In the latest RISMedia webinar—“Fundamentals of Success in 2024”—panelists Rick Haase, president of United Real Estate and chief operating officer of United Real Estate Group, and Lennox Scott, the third-generation chairman and CEO of John L. Scott Real Estate, discuss what brokers can do to continue to grow their businesses in 2024 and remain profitable through market challenges.
The webinar was sponsored by United Real Estate and moderated by Sherri Johnson, the CEO and founder of Sherri Johnson Coaching & Consulting.
Key takeaways:
Panelists offered some top tips for how real estate brokers can grow their business and remain profitable throughout 2024:
- Assessing the most important parts of your business to focus your growth strategies
- Leaning on recruiting, mergers and acquisitions
- Tracking your recruiting to learn more about your activity and manage growth
- Creating a sorting system to organize the types of recruiting leads
- Growing brokerage offerings such as databases
- Continuing to educate and coach agents to grow their per-person productivity
Here’s what our esteemed panelists had to say:
- “We have mechanisms that—throughout the month—we pay attention to activities. We grind it out and pay attention to the activities, and then we measure those results on a monthly basis. Our monthly KPI calls actually act on a report on how much we’ve learned throughout the month. We measure that in how many activities: how many of our recruiting systems are being used and our marketing systems are being used. From a leadership standpoint, that’s what I look at.”—Rick Haase, president of United Real Estate and chief operating officer of United Real Estate Group
- “One of our business concepts is ‘vital few’ and ‘important many.’ ‘Vital few’ is the one of two items that drive our revenues, and everything else is the ‘important many.’ We have already honed in a lot of success in the ‘important many’ so that we can put the extra focus on the ‘vital few’ that drives revenue. Those two ‘vital few’ items are, of course, selective recruiting and productivity. Because these are our vital two, we focus on them every month.”—Lennox Scott, the third generation chairman and CEO of John L. Scott Real Estate
- “One of the biggest goals we’re seeing in our coaching system is how can you move your referral rate from wherever it is to 90-95%. What I’ve said to agents is if you can grow your business to 95% referrals, you would never have to worry about what’s going on with interest rates and the noise outside, because your own fans would be bringing you people that wanted to move and sell.”—Sherri Johnson, the CEO and founder of Sherri Johnson Coaching & Consulting
For more information on how you can succeed in 2024 despite any challenges that may come out of the market, check out the full webinar here.
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