Every real estate business owner hits a snag in their business at some point. From not meeting revenue goals to missing the profit targets that were set out early on, everyone in the industry finds themselves unable to shake off some roadblock from time to time.
But as common as this is, fortunately, there are only a few, everyday challenges that today’s brokers seem to struggle with:
- Retaining talent
- Limiting overhead
- Staying ahead of the technology curve
If you’re finding yourself in some sort of quicksand in any of these areas, I’m here to break down how you can pull yourself out and implement lasting change in your unique business.
Retaining top talent through education
From pay to technology to support, today’s agents come with a list of expectations. But another piece of the puzzle that will keep agents satisfied is the opportunity to constantly learn. When you supply your agents with the option to continue their education and stay current with the industry, you’re showing that you value their development.
Provide educational programs that go over the MLS, a CMA, holding an open house, marketing tips for new agents and the presentation to 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 brokerage to thrive and lets your agents know you’re invested in their future.
Balancing the budget and keeping overhead down
As a business owner, you’re constantly being pulled in every direction. How can you keep your agents happy and provide training when you need to balance the budget and take care of everyday expenses?
Fortunately, a few simple tips can help you not only take care of your day-to-day finances but also see them grow.
First, revisit your expenses often to see how you are trending, or where you can save. This helps to review your finances and see where you need more attention. Next, cancel subscriptions to unused or under-utilized software tools. You could actually be saving a fortune if you cut the cord, so to speak, on these tools you don’t actually need.
Examine all services you’re paying for and see what you’re not using or what isn’t contributing to your business goals. When you’ve identified these money wasters, it’s time to cut them out.
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, plugging into the tech landscape can keep your business relevant.
Think about operating on a comprehensive platform. This kind of tool can help make agents more flexible in the field and offers up more options for creating personalized transaction experiences. With today’s available tech, agents can perform everything from creating listings to uploading paperwork for broker review while on the go–and can even enable their consumers to be more involved in the process if they so choose.
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 marketplace to achieve what you want.
Bryan Brooks joined the HomeSmart Team in October 2015 as the company’s senior vice president of franchise sales. Brooks is responsible for spearheading the company’s domestic and international franchise growth initiatives which includes mergers, acquisitions, rolls-ins and conversion opportunities.