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Dos and don'ts of branching out
The brokers interviewed for this article shared the following advice for those thinking of branching out into ancillary services:
• Do open your mind to offering consumers more than just listing and selling real estate.
• Don’t spread your firm’s resources too thin by offering “too much too soon.”
• Do pay close attention to what your customers are demanding in the marketplace, and try to fulfill those needs to the best of your ability.
• Don’t go into related services purely for the extra profits, but instead look at it as a way to enhance the one-stop-shopping experience for customers.
• Do research and study RESPA, TREC, and any state requirements regarding compensation for ancillary services before jumping in.
• Don’t go into mortgage or title simply because that’s where your competitors are. Like Greenwood King, you may get better results from a more innovative approach.
• Do realize that consumers can shop anywhere they want for related services, and they may choose not to use your firm’s mortgage, title, insurance, or other services.
Photo © IT Stock Free.
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