The work environment has changed. It’s not even just the fact that our physical office space has migrated to a spare bedroom or kitchen table on certain days of the week. It’s how we work that’s making us all rethink our strategy, especially independent brokerage owners. And much of that rethinking is driven by the numbers.
Here are some of the predictions for 2023:
- Lower inventory. There will be a 6.8% drop in existing home sales. (National Association of Realtors)Continued high prices. For-sale homes will remain high-priced, with the national annual median price expected to advance another 5.4% (less than half the pace observed in 2022). (Forbes)Sales will likely be down. 14.1% lower compared to 2022 as both buyers and sellers pull back from a housing market and economy in transition. (Danielle Hale, chief economist, Realtor.com)An overall underwhelmed market. After the housing frenzy of the recent past, homeowners, sellers, buyers, and renters may be underwhelmed in 2023. (Danielle Hale, chief economist, Realtor.com)
But remember, the numbers serve as a reality check for the overall climate of the industry, not as a marker of a “good” or “bad” year ahead. However, being in tune with market predictions can help your preparedness, making it easier to maneuver and respond with the best action steps.
In addition, according to an article by RISMedia from late 2022, many of us have already learned that the way we did business in the past no longer works. “Buyers and sellers have totally different needs and concerns than they did a year, or even six months ago. With so much uncertainty and anxiety swirling around, you need to adapt your sales approach to meet new objections from prospects and clients.”
So, what does all of this mean in relation to how you adapt your sales approach? If you’re thinking big, it might be time to consider whether or not the support of a franchise is right for you.
Here are a few questions to ask yourself to know if it’s the right time to consider a franchise opportunity.
- For your immediate goals
- Do you need more support to help you with professional marketing for generating leads?Do you need a high-tech CRM for you and your agents to better manage your databases and generate consistent, automatic customer follow-ups?Do you need better access to resources and support from experts in the industry who can offer the best strategies for responding to market trends?Do you need a resource you can go to that has “been there, seen that” to help you avoid costly pitfalls and landmines of trial and error?For your long-term vision
- Do you want to become a more effective business owner, manager, and leader?Do you want to attract and retain the best talent over time?Do you want to build a name for yourself in your local market?Are you interested in being part of a national thought-leading community that gathers throughout the year to share insights, learn proven strategies, and support one another?
The answers to these questions may offer some insight on how a franchise could serve you now and in the future.
Of course, at Weichert, we’re partial to the advantages of a franchise. We see firsthand, on a day-to-day basis, just how much a Weichert franchise works for our large network of brokerages across nearly every state in the US. Watch a few of our Weichert franchise broker owner videos and you’ll get a better sense of what we mean.
We also understand that a franchise opportunity is not for everyone. It’s important to weigh the pros and cons. Our blog Build It, buy It, or leverage It? will help you with that. You can also request a copy of the Weichert Franchising Guide to help with your decision-making process. All this information takes a practical look at why and when you might choose the support of a franchise over navigating the waters on your own as an independent.
If you’re on the franchising fence, it doesn’t hurt to explore your options. That’s our big takeaway message for you in this blog. Knowing what’s available to you as an independent broker, especially in preparation for uncertain times, will help you lead with confidence. Regardless of the market predictions, this is something you can always control.
Learn more about the benefits of a franchise opportunity with Weichert. Contact us to ask your questions in a truly no-pressure way.