Creating an atmosphere of professionalism at the office and demanding rigorous adherence to policy allowed a small company to not just survive, but thrive in the real estate and mortgage market collapse.
If the market demands, you must charge more. Without pricing services higher, a business will fall behind on bills, lose quality, and eventually collapse.
As real estate was beginning to slide, many “cut-rate” realty brokerages and agents began competing with ClickAnnArbor.com, the boutique brokerage we grew in Michigan. Without giving in to market demands, and slashing our commission percentage, we would surely fail, many agents declared.
Instead, we took a different tack. We raised our price to allow better services and better offices. We changed a paradigm in the way people visit a realty office: leading potential customers through the “boiler room” of cubicles, often crowded and noisy, spotlighted their agent’s little desk. We created a showcase waiting area and conference room, then demanded professional dress from our agents.
This simple change over competing offices spotlighted our salespeople like superstars, and landed us a 34% increase in contracts and closings!