Never Waste a Changing Market

In light of the current challenges facing Australia’s property sector, Sadhana Smiles, Chief Executive Officer of Harcourts New South Wales, cautions real estate professionals not to waste the opportunities that come with a changing market.

“2012 will be an interesting year in terms of real estate. There are a lot of positive indicators but there are also some significant challenges that we will have to face.

“The question I have for principals is, ‘how are you going to continue to improve your business performance in the current market?’”, Ms Smiles said.

Ms Smiles suggests that bunkering down and waiting for the market to change is not the right move.

“Any change in the market is an opportunity to do something different and stand out from your competitors.

“Most principals will be panicking as they review their 2011 figures which will push them into cost cutting mode. Morale in business will take a dive, agents will leave, recruitment will get harder and spending will be cut.

“Smart principals will review their business plans, tightly manage their working capital, invest in technology, training and their point of difference, ensure morale, leadership and culture is nurtured, and consider joining a network that provides many of these opportunities,” Ms Smiles said.

Ms Smiles suggests that it is critical to sit down with your finance manager and review your current business costs.

“Stress test your business now. Sit down with your agents and decide on range of items that you can implement to minimize risk and maximize opportunity.

“Smart business can really capitalise on the current market. This market allows businesses that are game ready to take serious market share of their competitors in the coming months. Here at Harcourts New South Wales, we are ensuring that our business will be game ready for 2012,” Ms Smiles continued.