To thrive in times of great change, successful companies challenge old assumptions, debate new strategies, and sharpen their thinking about all aspects of their business. The best companies have a dynamic business strategy, and are capable of innovating and growing regardless of market conditions.
Few industries have experienced as much change, both cyclical and structural, in the past 5 years as real estate. At Houlihan Lawrence, our strategy for the new market reality has been a simple one: 1) increase the transparency of market information to our buyers and sellers; and 2) empower our agents to develop true advisory relationships with their clients, helping to make informed decisions about real estate.
While the strategy is not complicated, executing it has required a lot of work from everybody in the organization - our management team, our staff, and of course our agents, who must deliver on our client commitments every day. In the past year alone, through one of the worst real estate markets in our lifetime, we have rolled out a brand new “Web 2.0” version of houlihanlawrence.com; an advanced technology platform, Client Connect, that enables our agents to deliver real-time market information to their clients; and created dozens of new ways for our agents and the public to tap into the wealth of market data that we collect daily.
It is very gratifying to see the market rewarding our efforts in 2010 with substantial increases in market share across virtually all the communities we serve. Consider these numbers:
- Houlihan Lawrence now has a 39% market share in dollar volume for Westchester single-family homes, up 7 share points from 2009.
- In the luxury market segment, Houlihan Lawrence now has a 50% market share of homes with a sold price of $1 Million and above, an increase of 7 share points over last year, and a 60% market share of homes sold for $2.5 Million and above, an increase of 11 share points over last year.
- In Putnam and Dutchess counties, our market share has grown by 3 share points over last year to 27% and 14%, respectively.
Source: WPMLS and MHMLS; January1 through July 31, 2010
While it is encouraging that we seem to be heading in the right direction, holding on to these market gains will require that we continue to innovate and respond to our clients’ changing needs.
Tell us what you expect from a real estate broker. What could your agent do to help you better navigate today’s real estate market?