Brokers are defined by the fire-fighting, multi-tasking nature of their roles, so it’s easy to lose sight of key issues that can potentially shape the landscape of the future. Here are five areas that may warrant special attention:
With studies showing that well over a third of renters used to own a home and more than half hope to in the future, this is our market for the next decade, and we ignore them at our peril. By helping renters find a solution today and staying in touch with them, we cultivate them as customers for life.
While rentals are not lucrative for most agents, this may require leadership decisions to structure a viable rental program delivered—if not by designated agents—by one or two salaried individuals charged with conducting the rental market research, working with renters, and getting them into a database for company drip marketing. Over time, these renters will become buyers, and you will be the beneficiary if you’ve helped them in the past.
Management Roles are Changing
A critical problem for many brokerages is the lack of a good management “bench,” and the traditional method of hiring agents who want to become managers may not always be the best route. With so many competent managers being out of work in this economy, it may make sense to recruit from outside of our business for general management expertise (developing people, coaching skills, strategizing for growth) and identify new strategies to address essential deal doctoring.