With a new gig as Chairman of the Board of Leading Real Estate Companies of the World®, Allen Tate Company President & CEO Pat Riley has a busy year ahead. In addition to heading LeadingRE’s global network of 500-plus top real estate firms for a two-year term, Riley is keeping a careful eye on keeping profits at the 57-year-old, Charlotte, N.C.-based Allen Tate on an upward trajectory. Here, we steal a few minutes from Riley’s busy schedule to get his take on the nuts and bolts of increasing business in 2015.
Paige Tepping: What is the greatest challenge to growing your business this year?
Pat Riley: One of our biggest challenges is a lack of inventory among both new and existing homes, in addition to builders not building inventory quickly enough.
PT: What is the most significant market trend in your region?
PR: We are situated in four distinct regions of the Carolinas from the Triangle through the Triad and Charlotte regions down into South Carolina and the Upstate of South Carolina. We were the last into the recession and the first out due to economic job creation along the I85, I40, and I77 corridors, so lack of inventory and the downsizing march of the boomers (which has begun within the last few years) is an opportunity for sure, but also a challenge because many desire the same thing and they just are not out there in any quantity. Many homes need to be updated to meet the new buying trends of open space, hardwoods and outdoor living.
PT: How are you motivating and retaining your top producers?
PR: By making their jobs easier and more professional through education, technology, brand awareness, and marketing tools and exposure. Our compensation plan – which rewards them but does not nickel-and-dime them – while giving their clients an exposure advantage, is another way we’re motivating and retaining our top producers.
PT: What are some of the most significant changes you’re making operationally this year?
PR: We recently updated our accounting and transaction platform so that it complements our CRM platform, Salesforce. The roll out of our Tate Loyalty Program is another significant change.
PT: How are you differentiating your firm from the competition?
PR: We are a true family of companies that provides the consumer with choices every step of the way in terms, pricing, and conditions. Another way we differentiate our firm from the competition is with our ever-present local, regional and international exposure.
For more information, visit www.allentate.com/.