Posts Tagged ‘getting off the fence’

Feb 04 2009

Now that you have decided, let’s take the first step.

Published by under General.

Part 2 of a three part series titled “Are You In Or Out Of The Real Estate Business?”

CB027333Since my last article, I’m betting you may have labored over your decision and it probably wasn’t easy, but important that you made it nonetheless. This means that you’re fully committed to move yourself and your business forward. It’s prudent to be cautiously optimistic and hopeful for 2009 and the healthy attitude you possess from here going forward will have much value. Until the market conditions fully stabilize, which will be sooner than you just might think, you will still need to put in the hard work to achieve positive results. But understand that you will survive and, most importantly, you will position yourself to reap substantial rewards when the next real estate upswing occurs.

Now… on to the first step! Take an objective look at your present business operations from top to bottom. This may mean rewriting your business plan and thoroughly assess your professional and personal expenses to determine if they are serving your best interests. If they aren’t, plan to eliminate them or change them as soon as possible. While you’re cutting expenses, be careful not to reduce them too much and potentially make the mistake of eliminating essential tools you need to compete in the real estate industry.

A common example of an expense you may seriously want to evaluate is commercial office space that you can either downsize or co-op with someone else. If that space is not producing income which exceeds the expense of having it, you should probably deem it unnecessary and consider getting rid of it. If you own the building, it might be better to lease it out, take the income, and operate your business from your home. After all, today’s consumer really doesn’t care where you are physically located; they only care that they can connect with you when they need you.

Next, analyze the marketing and technology expenses you’re paying for that Realty World already provides. We offer a tremendous variety of tools to our brokers and associates that many people aren’t even aware of. Over the past few months, I’ve been able to assist many brokers and associates cut thousands of dollars from their expenses by simply using tools and resources they already had available to them.

Next week, I’ll discuss the details of making strides forward. Please come back next week for Part 3 of my blog series titled: “Now that you have trimmed those unnecessary expenses, let’s take the second step!”

Scott Gill
Senior Vice President
Scott.Gill@rwnc.net

Click here to read Part 1 of this series

Jan 26 2009

Are you in or out of the real estate business?

Published by under General.

(this is Part 1 of a three part series)

sg_pic-copy2008 was difficult for many of us in the real estate industry and while most remain cautiously optimistic and hopeful for 2009, some professionals are still very nervous, perhaps even paralyzed because they haven’t truly pondered or addressed where they’re at in this business.
 
Last year, I spoke to hundreds of brokers and agents and posed the same question to many of them. I asked, “Are you in or out of the real estate business?” Sadly, many of them were undecided. For any real estate professional who’s “on the fence,” it may very well be a burdensome place to be. Whatever your decision, the success of your future mandates that you must move forward, and that means you need to get off that fence right away! Decades of experience has taught us that uncertainty and indecision will almost guarantee the resolve of your business and the likely depletion of your assets.

So, let’s agree to affirm your decision once and for all this week… no more delays. Next week on Wednesday, I will discuss various action steps to going forward with whatever your decision is. Please return to see my next blog post titled “Now that you have decided …”

Scott Gill
Senior Vice President
Scott.Gill@rwnc.net

Click here to read Part 2: “Now that you have decided, let’s take the first step.”