Reshaping & Restructuring Your Real Estate Business for the Future
RISMEDIA, June 23, 2011—Mergers and acquisitions was a hot topic for broker members of RISMedia’s Real Estate Information Network® (RREIN) during an exclusive members-only panel at RISMedia’s 2011 Achieve! Conference last month. Held in Rye, N.Y. on May 24 and 25, the conference was bolstered by the expertise of its esteemed speakers who gave members deeper insight and tips on how to successfully approach and complete an acquisition in the current market.
Held as part of a special educational track for RREIN members and brokers, the panel discussion “Reshaping & Restructuring Your Business for the Future” was moderated by RREIN Member Ed Krafchow, chairman of the board for Better Homes and Gardens Mason-McDuffie Real Estate. The session focused on key areas of external and organic growth for brokers seeking to expand their reach in the current business climate.
In today’s world of real estate, growing and developing your business is the key to success. According to Tami Bonnell, president of U.S. Operations for EXIT Realty Corp. International, when it comes to mergers and acquisitions, you have to know why you’re going to acquire another company and should always revert back to that reason when in doubt. “When we get close to something, we want to do it. But you have to be humble and know your strengths and weaknesses,” she says.
Getting to know people is also an important part of the process. Get to know the target company and find out what’s important to them, recommends Bonnell. Find out if you have a common ground in your business philosophies to build your relationship on. The more you know about them, the more likely they are going to be honest with you about what’s actually going on.
“If it’s not going to be profitable, be prepared to walk away,” she said.