Don’t Let Your Brokerage Get Caught In “The Shiny Penny Syndrome”

There’s one thing for certain about the real estate industry–there is no shortage of gadgets, downloads, software tools, or marketing services targeted to brokerages. And as a broker, it’s easy to get distracted – you’re afraid you’ll be left behind if you don’t take advantage of the latest and greatest thing out there. At Weichert®, we call this “The Shiny Penny Syndrome”.

Essentially, this occurs when a company jumps to chase a shiny, new opportunity, service or product instead of focusing on mastering the basics of running a business. Often, these products and services offer to make your lives easier by saving time, helping to maximize efficiency, effectively marketing your brokerage, getting more listings or even helping your business survive the latest economic crisis.

It’s important to learn to navigate this minefield, if you are a broker looking to grow in a challenging housing market. There are so many shiny pennies out there that it’s easy to end up jumping from one promising new real estate tool or marketing idea to the next in an increasingly rapid and costly cycle, while the core elements of the business like how to recruit, write an effective business plan, maximize agent production and monitor key performance indicators get less attention than they deserve.

These shiny pennies are marketed so well and with such urgency that brokers often forget to ask pivotal questions like “How will it fit in with my current business goals?”, “What real results will it bring?”, “Where will I go for support?” and “What operational changes will be required in order to actually get the benefits of the product?”. Most Brokers know they must adapt and innovate to stay current and effective in an ever changing landscape.  The real challenge is knowing how to balance innovation with the basic activities and systems needed to run a successful brokerage and build a business.

Innovation With Purpose

A key to successful innovation is to focus on the benefits to your core customer and core operations, rather than innovating for multiple seemingly attractive, trendy options. Important questions to ask when considering a new product, technology or marketing service include:

  • Will this help me achieve the business goals I’ve set for myself this year?
  • Will this help me or my agents better service and communicate with our customers?
  • Will its use enhance the credibility of my brokerage or my agents?
  • How can I measure the effectiveness of this investment in 3 months, 6 months, a year?
  • Am I committed to doing the work and training necessary to use the tool or process effectively and consistently?

Strategic growth through planned and proven marketing for brokers

One of the things an affiliation with a credible Real Estate Franchise Company can provide is a guide who can steer you to the best of real estate innovations while keeping your business plan on track. The Weichert System gives you proven, productive systems, technology and activities to implement for nearly every aspect of your real estate business, including real estate marketing, selling systems, recruiting, a lead system and business management. With comprehensive training, ongoing support and expert coaching from our real estate professionals and a parent company with first-hand brokerage experience, you’ll feel relieved knowing you have people in your corner. You’ll never have to go it alone again. Our support staff will work with you to map out a road to growth.

At Weichert, we’ve already paved a road for success. All you have to do is take it. Visit us today at https://www.weichertfranchise.com.