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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
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