For the past 11 years, Charles Rutenberg Realty, Inc., has been known for its mission of being an Agency for the Agent. In an effort to accomplish our goal of being the premier Real Estate Agency that imparts outstanding benefits to our Agents, we continually look for new ways to grow and mature with the changing Real Estate landscape. Not only do we offer incomparable tools and outstanding commission structure, but we also offer the training, assistance and guidance necessary to being a top-notch Agent.
Though the Real Estate industry has changed dramatically over the past decade, we have consistently kept our low monthly association fee and 100% residential sales commission – both of which we will continue to keep in place. The growth of our company, while wonderful, has taken its toll on the budget we have in place for E&O insurance – increased activity raises our liability and thus our cost – but, it is our intention to continue covering this cost for Agents for as long as feasible.
Over the course of time since CRR first opened its doors, the housing market has flipped from a Buyer’s Market to a Seller’s Market. Though this provides a great opportunity for our Agents to turn over inventory, it also adds some new challenges – such as shifting our advertising objectives to focus on Sellers, most importantly with a brand recognition that makes them comfortable having us sell their properties.
As a result, we have retained a local public relations firm to help us get our name into the public through the creation and distribution of frequent press releases and the submission of company quotes and insight to all local media outlets. Additionally, we have begun to distribute notices introducing our new agents. We are now in relevant publications, including Newsday and Long Island Business News, and broadcast outlets every month.
We have also rolled out significant advertising – which began with a successful campaign on Cablevision earlier this year. Our intention is to work with FiOS1 next. In recognition of the benefits of social media, we have now also designed and implemented Facebook ads. One that targets 160,000 Millennials in our area who may be buying a home for the first time and another targeting nearly 210,000 retirees who might be looking to downsize and sell their home in the near future. In an effort to target the summer beach goers, we will also be flying a Charles Rutenberg Realty banner over the area beaches this summer. We look forward to providing the dates shortly so you can plan for a day by the ocean.
Come the Fall we are planning a series of Free CE Credit events for our Agents. We plan to combine the training with breakfasts and lunches. Nothing makes CE more pallitible than a good meal accompanying it!
Members of our corporate team are continually meeting potential first-time homebuyers at seminars at which we participate twice a month. In addition to valuable first-time homebuying advice and resources, the attendees are also provided with purple Charles Rutenberg Realty-branded shopping bags, which we hope will start popping up all over. In an effort to further increase our brand recognition, we have increased our footprint with the addition of new offices, which helps put our signage into new neighborhoods.
That said, our marketing efforts, coupled with the increased costs of our E&O insurance, has forced us to look for avenues to increase our revenues with the least impact to our Agents. And, after careful consideration, we have developed a plan that will be equitable to all Agents while also providing us with the resources necessary to grow the business as a whole.
What this means is, though we may take more on some transactions, we are actually able to put more money back in the pockets of the majority of our Agents and continue to provide the best commission plan in the industry. So, I bet you’re wondering how this all works.
For starters, we have reduced the split on Short Sales and Agents will now receive 95% commission on these transactions.
Further, our new plan has only one transaction fee for every sale, whether it be open, private or a straight MLS deal.
We are also lowering the transaction feed on many commission checks and, as mentioned we are implementing a tiered approach so that fees are on a sliding scale relative to the size of the commission. We know that this approach will be easier to understand and more equitable for all.
In short, we have ensured that you, our Agents, will continue to benefit through the finest commission structure, service, training and tools available.
In conclusion, Joe, Pam and the great staff at Charles Rutenberg will continue to dedicate ourselves to our standard of excellence. As we grow stronger together, we look forward to future success for us all.