The real estate business is in a different place than at the start of the year. While some companies are moving forward and looking to a bright future with a sound plan, other companies are trying to fight through existential threats. Not all companies will make it, and some that do will look vastly different.
These are not easy things to talk about, but they are important considerations for your business as a real estate agent. It’s important to not just hear what’s coming from the company, but to observe and evaluate on your own.
So, what are the 5 signs that a company is fighting for survival?
- They embrace a sudden business model change. This may be going from a brick and mortar office to suddenly having agents work from home. It could also be selling to another brand, changing everything about the company and the culture.
- Offices are closing. In order to reduce costs, offices are consolidated or closed all together.
- There are fewer Brokers-In-Charge, or managing brokers. This is another cost cutting measure – this is a really big deal. If the BIC’s are gone, who is working on YOUR business with YOU? If you see this, ask your reviewing Broker for a business planning/strategy meeting and see if they have time for you. If they don’t have time for you, then you know where your business stands.
- Company leaders who you never could imagine being gone are either let go, move on, or see their positions “eliminated”. Top agents start leaving. When you see the most top level, the most loyal, the most long standing people being let go or walking away, you know things are bad. Not to be overly dramatic, but this should really make you start looking for a new home, while you are not under pressure. Make no mistake, letting go of someone who was largely responsible for the success or growth of the company is not easy for an owner. Unless someone is fired for cause, it only happens when there is truly an existential threat to the company.
- Odd changes to the top level structure of the company. This is a “run for the hills moment”- if in addition to some of the things above, a company suddenly has a new ownership partner, or shifting/reorganizing roles between ownership and brokers, it means that the owner is looking for financial or legal cover. This means the owner is now at the stage where they are working with attorneys for legal protection if the company fails.
As independent agents, you must always keep an eye on the business landscape. That includes the business that you are partnered with.
I’m an owner/broker who is fully engaged in building agents and helping them build their businesses for long term success. You can learn more at www.NextForHawaii.com.
I am passionate about the real estate industry and I am always happy to talk about the real market – where it’s been and where it looks like it’s going and what that means for agents and how it impacts their business strategy. Call or schedule on my calendar to meet with me. I’d love to talk with you!