WATCH FULL INTERVIEW WITH STEVE MURRAY HERE

by contributing author, Craig Rowe of INMAN News

The word “pivot” couldn’t be more overused in modern business.

That is, until a pandemic hits.

In an insightful and candid discussion with Inside Real Estate’s Executive Vice President of Marketing and Enterprise Sales, Alissa Harper, REAL Trends President Steve Murray offered attendees a slew of suggestions on how brokerages can do just that to cope with the inevitable changes that the COVID-19 crisis will bring to the industry.

Entitled “7 Ways To Make Your Brokerage More Profitable In A Shifting Market,” the hour-long talk ranged from the risks of maintaining a bricks & mortar presence to the benefits of consolidating technology offerings.

Here are 5 takeaways for brokers from 7 great points Harper and Murray chatted about during a recent Inside Real Estate Virtual Training Summit.

1. Nurture Relationships

Nope, not with leads—with agents and staff. Of course, generating new business is always top-of-mind. But in the midst of a “crisis market,” it becomes as equally important to stay in touch with the people who generate the business. Use every modern convenience available, from text to Zoom to ole’ fashioned phone calls to inquire about personal health, business mindset, life goals, and general well-being. Build relationships where there might not have been one, and do it often, every day if possible.

2. Consolidate Technology

Harper pointed out that many agents spend up to $67/per agent/month on up to 12 different technology tools. And, as Murray pointed out, brokers can uncover all kinds of hidden savings by simply reviewing their general expenses, and that redundant technologies will likely be a major way to save. Moreover, by committing to a single powerful platform that can do what many agents pay for separately on their own, they can save, as well. The benefits of reducing your tech stack are numerous, and easy to realize.

3. Support Teams

Not only are agents who have reached a point of frustration with the pandemic’s limitations on business going to seek the support of a team structure, the team concept itself continues to grow, and is now responsible for up 25% of all industry revenue. If you nurture teams like you do your business, the benefits will be mutual, and long-term. This includes helping them with technology decisions and also staying in touch consistently with its leadership. Make them a part of your business decisions.

4. Evaluate Square Footage

Inches become feet, and feet become dollars. Real estate brokers have long over-burdened themselves with occupancy costs, according to Murray. Next to employment, hardwalls and cubicles are a real estate company’s largest expenses. Now that more agents are comfortable in an arm’s-length, virtual business environment, fewer of them will need a place to actually visit every day. In turn, reduced office space could force decisions on how every agent fee and office expense is calculated. Generally speaking, this adjusts the entire business model so many brokers have come to know. A pivot, indeed.

5. You Can Be A Better Brokerage

The combination of savvy technology consolidation to reduce brokerage expenses, save agents money, and support teams combined with a disciplined approach to constant communication with staff, agents, and top producers and team leads can lead to a stronger, more nimble, more market-ready brokerage. You can not only make it to the fall of 2020, you’ll be ready to dominate 2021.‍

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Watch the full video HERE