Are you suffering from the correcting real estate market?
Revenue down? Expenses up because you increased your expenses as your revenue was increasing over the last 7 years?
Take these 3 Steps to make sure your real estate company is profitable next month.
Start with Reducing Your Real Estate Office Costs and Expenses
The mistake not to make is thinking that your expense cuts have to come from one or two big categories. Look at the small categories also.
Pull out your Profit and Loss statement and review with a 10% reduction in overall expenses as your goal.
Calculate the total volume of listing inventory and what that would equate to company dollar when sold.
Ex. $20,000,000 in listing inventory. 3% List Side commission. Agents are on an average 70/30 commission split. There would be a total of $180,000 in company dollar waiting for you.
Create a Correct Price Initiative.
Work with your agent partners to determine what listings need to have the price corrected, find out the sellers motivation and coach your agents on scripts and strategies to get the listing price lowered to a saleable price.
Contact me for the FREE ”21 Strategies For Price Reductions” DarinPersinger@gmail.com
There are four main styles, or segments of leadership that people fall into. These Four Segments also affect the culture of a company. Ultimately they determine the success or failure of a company.
These leaders are the first to raise their hand, the first to share a story, the first to serve their fellow teammates and the most willing to take on a project. These volunteer leaders know what they are capable of, want to share their knowledge, experience and want others to succeed. These volunteer leaders want to succeed and they want to succeed with others and through others.
These leaders have the ability and the capability. Reluctant Leaders for some reason need or want to be invited to be leaders. Reluctant Leaders will step up to the challenge when asked, you need to ask though. Once they are in the leadership role, they lead with as much energy and passion as a Volunteer Leader. Be sure not to overlook Reluctant Leaders. Reluctant Leaders can be the next wave of great leaders in your company. With confidence and empowerment they can become Volunteer Leaders.
There are some people that are just not going to lead. They don’t want to lead. Followers have no desire to lead. You can’t lead unless you have someone who follows, so Followers are needed. Be careful though, don’t confuse a Follower with a Reluctant Leader.
Warning! Warning! Warning! Second Guessers will destroy the culture of a company. Second Guessers make it impossible for a company to grow. Second Guessers will tear a company down. They drain the energy and enthusiasm of a company. Second Guessers are neither Volunteer Leaders or Reluctant Leaders. Second Guessers wait for others to make decisions, to chose a direction, and to cast a vision. They do what Second Guessers do, they second guess. Second Guessers don’t lead, they gossip, spread rumors and try to spread doubt. The thing that is scary about Second Guessers, is that they can influence and they can lead, it’s just in the wrong direction.
Ideas Worth Working For
How many hats is your real estate sales manager wearing?
My neck hurts
I’m lucky to work with great real estate agents that share with me what real estate recruiters are doing. How real estate company’s are attempting to recruit, the latest recruiting speech….etc. etc.
The reason why most real estate brokerages and real estate recruiters fail is that they are only talking about features. Features of the company. Recruiters only talking about their own business, their own company, what they offer.
How does that benefit a real estate agent? How is that going to help with a real estate recruits fear of change when all a real estate recruiter talks about is features?
Here is a great example of only talking about a company and their features. No benefits for the agent at all.
Take a look at all your recruiting marketing copy. Take a look at your recruiting presentation. Take a look at your needs analysis questions. What is it focused on? Features of your company or benefits for the recruit?
Goals, Your Real Estate Agents…Not Yours
The one thing that every real estate recruiter should offer
5 ways I have NEVER recruited an experienced real estate agent
“And what makes people work is an idea worth working for, along with a clear understanding of what needs to be done.” -Michael Gerber
The above statement brings some questions to mind for me,
1. Do you have the right ideas in your company?
2. Do you have the a clear understanding as a LEADER in your company of what needs to be done?
3. Do your agent partners know your ideas?
4. As LEADERSHIP, are you communicating your ideas effectively and systematically?
5. Do your agent partners have a clear understanding of what needs to be done to succeed in this shifting market?
6. Are you asking for your agent partners cooperation or their collaboration? Which one is more empowering, engaging?
7. What are you waiting for to be your best?
I remember watching my nephew and nieces when they were little playing soccer. Every kid on the soccer field would chase after the soccer ball. They looked like a swarm of bee’s. Going this way. Going that way.
It was a joy to watch them grow, progress and become better in the sport. As they got older, they started to comprehend and understand the sport and their role, their position on the team better. They stayed in spot on the field and let the game come to them. They did their job, instead of chasing after the ball wherever it was.
In a real estate company there are many roles, many positions. These different roles make up a team. Sure, Together Everyone Achieves More and when there is TRUST, everyone can focus on their role and do it to higher level.
So do you have partners? Do you have admin staff? I have an important question for you.
Do you Trust them?
Do you delegate? Do you empower? Do you allow them to make decisions without asking your permission first? Do you micro-manage? Do you allow them to fail? Do you allow them to learn?
Do you Trust them?
In order for a Team, a company, to develop to its highest level, the people involved have to be able to say,
“I Trust Everyone Around Me”
To me, that’s the real definition of a team.
I never do the same real estate recruiting presentation. Why should I? I am recruiting a different individual each and every time.
My real estate recruiting presentation is about the agent. 100% about them. When do I talk about what my real estate company has to offer? When I know what the real estate agent wants. And when the real estate agent asks.
If I’m meeting someone for a real estate recruiting presentation, I’m at the CONNECT step in the SCEF Recruiting System. I’m trying to CONNECT with them to see if we are a match. Should I go into business with this person? What are their desires, goals, plans? What drives them? What are their values?
I had a recruiting appointment today with a real estate agent, he said to me,
“I’m cautious. I’m going to take my time and do my research.”
After an hour together and spending only about 5 minutes talking about commission splits and office fees, the recruit said to me,
“I’m coming here. If that’s OK with you?”
Recruiting An Agent That Is Only Interested In Commission Split
Recruiting Real Estate Agents Has Nothing To Do With Commission Split
5 Ways I have never recruited Top Producer Real Estate agents
What kind of culture do you have in your real estate company?
Is it fun?
Is it professional?
If it was me, I would lean to the side of fun when you are not sure what direction to lean.