Yes it can! In September 2004, prior to the devastation of four hurricanes and the recession, Pruitt Real Estate had seven offices and 207 agents serving Brevard County. As the largest independent company serving the Space Coast of Florida, we enjoyed a commanding 19% market share in our primary market area.

Back to back active hurricanes at the end of 2004 coupled with the economic recession resulted in a 58% decline in sales from 2005 to 2008. This downturn required us to take immediate cost cutting measures; however, I along with my management team was cognizant not to make the wrong decisions and risk losing key producers.

Today, we have 3 offices and 142 agents serving the same territory. Market share now stands at 12.3% in our primary market area, a declined shared by most companies ranked in the top ten. Market share fragmentation has occurred in the last two years due to the rise in small start up companies. When asked how I was able to accomplish this productive retention rate of agents and market share, I can attribute this success to these factors:

Honesty – we were also forthright with the agents and staff regarding our financial position and the reasons behind each decision

Accountability – we always did what we said we were going to do; if we promised them a particular benefit in return for relocating to a different office, we followed through

Key management – my managers average 12 years with Pruitt Real Estate and know where I and the company stand at all times; this makes it so much easier for them to instill loyalty in their agents

We did not retain everyone but fortunately those agents lost were non-producers for us. Many of them chose to leave the business entirely or go to our referrals company. We could not have accomplished this contraction successfully if our company mission had not always been transparency, accountability and integrity in everything we do. Our management team has always strived to build and maintain excellent relationships with our agents over the years and we were able to rely on their loyalty and trust in our decisions to ensure a smooth transition as we contracted to meet the changing market. Open communication is not an option; it is a requirement in everything we do.

Posted by: Michael Pruitt, Broker,
Pruitt Real Estate, Inc.