We have had the opportunity to talk to many leading agents, brokers and team leaders through my podcast. I asked these 10 team leaders to share the one strategy that’s had the biggest impact on their business’s bottom line.
Whether you’re building a team or looking for inspiration on how to boost your profitability, tune in to these 10 short videos to find out what’s working for today’s top teams.
1. Leverage your people
Why waste time on tasks that someone else can do for you? Watch this video with Ruth Krishnan, and find out why leveraging your team is crucial when it comes to building a more profitable real estate business.
2. Stay consistent
Will Wiard went from top producer to managing broker, and the one thing that helped him — and continues to help his agents — is surprisingly simple. Watch, and discover why Wiard believes that consistency is the key to long-term profitability. Hint: It has to do with time management.
3. Implement transaction fees
Ricky Aranda created a new revenue stream that enables him to pay admin staff without cutting into his business’s profitability. Find out how he handles transaction fees for buyers and sellers in this video.
4. Advertise listings with 3D videos
Need something new for your agents to showcase at listing appointments? Watch this video with Adam Merrick, and find out how Matterport 3D video has helped his team members increase their average price point to boost overall profits.
5. Choose the right first hire
Your first hire can make or break your business’s bottom line. If you’re trying to decide between hiring a transaction coordinator or a full-time assistant, watch this video with Brandon Mulrenin. It could save you from making a costly mistake!
6. Hire an ISA
What’s your team’s biggest weakness? Blake Cantrell realized that getting and qualifying leads was his team’s, so he hired a highly skilled ISA (inside sales agent) to handle it for them. Watch this video, and discover how he found the right hire.
7. Hire a referral agent
Billion-dollar agent and team leader Keri Shull found an awesome approach for increasing profitability without increasing workload. By hiring a professional to handle her sphere of influence and referrals, she’s increased her business’s profitability drastically. Plus, her clients couldn’t be happier with the service they get.
8. Talk to the competition
Believe it or not, your competition isn’t the enemy. Chris Craddock believes that outside influence is actually an excellent tool for improving a business’s day-to-day operations. Hear how reaching out to top-performing agents might help your team boost its production and its profitability.
9. Get into property management
Is property management part of your real estate business? If not, you might want to consider it as an ancillary service. In this video, Brad Larsen shares resources for learning about property management so that you’re able to supplement your current offerings and create a new revenue stream.
10. Calculate cost per sale
Increasing profits goes hand in hand with decreasing expenses. In this video, Dave Conord explains how to calculate cost per sale so that you’re able to make better business decisions moving forward. As an added bonus, Conord also discusses how to determine your cost to acquire a customer.
If you have a unique profit-boosting tip of your own to share, please post it in the comment section.
Pat Hiban sold more than 7,000 homes over the course of his 25-year career in real estate. Now, he dedicates his time to helping others succeed as agents and investors. As host of the Real Estate Rockstars Podcast, Pat interviews real estate experts to explore what works in today’s markets. He also founded Rebus University, an online training platform for real estate agents and sales professionals.