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Ways To Beat The Slow Market As A Real Estate Broker
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The GDP growth of our country is on the decline and with it growth in real estate sector has taken a setback. Whenever the GDP growth falls below 6%, the real estate market starts crawling. In the present picture where the GDP growth is hovering around 5%, the real estate market is barely moving.
The disposable income of a family takes a blow when the GDP growth is slow, so they do not give top priority to real estate investments. Of course this affects the total sales of primary and secondary real estate.
The brokers are the worst sufferers and bear the bitterest brunt. With a reduction in sales, brokers make fewer transactions. In any transaction, a broker is paid only on successful closing of the deal. So, how do brokers survive when the market is down?
All is not lost and there is certainly a light at the end of the tunnel. Since properties do not sell easily in hard times, the property owners approach the brokers to do the part which they cannot do themselves. So, actually in a contrast of sorts, the demand for a broker builds up when the market is slow.
This demand needs to be taken advantage of and can be done only when there is a process and strategy in place. The bottom line is “no money for the broker unless the deal is through”.
Go with the leader – Follow RE/MAX
RE/MAX, the world leader in real estate has survived five major recessions of the world. Here are a few tips from the company about surviving the slow market for brokers.
• Get training on how to “right value” properties and then list the properties at the right value. This will help close more deals. This topic is covered among the several trainings which are available on the RE/MAX portal.
• Once the listing is done use efficient ways to market the listings. Use technology and portals which RE/MAX provides.
• The focus should be on cutting non-value adding expenses. For example, if a broker doesn’t need a large office, by shifting to a smaller sized one he can save on running costs.
• However, don’t cut expenses which you may need once the market recovers. So, it would be a good idea not to sell the office completely) RE/MAX has 7000 offices worldwide.
• A broker with a big office can also invite brokers who have smaller offices to share the space and the expense. RE/MAX has agents who are on 100% sharing model.
• Another big expense to be handled is staff salary. Convert employees to agents who pay desk fees. RE/MAX has 1, 00,000 such agents.
• Use a popular brand like RE/MAX. If all agents in a city invest in building their own brand, it will waste a lot of time and money. You can get RE/MAX brand today!
• Network with agents who may have other side of your transaction. RE/MAX has one of the most productive networks in the world.
• The ultimate solution for beating the market blues is to join hands with RE/MAX: the number one real estate broking company since 40 years.
• In each country RE/MAX has proven that nothing helps the real estate broker more than joining hands with RE/MAX to beat the slow market.
• Remember: Nobody in the world sells more real estate than RE/MAX.
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