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REIQ Journal : November 2008
10 Feature in shape for challenging times? Is your business By Peter Hallahan, Principal, Hallahan & Co. Chartered Accountants The recent turbulence within the United States financial markets has come at the end of a difficult twelve months for investors and property owners, both locally and around the world. WHILE THE AUSTRALIAN economy seems well positioned to hold up against the worst of the situation in North America and Europe, it is not unrealistic to expect local property markets to remain soft in the face of global economic uncertainty. As a real estate agency owner, now is the time to take stock and ask yourself if your business is in shape for the challenging times ahead. Specifically, ask yourself the following questions. Question 1: Do you understand your business model? Work out exactly what it is that you do to make profits. Place this activity at the forefront of your efforts. This effort may vary for different agencies and could include: High selling principals, Low selling principals with a sales team, Low selling principals with a team of subcontractors, or High or low property management activity. This seems straightforward but a lot of energy can be directed into activities which do not contribute substantially to generating profits. Let other people in your organisation deal with the less important matters.
December January 2009