Look around. Today, agents are dropping like flies. Real estate brokerages are closing on nearly every corner. Good people are leaving the real estate business like rats from a sinking ship. Not that I have any first hand knowledge about rats and sinking ships. Where do they go anyway?
I digress. Why are they leaving the industry? Primarily for one reason: They can’t afford to stay. In other words, the real estate business as it is today is not profitable at all for many of us, and only marginally profitable for the very fortunate. What a shame.
Let’s talk about profitability. You have revenue. You have expenses. What’s left over is profit. Simple enough. Now for those of you that don’t have a business background, increasing profitability is really a function of only two things: 1) increasing revenues; and 2) minimizing expenditures. I know, there’s no big mystery there. But for many of us, increasing revenues and decreasing expenditures is easier said than done.
Many feel that they have little to no control over revenues, and that they are simply stuck with their current expenditures, but I believe that many of those assumptions are wrong. In fact, I believe it is time to challenge some of those basic assumptions. I believe that in today’s climate you must think outside the box if you are to gain a competitive edge and still do a great job serving your clients.
And that’s why I decided to share this series: The Max-Bang® Series. How to get the maximum bang for your buck! As you read the various installments, I would only ask you one thing. Read them with an open mind. Much of what I will present will be very different. Very creative. Very outside the box. While I realize that no single idea will apply to every agent, I believe that all of them will help you, if only as an exercise in thinking outside the box.
While we are on the subject of “outside the box”, let me also offer this brief disclaimer. Many of the ideas I am going to share will not be popular. These ideas will not make you the next president of your local board. They are, however, ethical and in the best interest of your clients. A few of them may have to be slightly modified to be legal in some jurisdictions, as state and local laws vary. But any idea I share should be able to be tweaked so as to fit within the laws and ordinances. Outside the box? Yes. Outside the law? No.
When you evaluate one of these ideas, I’ll ask you to do it based on its viability only — will it work to bring you more business or lower your costs? Don’t worry about whether your competitor down the street will like you for it. In most cases, he won’t. He doesn’t want you to have an edge.
But why should you care anyway? This is a business The only one you need to keep happy is your client. Your very survival today depends on your ability to out-perform your competitors and do a better job serving your clients than they do. Don’t think for an instant that making your fellow agent like you means he will send business your way. He won’t. Don’t worry about your competitors. Keep it creative and keep it legal. They’ll like you when you win.
There’s one last thing I’d like to share before jumping right into it is the series. Many of you reading or watching by video have your own unique and creative ideas that could benefit the rest of us. If you do, please send me an email and share your idea with me, and I will be happy to pass those tips along and give you credit. Remember, whatever we sow, we’ll also reap, so do share with your fellow agents. I can tell you from experience, it will come back to you.