3 Slow Season Strategies for Real Estate Business Owners

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October 10, 2017 | comments

Strengthen your brokerage for 2018

Yep, 2018 is here! And while having the time and space to catch your breath is a welcome relief after a frenetic 2017, it’s time to kick it into gear because the moves you make now will determine your success in 2018.

1. Gather and implement agent feedback

 
Your agents are on the front lines of your real estate business. During the busy season, they gain deep knowledge of what’s working well and where there’s room for improvement — but rarely have time to share these insights.

By asking your agents for feedback, you can surface new thinking and approaches that will help everyone perform more efficiently in the upcoming year: new technology to fill a gap, a clear case that another administrative hire should be made. Whatever you hear from them, don’t underestimate the impact that agent insight can have on a bottom line.

2. Attend industry events

 
Conferences offer excellent opportunities for you and your team to network with other real estate leaders, including folks from MLSs, and vendors. Whether Inman Connect, the REALTORS Conference & Expo, or the Real Estate Showcase Forum, real estate professionals from across the U.S. gather to discuss trends, challenges, and changes affecting the industry as a whole.

As an added bonus, new product announcements are timed with these events as well. As a result, the events themselves offer ample opportunities for your agents to try out new products and technology.

Before you go, check out the real estate conference guide and get the most out of any event.

3. Evaluate possible technology loopholes

 
We all know that evaluating your unique technology needs is important, but during busy season, it’s hard to find the time to do so. The slow season and beginning of the year offer the perfect opportunity to perform this vital business need, allowing you the time to assess what new technology might be needed to improve efficiency and productivity. When considering upgrades, consider these five questions:

1. How will this technology support my organization’s strategy? Make sure your tech solution enhances your work.

2. How easy will it be to adopt? It doesn’t matter how good the technology is if it will be a constant challenge for agents to use.

3. How easy is will it be to maintain? Is it something an office administrator can be trained to troubleshoot, or is an outside specialist needed to address issues?

4. What is the full cost of the system? Create an accurate cost/benefit analysis that includes both short-term and long-term expenses.

5. How mature is the product? Read reviews and see what users have to say about it. You can make a judgment call as to whether the product is a good fit based on its consistent improvement and connection to customers.

If you had some hiccups during the busy season, now is a great time to maximize your energy for the year ahead. For example, Jeff Glover and Associates Real Estate in Michigan started seeing some issues in his team’s efficiency as their list of clients grew. They ended up expanding into a second space and incorporating new technology into their system to make up for the distance between the two real estate offices.

2018 just started. Take a deep breath and then take advantage of the opportunity to improve your business processes, setting yourself up for success once things inevitably get busy again.