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The industry may be facing many challenges, but the main one is the ongoing pressure on fees and profit margins, says LJ Hooker Network chief Graeme Hyde.
Mr Hyde says the pressure on fees and profit margins can be attributed to the percentage of stock on the market, which is at an all-time low.
“There are also myriad third-party providers now clipping the real estate ticket and the costs to attract and retain great talent in our industry seems to be at an all-time high,” he told REB.
“While the costs of running an agency are growing daily and sales volumes remain low, it’s important to look at ways to get efficiencies of scale.”
In the face of these challenges, sales agents should focus on maximising the opportunities around them, Mr Hyde said.
“You need to ensure you are working in an environment that provides administration and marketing support, lead generation and a customer service strategy to look after referral business,” he said.
“This allows you as a salesperson to focus on dollar productive activities.”
Mr Hyde also addressed the issue of unhappiness among agents.
“If an agent, property manager or franchise owner is feeling unhappy with their current situation, I’d suggest they reach out to their national head office and inquire about the level of services and support available,” he said.
“Go into that meeting with a list of your ‘wants’ and your ‘needs’ and determine if that group or independent can offer you what you require to succeed in your career.”
Mr Hyde those new at LJ Hooker are often “shocked” by how much the network provides, especially if they are moving from a small brand or independent office.
“Knowledge is power, so before making any decisions, ensure you’re across the offering.”
Mr Hyde said being part of a strong brand means agents are put on the “shopping list” when a vendor begins the consideration phase.
“Brand power also means real estate networks can offer agents a more superior suite of support services.”
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