Don’t Wait Too Long – The Fast Ways to Profitability

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By John Voket

RISMEDIA, August 23, 2008-It may be easier said than done, but in a market like today’s it’s imperative to make hard decisions quickly. According to Janice Miller, broker/owner of ERA First Advantage Realty Inc., these types of proactive business practices will ultimately lead your company to profitability. Here, meet Miller, and learn what’s working in the Newburgh, Indiana market.

Janice Miller
Broker/Owner
ERA First Advantage Realty Inc.
Newburgh, Indiana

Years in real estate: 28
Number of offices: 3
Number of agents: 80
Region served: Southwest Indiana; northwest tip of Kentucky
Best tip for dealing with difficult customers: Setting mutual expectations in the beginning of our client/agent dealing is the key to having happy customers. If there is a challenge with agents or customers, quickly get them into the office together. Usually when they are in a room together quick solutions happen.
Most creative ad you’ve ever run: I ran an ad of all the photos of myself that I had used over the years and the title was, “Which Janice sold your home?” It was hilarious…so many hairstyles.
Key to staying profitable: In today’s market, you must look at expenses daily. Watch everything you are doing. Make hard decisions quickly-don’t wait too long to make decisions that will not be popular. Make them and lead your company to profitability.

What strategies are most effective for you in recruiting?

The best recruiting tool is your own agents’ happiness. If your agents love where they are, they will attract others. Several of my agents are former customers. They see what we do and the professionalism we strive for; it is a place where they feel comfortable so they want to work there. We also use contests to keep the workplace fun. They want to attend sales meetings because we make them fun, uplifting and motivational by involving the agents.

Best ideas on client retention?

We have a free giveaway postcard program that we design and send out to our former clients. It gives something of value every month, such as a free dessert at a restaurant, flowers at the flower shop, candy at the candy shop, doughnuts, pizza, one room of carpet cleaned. A body shop just gave away a free drink cooler to every one of our customers who stopped by their place of business. The vendor supplies the item at no charge to us. We have customers call and ask how they can get on the program.

Best strategies for dealing with a slower market?

“Slower markets” is a mindset, and I choose not to participate. We are working smarter than we have in the past. The young, new agents entering the business are teaching us so much regarding technology and they are showing us that just because we have done the same thing for 20 years, it doesn’t mean we shouldn’t or can’t change. For instance, I used to use a Palm Pilot; then I moved to a BlackBerry. Now I use an iPhone. I love it; it’s the easiest thing in the world to use. The photos I take-even for our ads-are great. My clients and agents accuse me of being a secret salesperson for Apple.

How do you deal with the negative effects of the media?

Personally, I ignore it. The agents who are willing to get out there and work will survive this market. It is not as easy as it has been to sell homes, but it has been worse. Look back at 1980 when I started-interest rates were at 18%. But we sold homes in 1980, right? With the current economy and challenges in the market, we just have to be more creative than we have been in the past.

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For more best practices, see:

• Taking the Right Amount of Time
  How to Begin Marketing to Hispanic Consumers
• 5 Ways Agents Can Use SMS to Sell Real Estate