George Leonard Speaks On Traditional Brokerage Firm Challenges

BrokerIPTV : Today we are talking with George Leonard, Managing Broker from Fuller Towne & Country Properties at Cherry Creek. George thanks for being with us. Why don't you tell us a little bit about some of the challenges that are large traditional brokerage firms are facing these days?

George Leonard: Well, these days this is a transactional market. Actually it is just a tough market and one of the things that we need to do is convince the general public that this is absolutely the time they need a professional to take care them during the transactions. People that do this part-time or this is not their career, may not be able to handle all the issues that come up and they deal in this market.

BrokerIPTV : Now I heard other managing brokers say something to the affect, that this year has seemed like the year of the corky or difficult deals, has that been the case?

George Leonard: Absolutely, there is a lot riding on all the transactions that get a contract right now, like I said earlier this is such a tough market. When we finally do get something under contract, the buyers have so much to choose from out there, that if they do not get their inspection issues handled or get the right price that they want, they are just willing to go on to the next property. So, once you get it under contract, it isn't always going to close. 00:01:27 [Music] 00:01:33

BrokerIPTV : And I guess with that you get more arbitrations, more litigation and more things of that nature, so has that been up?

George Leonard: Yes, there has been increasing, it is part of the cortex of the market and it is just one of those things that come along with it.

BrokerIPTV : George, profit margins. I have to imagine that they are beginning to get slimmer, tidier and so forth given the current market?

George Leonard: They are. Running a large real estate firm such as Fuller Towne & Country is very expensive. Our brokers are some of the best in the business and the expectations of their clients is that we are going to give them the best services, the best marketing, the best advertising as possible. That could be very expensive, so the profit margin is getting smaller and smaller.

BrokerIPTV : Where is the growth area in your company?

George Leonard: The growth area in our company is we are always looking for good, experience, confident brokers. That is were we looking to bring in the next generation of brokers that fits the criteria of the high standards of Fuller Town & Country.

BrokerIPTV : How about plans for the company in a way?

George Leonard: Plans in a way is to provide lot of training. During that transitional market one of the things it is very important is to get back to the basics, because the basics have always work in any kind of market and so what we probably doing is supporting our brokers in the markets that can be tough.

BrokerIPTV : George, thanks, great, very informative, really appreciated.

George Leonard: Thank you very much, my pleasure.

Posted on January 20, 2008 16:57:48 by Blog Author