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What Steps Can Brokers Take to Strengthen Their Brokerage?

By Steve Murray

 To succeed in residential brokerage, you only have to do three fundamental things. You have to recruit talent. You have to develop that talent, and you have to spend less money than you have coming in.

To strengthen your brokerage also means to strengthen your culture and the ties to your people. As several brokers who not only survived the 2006, 2010 downturn, several of those who grew their businesses told us, “If you think you’re close to your agents, get closer.” Nothing could be more important right now with all of the disruptive new, low cost models, running around the brokerage industry, recruiting agents at higher splits for the agents or lower costs for the agents, principals and managers and leaders need to reinforce their cultures. You need to reinforce your relationships with your existing people. You need to treat them like you're re-recruiting them, so to speak.

If I were in the business, I’d get my general ledger out with my outside accountant or inside finance people, and I would examine every single item that I spent money on the last six or 12 months, and unless it directly affects recruiting talent, increasing productivity, or lowering costs, I’d stop spending that money.

We’ve seen this kind of market before with stagnant housing sales and soft prices. It was a time when the best brokers got their costs in order and focused on the activities that led to recruiting, listings and sales and nothing else and they reduced their costs severely, but they also spent inordinate amounts of time building stronger, more powerful relationships with their leadership teams, their staff and most importantly, with their sales agents and teams. That’s how you’re going to strengthen your brokerage company.

Learn more about industry trends, marketing and technology strategies as well as listen to past REAL trending episodes on our website.

IN this episode of the REAL Trending podcast, Steve also talks about the housing market and some recent mergers.

Capitalize on One-of-a-Kind Content…While You Can!By Brent Driggers

As portals and top trafficked real estate websites continue to expand and improve upon their hyper local neighborhood content, it is important to make sure your brokerage is positioned to capitalize with extremely specific, one-of-a-kind content. This means utilizing every aspect of your real estate neighborhood pages and diving deep into neighborhood and sub-division specific data.

You may be wondering how exactly you go about creating a successful real estate neighborhood page. Fortunately, there are several different variables that lead to a successful real estate neighborhood page, and it is fairly simple to source this information from internal resources as well as accessible external data. Below are the basic elements of a successful real estate neighborhood page and how to acquire the data necessary to build out or expand upon these pages:

Overview

The real estate neighborhood page overview is one of the most critical elements that should be present on each page. This typically consists of high-level information that can give visitors a quick glance into the neighborhood and what to expect. This includes neighborhood specific demographics, culture, history, population, average home price, lifestyle attributes, appeals and drawbacks.

The real estate neighborhood page overview should entice the visitor to keep engaging or bounce to the next neighborhood that will align more with what they are looking for. This is usually the ‘meat and potatoes’ of a real estate neighborhood page so there should be a good amount of time resourced to put this content together.

Media

Photos and video provide a great opportunity to provide visitors with visual elements while also providing one-of-a-kind content. It is strongly encouraged to source or hire a local photographer that can take pictures of each neighborhood through out the year. This way, a neighborhood can be portrayed with every season in mind and visitors can see different events and attractions throughout the year. Video is also a great resource for a real estate neighborhood page.

There are several different types of videos that can be shot and published on your neighborhood pages. A few examples would be drone footage, resident interviews, agent interviews and team videos for specific neighborhoods. Video continues to dominate and increase engagement across all platforms, so it is a great time to start investing in any efforts related to video to beef up your real estate neighborhood pages. Again, it is strongly encouraged to develop a relationship with a videographer to understands the area and also your video goals.

Maps

Maps are another example of how your brokerage can provide one-of-a-kind value and give visitors an interactive piece to showcase a neighborhood. Maps should consist of several different places and allow the user to search based on a number of different criteria. The most common use of maps on a real estate neighborhood page would be outlining the neighborhood, providing filterable data (shops, restaurants, attractions, etc.) and pre populated data. You can also use maps to showcase drive times between two different locations in a neighborhood to give the visitor an idea of what driving conditions look like within the neighborhood.

Expanding Your Brokerage Team Through LeadsIn the past five years, Greg Garrett of Greg Garrett Realty, has expanded his brokerage team, due in large part to the leads he’s converting throughRealtor.com. Find out how he manages agent accountability and how he’s using his lead program to recruit quality sales associates to his brokerage. He also discusses how Realtor.com helps him with agent retention.

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