To mark the 10-year anniversary of Better Homes and Gardens Real Estate, we relaunched Beta Brokers to share ideas and collaborate. President Sherry Chris of Better Homes and Gardens® Real Estate hosted a webinar, “The Power of 10,” to discuss the rules of engagement for modern brokers and generously shared her insights as a leader in the industry. Read on to explore Sherry’s advice to make the next decade of Better Homes and Gardens Real Estate as successful as the first.
As communication channels expand, stakes get higher. Both parties need to communicate on a deeper level to deliver the intended message. Remove obstacles by communicating effectively.
As environments and social norms change, so do the ways in which adaption takes place. In these current times, consumer segments will not be statistically defined, and the best course of action may be to go back to simpler times. We are all communicating for the same purpose, making consumer segments obsolete.
The point of diminishing returns is quickly reached. Learn how to recognize the tipping point to make your business more efficient. Always look for a 10x return in every effort. Brokers can create a saleable asset via expense-controlled business practices.
Predictive and prescriptive analytics will most likely influence future decision making. Predictive data uses current information while prescriptive data harnesses the power of historical input. Technology such as our Zap website and app allow affiliated agents to gauge how close consumers are to making an imminent purchase.
While it might be the norm to hide information from other brokers, partnership is the new competitive advantage. The more you share, the more you receive back, which will always strengthen the industry. Let’s raise the bar together.
- Culture and values
Culture and core values are business assets when actions are done with the highest good for all in mind. They are the growth strategy in which to invest. Create a culturally aligned office. The goal is to network and communicate at a deeper level. Decide on what you stand for and stick by them.
- Alternative models
One size no longer fits all. The time to acknowledge that and work together is now. More than half of business in the industry today is from alternative models. To create a sense of harmony, refrain from critiquing innovation and embrace differences. Find out the best practices of other models to harness potential opportunities for you.
Brokers take a risk and should be rewarded with profit. Owning a brokerage should result in a saleable asset. To determine your goal, ask where you want to be in 5 or 10 years. Also, keep in mind that bigger does not always mean better when it comes to profitability.
Brands that give back resonate with millennials and other generations, according to our research. Sharing success with the world in a meaningful way is part of our collaboration with New Story. The charity builds homes for those in need in El Salvador with help from agents, brokers and consumers. Make it a priority to attract those that are in alignment with your values, both agents and consumers.
Brokers must change with the times, rather than swimming against the tide. The industry changes at light speed and broker owners must be out front, figuring out how to use strategic partnerships to see the future based on consumer needs.