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Topics: Recruiting, Brokerage Profitability, Business plan, Goal Setting, Real Estate Business Plan, Mindset, growth, real estate broker, real estate brokerages
What is growth potential and why is it powerful?
I believe that growth potential is an important component of Profitability in understanding the value of your business. I can best explain growth potential from a Real Estate Brokerage perspective using an example.
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Topics: Recruiting, Brokerage Profitability, Business plan, Goal Setting, Real Estate Business Plan, growth, real estate broker, real estate brokerages
We tend to overestimate what we can do in 1 year and underestimate what we can do in 5.
I looked into my own career and life and started pondering on the many things that I wanted to accomplish. In reflection, I noticed that there were a number of things that kept coming up every single year. I was inspired by this statement by determining that I will move forward at least one of those big items that I have been procrastinating on for years.
Many times at the beginning of the year we tend to make too many promises to ourselves. We have this perception that all of a sudden we will resolve to finally get all these things done.
I decided personally to only have one big bucket goal to accomplish this year, and may I point out that I said a Big Bucket goal.
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Topics: Agent Profitability, Team Profitability, Brokerage Profitability, Goal Setting, Success, Mindset
Welcome to our new series called 'Profiles of Profitability Success'. In it we want to share knowledge and insights on how to build a profitable business by interviewing the best and most successful people in the industry. This month, we will be profiling the Salt Fowler Team.
After going through our Team Profit Analysis process, we discovered that Gord Fowler and Lisa Salt are number one in just about every single category we have, and notably in category: Team Leader Net Profitability. To gain more insights watch the interview here:
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Topics: Profiles of Profitability Success, Agent Profitability, Team Profitability, Brokerage Profitability
Before designing a compensation program it is important to first identify who your customer truly is before you start recruiting. I believe that many Brokers do not have a defined outline of the REALTOR® they want to attract. Given the challenges of recruitment, Brokers tend to be seduced by the physiological win of a new heartbeat as opposed to being focused on acquiring the right REALTOR®. The result is often the development of compensation programs designed to attract them on price.
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Topics: Recruiting, Brokerage Profitability, Real Estate Compensation Plan
Often when I ask a Broker to role play and try to recruit me as an agent, I find the following fundamental challenges in their approach:
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They do not have an agenda.
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They do not ask any (or enough) questions.
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They try to tell me too much, which is overwhelming.
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They focus on price primarily.
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If they discuss value, it is not focused on what I want or how it benefits me.
Let's tackle the first observation.
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Topics: Recruiting, Brokerage Profitability