If you want to grow your brokerage next year, you have two options: either increase efficiency or spend more money. We have already talked about one great way to be more efficient in 2017 but planning isn’t the only tool available to brokerages. Your CRM can do a lot more than just keep all of your contacts in one place. A (good) CRM is built to streamline tasks across teams and the organization so you have more time to focus on closing more deals.
Centralize the Small Stuff
Have you ever spent way more time than you should searching your email inbox for really important information that doesn’t “live” anywhere else? You may have had a team member on vacation, or even experienced turnover, but no matter the reason, hunting down that information is now your top priority. How often do you think you do that? Maybe it’s only three or four times a week and this only slows you down by five minutes or so. Are you already trying to do the math in your head? No need. If you waste five minutes searching your email inbox four times a week you will waste over 17 hours in 2017!
That’s a pretty horrifying statistic, but it gets much much worse when you multiply it by the number of brokers that work in your office. A large brokerage might lose weeks every year hunting down a document that was sent as an attachment or trying to find out what time that client wanted a call back.
More Communication, Fewer Meetings
Closing a deal means carefully coordinating many complex tasks while also keeping everyone working on that deal (inside and outside your brokerage) in the loop. A daily or weekly meeting might seem like an easy solution, but most meetings just end up being an exchange of information.
This inefficiency can be avoided by simply using a CRM, like REthink CRE, to expand around Action Plans functionality related to closing a deal. Did we get that signature we needed? What is the next deadline we have to hit? Did we ever hear back from the landlord about those concessions in the lease? Sure, you could figure all that out in a half hour meeting but let’s look at the math.
Assume most of the deals you are working involve at least 3 other people. That’s a team of 4 total. Obviously, having a CRM doesn’t eliminate the need for meetings, it just reduces the amount. Let’s be conservative and say that having all of this data in one place will save everyone roughly an hour a week. The math on this one is pretty impressive. If your team of 4 people saves on average one hour per week that adds up to an astounding 832 hours of productivity in 2017!
What will everyone do with those extra hours? How does closing an extra deal or two sound? The exact ROI of a CRM might be tough to nail down, but “back of the envelope” math can start to bring some clarity to the picture.
Full Visibility into Each of Your Deals
Everyone has a boss. And whoever you report to at your brokerage probably asks for regular updates on the status of each of your deals. Why do they do this? Because they are responsible to their boss to keep your brokerage’s revenue pipeline flowing.
Even if your brokerage doesn’t regularly project revenue for the next quarter or year, whoever is running things will sleep a lot better knowing when they can expect your next deal to close.
If your boss regularly asks you about the status of your deals, a CRM will save you time. If you are the managing broker that regularly asks for these updates, a CRM can help give you peace of mind.
What will 2017 look like for your brokerage? Are you going to close more or fewer deals in 2017 than you did this year? Purchasing a CRM may be a bold step, but only bold moves result in big rewards. If you’re ready to grow your brokerage in 2017, click here to start the conversation.