The Morning Meeting. Doing a SWOT Analysis of Your Real Estate Business
If you have participated in strategic planning, sat on a committee or been a director of a corporation, then no doubt you have heard of the SWOT analysis. It is a simple process of getting ideas together on the strengths, weaknesses, opportunities and threats of a business or idea.
Having just returned from a recent strat planning session I decided to put the agents in my office through a similar task by asking them to do a SWOT analysis of their own business. It ended up being a great meeting with tremendous contribution and discussion.
It is fair to say that this is a meeting that I would run again in a years time. The line items in each category change regularly, maybe not month to month but probably year to year. Take for example demand, supply, interest rates or technology. Ours is an ever-changing industry and the best defense s, as they say, a good offense. My experience is that the market has been known to shift very quickly.
Obviously this is an industry wide SWOT analysis on our local market. You might get much different results in other parts of the country. I also believe that every agent out there should conduct a personal SWOT analysis to identify the issues that might affect their business.
mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office, the Immediate Past President the Toronto Real Estate Board and a director at the Ontario Real estate Association . The opinions expressed here do not reflect the opinions of TREB, OREA or Bosley RE