Feeling stuck? It might be time to simplify your approach, reassess priorities and ensure your team is on board — and capable of getting the job done.
Key points:
- If the shifting market, economic uncertainty, lawsuits and rule changes have you reeling, get grounded with a business strategy you can execute on.
- Don’t try to do everything. If you can’t explain your brokerage strategy in 15 seconds, you need to pick a lane and focus.
- Considering a new initiative? Be realistic about your resources and talk through the logistics well in advance of rolling it out.
Thinking big about residential real estate success requires a big-picture perspective. Industry Decoded features industry experts who can enrich your understanding of issues affecting the industry as a whole.
The views expressed in this column are solely those of the author.
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If you’re leading a real estate company today, you know this isn’t business as usual. Between class-action lawsuits, tech disruption, economic headwinds and shifting agent expectations, executing a strategy isn’t just important — it’s survival.
Over my 25 years in the industry, I’ve built and led brokerages through both boom-and-bust cycles, and here’s one truth that always holds up: The winners aren’t the ones with the flashiest strategy; they’re the ones who can execute.
If you’re feeling stuck or scattered, here are seven rules to help get your business back on track — real rules for real operators.
1. Keep it simple
This one might sting a little. Too many brokers are going in too many different directions — trying to be a tech firm, a marketing agency and a coaching company all at once, or as business guru Jim Collins calls it, “chasing the next glittery object.” It’s confusing your agents, and it’s wearing you out. It’s an epidemic unique to our industry because most brokerage leaders started as agents, and this is exactly what most agents do, perpetually.
A solid strategy must be simple enough to explain in 15 seconds. Who are you — a full-service brokerage? A low-cost platform? An elite boutique? Pick your lane, define what you do — and what you don’t do — and make sure every decision reinforces that.
Crystal clarity is your competitive edge.
2. Challenge your assumptions
Most brokerages are holding onto outdated beliefs. Maybe you assume your top agents will never leave. Or that the same marketing tactics that worked in 2019 still hold weight. Or that your comp plan is sustainable. Maybe you’re wrong.
It’s time to take a laser-focused, hard look at your assumptions — about your agents, your market, your revenue stream, your profitability and your value proposition. Get some real data. Run the real numbers. Ask your managers the tough questions. Your old playbook may be dragging you down.
3. Speak the same language
If you and your leadership team aren’t on the same page about what success looks like, you’ve already lost. And that is…
Read More: 7 rules for executing a successful brokerage strategy
