods that have carried us through
many challenges. The market is merely “stabilizing”
from its previous frenzied levels – a positive sign, because
the red-hot market was neither healthy nor sustainable.
With smart, careful adjustments and a renewed commitment to our
goals, our company leaders are uncovering new opportunities and
even getting stronger in a more challenging market. We have put
together a proactive, battle-tested approach to navigating a shift
that has allowed us to flourish when others are closing up
shop.
Educate, Be Honest with Your Agents
While the news may be buzzing with news of a buyer’s
market, what’s happening in your local market is much more
layered and complex. Each hyperlocal market has unique
opportunities that are not the same nationwide.
With clients that are more uncertain and hesitant than usual, we
equip our agents with every data point so they can help their
clients make the best decisions for the future. We never sugarcoat
where the market is and how it can impact their property goals.
Instead, we enable our agents to focus the conversation around
maximizing opportunities that do exist and prepare to grab them as
soon as they pop up.
It is also important that a brokerage offer ongoing coaching and
training opportunities. Create adoption programs to ensure that
your agents are using the technology resources you’ve made
available to them. Whatever you do, make sure it provides
value.
While doing this, it’s important to double down on your
office’s culture. One of the most important factors we
considered when building our brokerage was building a culture where
our agents feel supported, motivated and able to thrive.
In a shifting market, lead flow is unstable. Focus on creating a
culture of service, an environment where agents are able to create
more business. Take marketing and administrative tasks off their
plate so they can focus on getting those leads. When we remove
obstacles for our agents and their clients, only then can we
succeed as a firm.
Be Present and Engaged
As leaders, what can we do to create an environment for our
agents that’s more conducive to lead generation?
Our leadership team members are all big believers in being
physically present as much as possible. Weigh in on what you see is
happening in the market and offer daily recommendations on what can
be done to adjust to it.
Lastly, don’t forget to keep up the momentum. When
other firms are pulling back, use this time as an opportunity to
make your business stronger and grow your market share.
In fact, in the midst of the cooldown, Gibson Sotheby’s
International Realty continues to seek to hire new staff and expand
its market presence through strategic acquisition. And with every
recruiting or expansion opportunity, we always assess the ROI of
the prospect. Are they bringing in sales that justify their costs?
Do they retain clients and make an effort to maintain good
relationships? Do the markets they serve feed into those we serve
currently? How do they fit into the collaborative culture of our
brokerage? Don’t focus on the overall number, but on how much
of the business you can do.
Showing that you’re willing to invest in your company as a
whole makes agents feel more secure and inspired to invest in their
own business.
Larry Rideout is the chairman and co-owner of
Gibson Sotheby’s International Realty.