Last weekend, I managed to squeeze in series 5 of Yellowstone. No spoilers but John Dutton spends pretty much 50 episodes trying to protect his 150-year ranch legacy.
And it got me thinking about legacy in our industry…
If you look at the oldest agency names still trading today, the most recognisable are:
* Winkworth — est 1835
* Humberts — 1842
* Savills — 1855
* Hamptons — 1869
* Knight Frank — 1896
These companies have seen more fundamental changes than most in their 150 – 200 years. The internet, Rightmove, mobile phones, huge legislative changes – and yet at the heart of our industry, very little has changed. Yes, companies like Purple Bricks and eXp have pushed boundaries and changed the way we do business – probably forever – but in essence, our job is pretty simple.
Our purpose is still to find a buyer for a property with the best deal for the seller.
People claim that agency is a people business. But it’s actually a numbers business. You just need enough valuations, instructions and sales to create a business.
After that, it’s about creating something you can walk away from, profitably. Whether by having it managed or selling. What most of us are aiming for is a financially sound future for ourselves and our families.
Very few of us are thinking about legacy.
And maybe that’s ok. Because creating a legacy often means sacrifice and prioritising values over profit. Sticking to principles and tradition can cost you dearly in the long run. Just ask John Dutton.
Ask yourself this: what are you working for? Be specific. If it’s financial freedom, give it a £ number. If it’s a profitable company you can have managed, pick a date and an income amount you need. If you want to sell, what would you take to walk away today?
Because legacy sounds like something worthy of spending a career creating. But it won’t pay for your retirement. Mortgage paid off, money in the bank, nice holidays a few times a year – these need planning for. And some of our contemporaries will work for decades and still retire with nothing. I know, I’ve met plenty. Some of the old-style agency owners out there will simply have to close their businesses, lay off their staff and hope there’s a little bit of money in the bank after everything’s paid for.
So my advice (that you haven’t asked for) is to start planning now. Whether you’re in your first few years, still a decade or two away from retirement, or your sixties are looming, fast, planning is rarely better when delayed.
Put your future self-first. As John Dutton said, “Nothing we do is for today.”.
Sam
When you’re ready, here are three ways I can help you:
1. Strategic Marketing Support: Book a free 45-minute strategy call with me to look at what’s holding your agency back, where the growth is, and what needs to change next. For ambitious independent agents who want stronger fees, better instructions and a business built to scale.
2. Read my book, The Selective Estate Agent: A practical guide to attracting better clients, winning better instructions and building an estate agency around the homes, fees and sellers you actually want. It’s especially useful if you’re tired of chasing every valuation and want a more selective, strategic way to grow. Buy here.
3. Listen to this episode of the ‘Ignite Your Agency’ podcast: The ‘F’ Word – Who Has Control of Your Finances?
