In the latest RISMedia webinar–How to Close Out 2024 Strong and Succeed in Challenging Times–RISMedia Founder and CEO John Featherston and Jim Fite, president and CEO of CENTURY 21 Judge Fite Company, discussed the challenges and strategies in the real estate industry, particularly focusing on the tumultuous year of 2024. Fite, a seasoned professional and author of ‘Success Through Recession,’ shared his experiences and strategies for thriving during economic downturns. He emphasized the importance of a positive attitude, strategic planning, and the power of setting goals to succeed rather than just survive.
Fite recounted his leadership journey, including the pivotal moment in 1986 when he decided to focus on success rather than mere survival. He also highlighted the significance of opportunity in challenging times and the importance of taking action after thorough planning.
The conversation delved into the impact of the August 17 mandates on the real estate industry, with Fite explaining how his company prepared for the changes through strategic planning and training. He stressed the importance of monitoring market conditions and adapting accordingly. He also discussed the importance of community involvement and giving back, sharing how his company supports various charitable organizations and encourages employees to do the same.
Additionally, Fite talked about the implementation of the Entrepreneurial Operating System (EOS) in his company, which has helped streamline operations and improve accountability.
Key takeaways
- Focus on succeeding, not just surviving. It’s important to have a mindset of success, not just trying to survive tough times. This positive, proactive attitude is critical.
- Prioritize strategic planning and preparation. Fite’s company goes through extensive strategic planning every year to prepare for the future, even during good times. This allows them to be agile when market conditions change.
- Cultivate a strong, loyal team. Fite has built a company culture where employees are treated like family and many have been with the company for decades. Investing in people is key.
- Embrace change and see challenges as opportunities. Fite views market shifts and industry changes as chances to grow and improve, rather than threats to fear. This adaptability is crucial.
- Maintain financial discipline and cash reserves. Fite’s company has no debt and builds up significant cash reserves to weather downturns, which has served them well.
- Give back to the community. Fite’s company is deeply involved in charitable causes, seeing it as an essential part of their mission. This helps build goodwill and a positive reputation.
- Continuously learn and stay informed. Fite dedicates time every day to reading, studying the market and learning from others in his peer groups. This keeps him and his team ahead of industry changes.
- Fite’s experiences highlight the importance of strong leadership, strategic vision, financial prudence and a culture that empowers people, all of which can help real estate professionals and companies thrive even in challenging times.
Here’s what John Featherston and Jim Fite had to say:
John Featherston
- “We’ve just completed our 2024 RISMedia Contract and Commission study that’ll be out next week. We’ve had over 13,000 individuals respond. You’d be surprised at how many are saying they’re anticipating stronger markets coming in 2025.”
- “Good people in our industry have already been in front of their clients and prospects articulating, in a very well-laid-out fashion, the services and the skills that they’re providing on the buy side of the transaction.”
- “Fear is a great motivator not to repeat mistakes, or missing market turns like we may have in the past.”
Jim Fite
- “Information is coming every minute of every day. It’s hard to separate what I’m going to read and what I’m not going to read. But you’ve got to read. You have to stay up on market conditions.”
- “My belief is that listings solve all problems for agents, while for a broker/owner recruiting solves all problems. You get the right people on the bus, then you list and get the inventory. The buyers then have to come to you.”
- “We’re looking at dollars, and just in case we start seeing a drop, we’re going to be prepared for it instead of just going blindly and hoping for the best. That doesn’t work. Hope is a good strategy, but it’s not a productive strategy.”
For more information on how to close out 2024 strong and succeed in challenging times, check out the full webinar here.
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