What trends, best practices and advice are real estate’s top women leaders sharing with their agents about how to thrive in today’s market?
If you want to become more successful in your business, check out these top takeaways from some of the top women in the industry, gathered at the Awesome Females in Real Estate Leadership Conference.
Two important trends to watch
1. An upcoming surge in distressed properties
Over the next few months, many forbearance programs will end, possibly triggering a tsunami of distressed properties. Here’s how you can help:
- Inquire if having a roommate would help homeowners meet their cash flow crunch. Search “rent a room in my house” to locate companies that specialize in this type of tenancy.
- A different option many homeowners used during the Great Recession was to rent out their home and live in an apartment until they were back on their feet financially.
- If neither of these options work, locate a good bankruptcy attorney as well as a credit repair specialist to help distressed homeowners work through their financial difficulties.
2. Mortgage and title affiliate income dries up
Taunee English, broker-owner at Lions Realty Group, warned that affiliate income from mortgage and title will decrease as these sectors become more automated. She recommended searching for other streams of income now.
For example, English is also licensed to sell life insurance. When a transaction closes, she sells her clients a policy to cover the cost of their mortgage if something were to happen to them. It’s a simple sale, and the residuals come in year after year.
English also outlined three levels of income and encouraged both agents and brokers alike to create as many “purple” revenue streams as possible:
- Green (the lowest level): You trade your time for money as most agents do.
- Gold: Use other people’s time (as brokers do with their agents) or passive income.
- Purple (highest level): Recurring residuals (as with life insurance) and royalties.
Uncertainty + chaos = opportunity (for contrarians)
Sherry Chris, CEO of Realogy Expansion Brands, has always been a contrarian, someone who does the exact opposite of what other people are doing.
For example, Chris launched the Better Homes and Gardens brand in 2008 at the height of the recession, and just recently, she closed Realogy’s first franchise sale of a virtual company entirely online.
Tami Bonnell, CEO of EXIT Realty, is also a contrarian. While other companies have been laying off their employees, EXIT kept its staff working and actively involved them in the process of keeping the company profitable during the pandemic.
In terms of your business, look at what other agents do, and then do something different. For example, most agents only bring a CMA to their listing appointments. Stand out from the competition by…