How to decide which strategy works best for your brokerage’s success during these unmatched times.
Like with many industries, a major jolt has rippled through the world of real estate. Emerging trends underscore how much the market has changed in a rather short period of time. And experts are still grappling with the million dollar question: when will prices drop?
For your real estate brokerage to effectively compete in today’s shifting landscape you need a clear and purposeful strategy for generating leads and sales, as well as recruiting and retaining agents. This way, whether you’re looking at the next phase of your marketing plan or investing in a CRM (customer relationship management system), you have an overarching thought-process in place to help you make decisions to recession-proof your business.
To frame your strategy, ask yourself these three questions:
- Do I build it?Do I buy it?Do I leverage it?
Do I build it?
Put your DIY (do-it-yourself) cap on, roll up your sleeves, and imagine yourself tackling a specific goal for your real estate brokerage, such as creating your own marketing materials.
Some of the tactics you may choose to build yourself include:
- Your websiteBanner ads for social platforms (Twitter, Facebook, Instagram, LinkedIn)Direct mail
Keep in mind that a prospective buyer or agent recruit will look you up online before deciding to connect. So, it’s important that your website and social content look professional. For direct mail, whether it’s a postcard or brochure, you want to be sure that every piece grabs your prospects’ attention with a compelling message and a call to action. And remember to think about your brand identity. Is your brand clearly defined? Does it have a “look and feel” that is uniquely you?
Before you decide if a “build it” strategy is ideal at this time, ask yourself:
- Do I have the resources to be successful?
- The time?The skill?The passion for doing it myself?
You can apply this thought process to your technology package, recruiting materials, and many other areas of your business; the list goes on and on.
While “building it” has its initial perks, such as cost-effectiveness, be sure to weigh out the potential challenges. It takes a lot of time to build something yourself, plus it needs to look good and function well, and you need to be prepared to maintain it. Be honest with yourself when deciding whether or not “building it” will be setting you up for success or frustration.
Do I buy it?
To answer this question, think less about specific tactics, such as websites and mailers, and more about what you might invest in. This can include expertise and technology.
For example, you may have determined that your agents need a CRM to help them better manage their business. You aren’t qualified to build a tech stack on your own, so where do you start? What do you buy? What are the right requirements?
Buying something can often be a quick fix, but it’s not without its trade-offs. You need to be prepared to do the research, the vetting, and the training. It has to work with everything else you’re piecing together from other sources. There then needs to be a plan in place to keep it continually updated and maintained. All this can become expensive, with having to buy each tool or system you need to run your brokerage and compete.
Before you decide if a “buy it” strategy is ideal at this time, ask yourself:
- Do I have the resources to be successful?
- The budget to purchase it?The people to implement it?The validation to know that it will make a difference?How will I get buy-in from my agents and train them on it?
Sometimes “buying it” is just necessary. But there’s another way to stretch that investment. This leads us to the “leverage it” strategy.
Do I leverage it?
The basic definition of leverage is to use a lever to pivot or move an object. It’s the impact of one thing on another. For your real estate brokerage, think about how a franchise with a nationally known real estate brand may be the ultimate lever to catapult your brokerage to success.
A franchise can offer you a turnkey experience—something that is already built, already proven, and already working. The research is already done. The creative has already been made. The tech has been built and the training created. It will be continually updated and maintained for you. Your franchisor will be able to share trends and best practices before you even know they are a “thing.” This can save you time, money, and hassles, so you can focus on running your business. With a franchise, you can start utilizing the proven tools and riding the branding coattails from day one.
- Ongoing supportTechnology and expertiseLower risksProven growthPeace of mind
If you’re deciding between buying, building, or leveraging, be sure to weigh the pros and cons of franchising. This will help you gain a better perspective on whether or not “leveraging” is a strategy to lean into for immediate and long-term results.
For many Weichert broker owners, leveraging the strength from their franchisor has made all the difference. Hear Ronda Bailey-Cooper, a Weichert franchisee since 2017, talk about how the power of a national brand has impacted her business. Get in touch to learn more about how a Weichert affiliation can help you accelerate your success in a competitive landscape.
So, build it? Buy it? Leverage it? There’s no right or wrong answer but choose the strategy you know you can live with and that will help you meet your goals.