PROView - October 2008 - (Page 13) that addresses four specific operational areas: competition, consumer centricity, consumer messaging and generativity. Competition The first element of the plan must incorporate a new competitive analysis. This is a matter of identifying what firms are currently competing with your firm, what strategies and tactics they are using and how successfully they are implementing their apparent strategies. They may be big or small, local or regional, old or new. A competitive analysis, that incorporates whatever information may be available, should be undertaken immediately. That analysis should be updated at least monthly, using whatever new information comes into the broker’s possession. With respect to competing firms, determine who is dropping out and who is not likely to survive the next 11 months. Watch firms that have entered into shotgun mergers, as they will, without extenuating circumstances, probably not be serious competitors in the long run. Monitor MLS sales pending, closings, listings and other activities as well agent registrations. Try to verify rumors and information gained on the street. Set up a system of office drive-buys to monitor obvious activities. Figure out who is left, what they have done to hunker down, who is exhausted and who may lack the emotional energy to cover the distance. A bit of paranoia goes a long way here. Who may be gunning for you and what firms may be in a position to ambush your market share? Avoid, if at all possible, participating in shotgun mergers and consolidations. While combining dysfunctional firms to effect savings may be an appropriate short-term solution, the real test will be how compatible the personalities are when it comes time to get back into the race. Personalities that are compatible in a “hunker down” environment may be crippling when they lack the character or personal strength required to run for the roses. Consumer Centricity The second element of the business plan should set forth, in great detail, how the firm will transition from its traditional “agent centric” culture to a “consumer centric” style and business philosophy. The business plan must recognize that the real estate consumer of 2009 will be a far different individual than their predecessors in 2005. Firms must center their service experience and value PINELLAS REALTOR® ORGANIZATION proposition on this new consumer. While this may be one of the most difficult challenges to accomplish, the fact remains that the elements of consumer centricity are easily identified, and easily implemented, if the firm’s management and agent team are willing to effect the change. Get started now. Consumer Messaging The third element of the business plan must address issues surrounding the firm’s consumer messaging program. This function would have previously been referred to as a marketing plan. However, in 2009 and moving forward, consumer messaging will extend far beyond print and electronic media to incorporate new Internet based promotions such as social medias and search engine optimization. Addressing this operational area will also require a confrontation between what might be your old nag and your new horse, as you determine the face you wish to present to the new consumer in the new marketplace. Remember agent centricity is out and consumer centricity is in. Generativity The fourth area of plan concentration will be in the area of generations, or generativity. Generativity is the term that is being applied to a whole menu of activities directed at making the firm relevant to all four generations currently in the real estate marketplace. Generativity applies to both internal efforts (four generations of agents and managers) and external efforts (four generations of buyers and sellers). Firms without a specific generativity plan are discovering that good generational adaptation is simply not happening. This will be a fatal flaw in the new marketplace. With these four factors in mind, every firm can begin the discussion and planning process. Identify who is going to go the distance in your firm. Put four teams together and begin to create a business plan document that captures each area within the “future direction” of your firm. Don’t pull the reins too hard. Match your posture to your horse. Look for the opportunities and prepare to recover lost revenues. Keep in mind that the “feelers” in your business plan will identify, monitor and engage the new market opportunities far in advance of your competitors, whose view may be obscured by despair and self-pity. Your magic moment is just ahead. Follow your plan for a new season, and reach for the purse. October 2008 13
Table of Contents Feed for the Digital Edition of PROView - October 2008 PROView - October 2008 Contents Chairman's Notes Feature Story PROActive Brokerage Design Marketplace Analysis Home Sales Report MLS Update MLS Mind Your Manners Calendar of Events & Programs New REALTOR® and Affiliate Members Technology PROView - October 2008 PROView - October 2008 - PROView - October 2008 (Page Cover1) PROView - October 2008 - PROView - October 2008 (Page Cover2) PROView - October 2008 - Contents (Page 1) PROView - October 2008 - Chairman's Notes (Page 2) PROView - October 2008 - Chairman's Notes (Page 3) PROView - October 2008 - Feature Story (Page 4) PROView - October 2008 - Feature Story (Page 5) PROView - October 2008 - Feature Story (Page 6) PROView - October 2008 - Feature Story (Page 7) PROView - October 2008 - PROActive (Page 8) PROView - October 2008 - PROActive (Page 9) PROView - October 2008 - Brokerage Design (Page 10) PROView - October 2008 - Brokerage Design (Page 11) PROView - October 2008 - Marketplace Analysis (Page 12) PROView - October 2008 - Home Sales Report (Page 13) PROView - October 2008 - MLS Update (Page 14) PROView - October 2008 - MLS Update (Page 15) PROView - October 2008 - MLS Mind Your Manners (Page 16) PROView - October 2008 - Calendar of Events & Programs (Page 17) PROView - October 2008 - Calendar of Events & Programs (Page 18) PROView - October 2008 - New REALTOR® and Affiliate Members (Page 19) PROView - October 2008 - Technology (Page 20) PROView - October 2008 - Technology (Page 21) PROView - October 2008 - Technology (Page 22) PROView - October 2008 - Technology (Page 23) PROView - October 2008 - Technology (Page 24) PROView - October 2008 - Technology (Page 25)
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