The National Association of REALTORS®* recently surveyed its members about the current technology landscape in the real estate industry. The published results offer Brokers some valuable insights into technology trends, needs, wants and perceptions they may want to consider when planning out their strategies and technology spend for 2019.
In order to run a profitable real estate brokerage, Brokers need to know and understand the metrics that impact the bottom line. Only then can they make profit predictable and set themselves up for long-term growth. Also, knowing how your financial metrics compare with others is invaluable when making strategic financial and operational decisions - especially if you're contemplating a merger, acquisition or exit strategy. However, many Brokers don’t know where to access accurate data to compare with or they question the reliability of the data they do have.
Successful brokers understand that recruiting and retaining talent are essential to maximizing their growth potential. Many would agree that getting talent in the door is the easier step. It's getting them to stay for the long haul that is the challenge. It can be a significant investment of time and money to nurture and recruit top talent. The last thing you want is for your new recruit to leave prematurely. But, how do you get them to stay? What carrots, or incentives, should you dangle to cultivate loyalty among your agents?
Are you a pro when it comes to recruiting talent? Do you have creative or innovative ways to attract talent and wonder why others are not doing the same? Are you willing to share your expertise with others? We're creating an eBook on recruitment strategies and seeking insight from industry experts. Help us shed light on the best strategies out there. At iBroker, we understand the ongoing challenge to recruit and retain talent and are committed to offering Brokers solutions through innovative technology and insight.
Have you heard rumblings about the new easy-to-use back office management solution on the market, but haven't had time to look into it? We understand. Not many business owners have the luxury of time to sift through online reviews or read lengthy whitepapers when searching for new software.
That's why we've put together a quick overview video on iBroker, the simplified office administration solution for real estate. In just 90 seconds, you will have answers to many of the questions Brokers ask when trying to determine if iBroker is right for their business.
As a Broker, you know getting new talent in the door is essential to the ongoing success of your brokerage, but it can be a challenge to attract talent that will make a real difference. Although in-office perks like free daily coffee or a corner office may be compelling, they are not enough to sway the type of agents you really want to keep. You need to be more strategic and offer true value that differentiates you from the other contenders they may be considering.
The clarity and commitment to your vision and goals will ultimately pave a path to your destiny and your success. The problem is that typically they are not clearly defined.I have discovered that the typical broker was a successful REALTOR who would never consider compromising their commissions to a potential customer. They would have a strong listing presentation that would identify their points of distinction. They take time and effort in a strategic manner in order to validate their services to command the fee they feel they are worth. One of the methods is to prove that by listing their home with them, the customer would net more money in less time than their competitors. The disturbing part is that many of them did not take that skill and apply it to their brokerage business.
This month, Peter Mueller, CEO of The Profit Centre, and Carlos Matias, CEO of GryphTech and Creator of iBroker, held a popular Broker webinar to share what every broker needs to know about running a profitable business. Leveraging decades of industry experience, they discussed how to analyze financial and operational metrics to effectively inform business strategy and how to implement a killer strategy proven to increase profitability.
Increase Profits with iBroker and The Profit CentreiBroker, a powerful real estate brokerage back office management application by GryphTech Inc., has partnered with leading business evaluation software company, The Profit Centre, to offer insight and tools Brokers need to run an efficient and profitable business.
Shared customers enjoy a streamlined workflow between applications bringing together financial, operational and analytical tools that offer real-time insights integral to a growing and profitable brokerage. Together, Brokers benefit from a one-of-a-kind back office solution that is not only easy to use, but provides the clarity needed to increase profitability.
When it comes to business planning and measuring performance, real estate brokers often focus most of their effort on developing the sales side of their businesses. Revenue growth, albeit a very important metric, is only one indicator of overall business performance. There are other key metrics that should be tracked ongoing to effectively inform business strategy and be set up for long-term success. For some, this can be an overwhelming process as they are unsure what to track and how.