In football, all teams compete to be on top; administrations, clubs’ owners, coaches, and players do their best to be number one, especially if they are keen on winning trophies and breaking records.
Brokerage companies usually face a similar kind of competition as it is very challenging to be on top of the game in an ever-growing market with many players. Maintaining the lead and achieving goals require a number of success factors that both football teams and brokerages should consider before entering the field.
These factors include, but are not limited to, preseason preparations, scouting, and identifying competitors. Before the season begins, brokerage firms have to prepare very well, same like football teams. A football team usually prepares for a season by holding camps or friendly matches; brokerage firms also do similar preparations. Invest-Gate gets a behind-the-scenes tour in the brokerage field.
Most brokerages enter the peak sales season equipped with strong preparations.
Abdullah El Shamy, property advisor at Benchmark Real Estate Advisor, tells Invest-Gate that they prepare their marketing campaigns, based on their own market research that they conduct, before the start of the season.
Similarly, Karim Ghoneim, CEO of BYC consultancy and brokerage company, says that his company heavily depends on social media campaigns to promote their products.
On his part, Ahmed Amin, CEO of Property Advisors brokerage company, notes that his firm prepares for the season by “carrying out training sessions for employees to make them aware of the types of challenges they will face and to be attentive to all market updates.” Amin adds that they support employees with all data and information needed for their work.
Ghoneim reiterates that all employees usually receive training from developers to be ready and well prepared for the season.
Players: Stars Of The Game
Players are a vital component of football as neither achievements nor trophies would be garnered without them. This also holds true for the players, in this case property consultants, in brokerage firms.
“Our players are the main reason behind our success,” Mohamed Abdalla, Chairman of Coldwell Banker Affiliates of Middle East & Greater Africa tells Invest-Gate. “Employees are the key players of any successful company; they allocate resources of properties for the right clients, target consumers, finish deals, and mainly generate profit,” he elaborates.
However, the rate of employees turnover in the brokerage field is relatively high so maintaining employees is not an easy task for brokerages. Elshamy says that they “provide privileges in the company’s system,” so employees can feel that their work is both beneficial for the company and themselves.
“We create a friendly environment for our staff in order to increase their productivity,” Amin notes. “We are very keen when it comes to recruitment so we choose the best to hire,” he explains.
Ghoneim notes that they do not have a high turnover in BYC as they provide their employees with good benefits.
Additionally, Ghoneim points out that the role of the coach is very important in leading the team. The coach, in Ghoneim’s point of view, is the manager or the CEO who has to “efficiently lead the team and produce the best out of them.”
Transfer Market: Clients On The Move
In football, all teams compete in something called the “transfer market” to grab the best players with the best prices to join their squad. Brokerages also compete in something similar to the transfer market, but instead of competing for the player, they compete for clients – both buyers and sellers.
Having the highest number of clients in such market adds a lot in order to be on top of the game, but, it is not a smooth task for brokerages. Amin says that they have to refresh all time their clients with updates, so, they do not search for what they want in any other place. While El Shamy adds that “drawing exceptional and beneficial contracts adds a lot to the company’s reputation which of course increases clients’ demand.”
Social media has a key role in bringing new clients, according to Amin and Ghoneim. Ghoneim reveals that BYC is one of the leading companies in attracting clients through social media, while Amin says that sales increase when they preview their properties on their social media channels.
Match Day: Top Scorers Reap Rewards
After preparing, recruiting, and supporting the squad, now the game starts and all teams compete to score goals that grant them a place among the best of the best. This is slightly different in brokerages as each firm has its own goal that it strives to achieve.
Amin says that his company celebrates a ‘goal’ when they achieve good profits, both for and from the client, same with El Shamy who scores a goal when his clients profit from the deals Benchmark secures for them.
For Ghoneim, “achieving what was planned or forecasted is considered a goal,” same as any football team that celebrates a win after all the planning and hard work.
Challenges: Preparations Are Key
However, football teams face various challenges, whether in the pitch or outside. These challenges may cause some setbacks to the teams. The same applies to brokerages, with the main challenge being fierce competition over certain projects, according to Amin.
El Shamy, on the other hand, believes that when one untrained and ill-equipped broker fails to meet the targets of his clients, it could negatively affect other brokers as clients tend to generalize.
All in all, challenges could come up anytime and anywhere, so, in order to overcome these challenges and emerge with the least amount of damage, according to all brokers Invest-Gate spoke with, all teams must be well prepared and organized to stand strong in the face of obstacles.