While taking a break from my celebrity blog posts, I decided to post a blog about current research. The journal article that caught my attention is one that delves into the question; to focus on a real estate specialization or to generalize, which is more profitable?
In the International Journal of Business and Economics Vol 17 Issue 1 (2018), Anderson, Guirguis, and Turnbull discuss their research titled “Focus or Generalize: Real Estate Agent Effort Allocation and Compensation”.
The research they conducted for this article looks at how residential real estate agents choose to spend their time and the correlation with their compensation. Not surprisingly, it revealed that agents who dedicate more effort to sales and that also choose to specialize ultimately produce more income. What is interesting though, is that they also discovered that at a certain point, very highly specialized agents start to make less money than agents who are slightly less specialized. What is also fascinating is they revealed that agents who specialize and exert more effort toward selling activities increase their compensation by leveraging the time of others for non-selling activities. (The researchers define selling actions as showing homes and direct selling activities.)
In other words, agents that focus on residential real estate sales while hiring others to take care of other business functions make more money. Almost seems like common sense, but hey, if three doctors got together to do a research paper on it, then I guess it needed to be proven, right?
So there you have it! … It is now a proven fact that if you focus on what you do best, specialize (but don’t go crazy-specialized), and hire a marketing partner to take care of your marketing; then you WILL make more money! It is right there in black-and-white in a respected business journal. They basically wrote a business prescription for you to hire a marketing partner.
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