The Real Estate Bailout

The Real Estate Bailout

 

It seems that everyone is looking for a ‘Bailout’ in today’s economy… What about the REALTORS®? After all we are the industry that SAW the effects of a looming recession first aren’t we? I emphasize ‘saw’ above because it is so true that, “Seeds of failure are planted in the times of success”. In the high times of the last decade, poor business practices were simply masked. Recent economic turmoil has unmasked the complacency of every firm, every CEO and every industry across the board. Why am I gleaming with excitement, because the converse of the above quote is “Seeds of SUCCESS are planted in the times of failure.” That’s right, it’s time to restructure! A bailout for any industry is horrible unless the government can make a profit, it truly is the “teach a man to fish” theory hard at work. Chapter 11 is our solution, it is a law that allows a company to “Restructure” and repair the damage of the last decade’s poor business practices.

 

Now it’s time to evaluate your real estate business and see whether or not you are in need of an extreme business restructure, because honestly there is no bailout coming for you. The first test is based on how your business feels. Do you think you should be doing more? When asked “How is business?” do you say “Could be better!” With so much opportunity out there are you getting your unfair share? It may be time to look at your business practices to improve your personal profit. The second test is a reality check even if you feel your business is terrific. Review your total units in 2005 and your 2008 total units. Are you down or up? If you are up congratulations! If not, look at the percentage your business has decreased, that is how much of you business is MARKET BASED. For example if business is down 40% from 2005, you business is 60% SKILL BASED and 40% MARKET BASED. The goal is to create 100% skill based business and that is defined by growing market share every year and in a buyers market at least maintaining the same level. So looking at YOUR business… do you need a corporate restructure? How much of your business is skill based?

 

You are responsible for you business and its time to ACT YOUR WAGE! Do you run your real estate career like a business? How much of your week do you spend sharpening your skills? If you have the drive and desire to move from the fear based complacency to a pro-active accountability mindset, I’d love to help you restructure. Your drive and desire leads to commitment and when I see that, you are deserving of your unfair share of this market. So ask yourself “How good am I at that?” for the following items.

 

• Goal Planning – Do I have a written CLEAR and Measurable goal? Do I know exactly what to do to achieve those goals?
• Lead Generation – Do I have a set time EVERY day to generate leads? Do I know how to create a database? Do I know how to identify my lead sources? Does that work with my personality?
• Technology – Do I have a firm grasp of tomorrow’s technology? Blogging, Search Engine Optimization, Streaming Video, Video Newsletters, Micro Sites?
• Time Blocking – Is your business “Fly by the seat of your pants” or “Fly – by Wire”? Does your business keep regular hours?
• A “Big Why” and Life Balance – Do you know why you are doing this? Do you wonder why you fall short of your goals? Are you burnt out? Is your free time REALLY your free time? What would make your 2009 magnificent?
• Customer Service – Are you a “Supra Key” or a Real Estate Professional? What are you doing to stand out today?
• Revenue v.s. Support – Do you spend more time in $ productive activities or support activities and do you know the difference between the two?
• Profit & Value – Do you feel you deserve a higher split? Do you have multiple streams of income in your real estate sales business? Are you getting the appropriate value out of your commission split? Your fee investments?

 

Thanks for sticking around to read this entire post. My dedication is to developing skill based REALTORS® and helping sales people realize that there are so many parallels between success in their career and running any small business. If you have a dedication to lifelong learning and want to take a pro-active first step, simply give me a call or reply to this email. It’s quick, easy, and confidential and could honestly be your solution to this challenging economy.

 

Sincerely,

Brett Boettge

Team Leader | CEO

Keller Williams Realty – Madison Crossroads
608.661.7000