A Team for Today’s Market

RISMEDIA, June 17, 2008-In The Woodlands, TX, Michele Flory & Company seems to be immune to the changes in the real estate market. This real estate Power Team reported higher sales in 2007 over 2006. Learn what strategies they are using that help them buck the downward trend.

Michele Flory
Michele Flory & Company
Prudential Gary Greene Realtors
Team members: 7
Years in real estate: 10
Years as an agent team: My husband started helping me from day one and then we added our first assistant in our second year in business.
Region served: We focus exclusively on the Woodlands market, a master-planned community with 30,000 homes. It’s either a very big neighborhood or a small community-however you want to look at it.
I formed an agent team because…we needed help.

Strategies for excelling:
Our marketplace has not been affected by the recent market swings. I know it’s hard to believe, but because of the limited nature of the housing stock here, our sales were actually higher in 2007 than they were in 2006. Our sales this year are just about on par with sales from last year. The past two years have been interesting. Our major strategy for achieving excellence is to put the client first, no matter what.

What are some of the challenges you are confronting in your marketplace today?
We are in a seller’s market and we still have bidding wars and multiple-offer situations. Fifty percent of our buyers come from other markets where this is not the case and we have to teach them that this market is still a seller’s market-not a buyer’s market. In the last three or four years, we have had this amazing turnaround. Also bear in mind that the Woodlands builders are nearing the end of construction in Montgomery County. So there is some urgency for people who want to buy in the market. That means our biggest challenge is finding homes for buyers, which is totally different than other markets in the country.

How does having a team allow you to handle these challenges?
We find that we have to work very closely and very well with other agents in the Woodlands. There is a buildup of people waiting for homes to come onto the market. That has a domino effect. So we network and stay plugged into the market so that we know when a house is coming onto the market and we make sure we stay on top of it.

Does having a team provide you with a competitive advantage in the market?
I think it does because it means we always have other people who can help the client when we aren’t available. As much as we try to be there all the time, we just can’t. So having people who can step in and not only cover for each other but make it a seamless process helps us stay on top of everything and give superb service.

How does the team concept help attract and retain clients?
We all have a high sense of enthusiasm and energy and a true sense of commitment and honesty. And this work ethic is apparent to our clients. We get a lot of repeat business and referral business because of the way we work as a team. We try to keep our clients for life. We keep them informed of the market after every transaction and we have a client appreciation party ever year.

Can having a team be problematic in terms of overhead and expense?
It’s kind of like a marriage. Prudential Gary Greene provides all of our office space. Just like a broker, we get a little bit of everyone’s commission so we can put that commission money back into the team. We do not want to get caught up in nickel and dimeing our team members. I don’t know what the percentage of our income is on marketing, but we will spend whatever it takes to make sure that we stay on top. We don’t want to shortchange anybody, and you have to spend money to make money. All of the team members we have have come from business backgrounds, so we all work well together as a business. We all have that experience, which is crucial. We know how to sell, how to negotiate and what it takes to run a business successfully and profitably. I guess you could say we are all entrepreneurs to begin with. Also, one of the things that my husband has been involved with is new technology. We have our own blog and several websites. This is very important to our clients so that we can get their homes out in front and it also gives us excellent marketing tools, whether it’s tours for our homes or getting it out on the website. The fact is that we concentrate exclusively on this marketplace so whether it’s buyers or sellers we help them understand the market.

Success Strategies

How do you stay profitable?
We put our clients first, so when it comes to marketing a seller’s house, we don’t look at the bottom line. Instead, we do whatever it takes to get the house sold. Or it’s like buyers; you never how much time it will take to help them buy a house. I did spend three years with one couple who ended up buying a $100,000 house, but I enjoyed every minute with them and all of the referrals that come from them. If you do well with someone, its going to come back to you ten fold. We love spending the time with each one of our clients and making them happy. All of my team members would say the same thing. It is a very rewarding business.

The one thing your team can’t live without? Clients.

The best way to build a brand? Stick with the same one. If you just keep putting it out there people will recognize you.

The average number of hours each team member works? It’s not going to be a 40-hour a week job. It’s one of these things where for us it’s about seven days a week. It can go from 5:30 a.m. to 10 p.m. It’s just one of those things. You have to be willing to put in the time. But you have to take time off, too.

Philosophy on life in real estate? Work hard. Be honest, be patient and always, always put your client first.

-Lesley Geary

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