Recently, there has been noise in the industry about competition. New competitors, new models, online threats. And in the face of these rising threats, how can we future-proof our business for the long game?
We’ve seen some agencies respond by blending their business models. Combining a mix of company and franchised-owned businesses to increase profits. And while this strategy does increase your bottom line, it means as a business, you’re competing with your own people. Effectively, you’ve diminished the value proposition of your business for your franchisees.
If you offer value to your franchisees — and your agendas aren’t at odds — then franchising has an excellent future in real estate, irrespective of competitors that enter the market.
And while online has seemingly gotten a lot of traction, I don’t see it as a threat. In fact, it is my firm belief that the greatest threat to your business comes from within.
How productive are your people? Are they the best people for the job? Are they working to their greatest capacity?
Our business has been built on the ethos of “fewer, better people”. We invest heavily in the training and development of our people, and it’s a strategy that’s twofold. We prioritise training and development so we attract the best talent, and retain them. It is our goal to help our network build a long-term career in real estate, not a flash in the pan.
We’re seeing the American model of independent work hit our shores too. Where agents work from wherever they’re based, home etc. It’s not a threat, it’s a low productivity model. People need a team, they need leadership, they need good strategic direction and the best training, development and support they can find.
If you’re not offering training and coaching, if you’re not truly invested in the success of your network, then there’s your competition, there’s the threat to the success of your business that you should be focusing on. Look inwards if you want to future-proof your business for success. Not out.
By Peter Hanscomb, CEO Belle Property