In real estate there are essentially only three ways that you can boost your annual gross commission income:1) You sell more homes.
2) You charge more for your services.
3) You sell homes in a higher price range.
However, when you really look closely at this list, the third option is really the only feasible one among the bunch if you are already working at your full capacity and if the market conditions are anything less than desirable.
To be more specific, unless you are only a part-time agent or you still have a lot of free time, the number of transactions that you can add to your annual work load is likely minimal. Your plate is probably already full with your current number of clients, right?
And, you cant likely charge a higher commission rate for your services because then potential clients would run in the opposite direction for the hundreds of agent offering their services at the going-rate, 5%.
So, that brings us back to #3. While we agree that it is difficult to move from a comfortable lower-end market where your client base is very familiar with you to a higher clientele that may be skeptical of your new proposed higher-end knowledge and services, we think it is still within reach. And, what this boils down to is rebranding.
We arent talking about a new suit, a slight revamp of your website or even new business cards and marketing materials we are talking about a complete rebrand. In fact, many large companies that appeal to the masses have tried to slightly rebrand, trying to hit a more affluent client base by changing their logo or even adding a new name, with limited success.
One recent example that comes to mind is Comcast. While they are a big player in the TV and Internet business, and everyone knows their name, a big name only gets you so far. So, what is their real image? The company must not have felt it was very positive among high-end markets, because they chose 11 upper markets (including Boston) and rebranded themselves as Xfinity, still coupled with the Comcast name, but adding higher prices.
Despite your opinion of Comcast, I think we can all agree that the new name in front is not likely going to erase public opinion (positive or negative) about Comcast and new markets probably wont open up their arms to this mainstream provider. They are still the same brand, are they not?
The same is true for your brand in real estate. If youve spent years in a particular market developing a name for yourself and an opinion of expertise, suddenly trying to take that brand and market it to a new audience will be met with a great deal of resistance.
Despite the fact that we cant completely role out resistance (you will still be you with the same resume, of course), a complete rebrand could be just the change of image you are looking for, and Andrew Mitchell & Company can help you do that. We can give you a high-end brand to stand in front of, as well as a brand new high-end web presence and a suite of great online and mobile search and information tools to impress your clients, which will, in turn, move you up the ladder in terms of your image and your success.