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Sign into your account'That’s Why We Are All Not Profitable!'
March 12 2014
Marilyn Wilson with the WAV Group has been visiting brokerages and state associations with data that her company compiled about our industry. While attending one of her recent presentations, I snapped a quick photo with my phone of one of her graphs.
She said there are two different types of companies listed on the graph. The companies with the massive revenues are companies that the public loves. The companies with the lower revenues on the graph are companies that could be viewed as a commodity. One broker yelled out during Wilson's presentation, "That's why we are all not profitable! No wonder why we are having a hard time, we are all the bottom companies."
Wilson explained that the brands people love have the most revenue, and as a result, the most room for profit, while other companies will fight to be profitable. The room was filled with "a-ha moments." She then stated that the WAV Group conducted a survey in the Houston area where they asked members of the public to "name the first company you think of when you hear 'real estate.'" Can you guess what company ranked No. 1? Wilson claims the same company was named more than 90 percent of the time when the question was asked. The public said, "Zillow." Wow! When people hear real estate, that is the first thing that comes to their mind? She proved her point that our industry doesn't have a brand that people love.