Every real estate business owner encounters a problem in their business at some point. Whether it’s not meeting revenue targets or missing profit targets that were set at the beginning, everyone in the industry finds themselves unable to get rid of certain obstacles from time to time.
But as common as that is, fortunately there are only a few daily challenges that today’s brokers seem to struggle with:
- retain talent
- Limit overhead
- Staying ahead of the technology curve
If you find yourself in some kind of quicksand in any of these areas, I’m here to explain how you can step back and implement lasting change in your unique business.
Retain top talent through education
From compensation to technology to support, today’s agents have a waiting list. But another piece of the puzzle that will satisfy agents is the ability to constantly learn. When you offer your agents the opportunity to further their education and keep up to date with the industry, you show that you value their development.
Provide educational programs that cover MLS, a CMA, hosting an open house, marketing tips for new agents, and introducing buyers and sellers. Schedule workshops or open forums where your agents discuss a challenge and brainstorm new ideas and solutions. Providing substantial training and education is essential for a real estate agency to thrive and to let your agents know that you are invested in their future.
Balance the budget and limit overhead
As a business owner, you are constantly being pulled in all directions. How can you keep your agents happy and provide training when you have to balance the budget and take care of day-to-day expenses?
Fortunately, a few simple tips can not only help you take care of your day-to-day finances, but also see them grow.
First, review your spending often to see how you’re doing or where you can save. This allows you to examine your finances and see where you need more attention. Then, cancel subscriptions to unused or underused software tools. You could actually save a fortune if you cut the cord, so to speak, on those tools you don’t actually need.
Look at all the services you pay for and see what you’re not using or contributing to your business goals. When you’ve identified these money wasters, it’s time to eliminate them.
Technology: The future of real estate here today
Technology is constantly changing the way we do business in real estate. With apps and services available in the palm of our hand and access to listing information and interest rates available to consumers, connecting to the technology landscape can keep your business relevant.
Consider operating on a complete platform. This type of tool can help make agents more flexible in the field and provide more options for creating personalized transaction experiences. With the technology available today, agents can do everything from create listings to upload documents for the broker to review on the go, and can even allow their clients to become more involved in the process. if they wish.
Just know that every challenge can be turned into an opportunity for your brokerage. Make the decision to develop the right model in today’s market to get what you want.
Bryan Brooks joined the HomeSmart team in October 2015 as Senior Vice President of Franchise Sales. Brooks is responsible for leading the company’s national and international franchise growth initiatives, including mergers, acquisitions, rollouts and conversion opportunities.