RISMEDIA, March 28, 2009-No matter what type of real estate market you work in, communication is vital in order to keep the company going. Here, read how important it is to George Damianos, president of Lyford Cay Sotheby’s International Realty in Lyford Cay, Bahamas to stay in constant contact with his offices and agents who are spread throughout the islands of the Bahamas.
Lyford Cay Sotheby’s International Realty
Lyford Cay, Bahamas
Region served: Lyford Cay, Bahamas
Years in real estate: 36
Number of offices: 7
Number of agents: 19
Average sales price: $1 million
Average listing time: 150 days
Key to staying profitable: Keep your overhead down and pay your agents a palatable split.
Best tip for getting the right listing price: Once you have completed a competitive market analysis (CMA), follow your gut, because in some cases, the CMA may not hold true for what the property should sell for.
Best idea for time management: Plan your day and keep notes of what you are supposed to complete as well as what you want to achieve. Do this on a daily and weekly basis and continue to measure this against your long-term (monthly and yearly), overall objectives.
What are your best ideas for client retention?
Due to the fact that we live and work in a small community, it is crucial that we adhere to a strict level of confidentiality about the real estate transactions we are involved in.
How do you effectively communicate with your agents?
Our seven offices are spread out over the Bahamas on several different islands. It is vitally important to stay in constant contact with my agents. Last year, we began using webinars and teleconferences in order to centrally connect all of our agents without the need to travel to one physical location. We use the webinars to discuss pricing, trends, local transactions that have taken place, marketing/listing presentations and any other information that our agents need to be aware of. My partner and I also have an open-door policy and are accessible to our team at all times.
How do you keep your agents motivated?
I keep my agents motivated by providing educational webinars, coaching and staying in contact with them. In addition, we encourage and promote a free flow of information between our agents.
What is your best online marketing strategy?
Our monthly e-newsletters and new listing e-campaigns, which go out to everyone in our company contact database, have been a great marketing strategy. The e-newsletters allow us to broadcast about the entire company, which benefits all of our agents as they cover timely topics. In addition, we spend a lot of time updating our website with listings information and industry content, as the Internet is the place where potential home buyers begin their searches and look for real estate professionals that are information focused and driven.
What is your company’s best competitive advantage over other real estate companies in your area?
Having the Sotheby’s International Realty brand behind us has allowed us to stay extremely competitive within our marketplace. Being able to work with brand marketing, advertising and presentation materials has been beneficial to our standing as the local real estate company with global reach.