REthink CRE

5 Steps to a Profitable Brokerage

Jordan Zecher Best Practices 0 Comments

The day-to-day challenges of a brokerage can be overwhelming and time intensive. With limited time on your hands it’s easy to get caught up in making strategic decisions and forget the basics. We all want to close more deals in less time, but a framework needs to remain in place to ensure success. To reach the full potential of your brokerage it’s important that you lead with the following 5 steps:

 

  1. Be a leader in your niche. The size of your brokerage will have an impact on how specialized your position will be. If you are in a smaller brokerage specializing in a broader subset like: retail, industrial, or office or a more niche market at a larger brokerage the end goal remains the same, be a leader in your niche. With narrowing your focus this allows you, as a broker, to become specialized and to learn the ends and outs of your market. Whatever you decide to focus on impacts the types of individuals you will be interacting with, knowledge you’ll need to learn, and of course, properties you’ll work with. Since you will be an expert in your niche it will be easier to accomplish steps 2-4.  

 

  1. Produce a steady stream of leads. Now that you are specialized it has narrowed down your focus on the types of leads you’re looking to produce. Leads are a part of a simple math equation. It’s the first element in ensuring your bottom line is successful. Your leads turn into appointments, which turn into contracts, which then turn into closings. If your leads start to run dry, with time, so will your bank account. Figuring out leads is an important element in our industry. Now, the million dollar question is, “How do you increase lead conversion?”. To help, we previously have outlined steps to power your lead conversion. Eventually your broad network will run dry so get ahead, and start working on your leads from the beginning.

 

  1. Be trustworthy. With your niche market, word of mouth is increasingly important. To make sure that the word being passed around about you is positive, you will need to earn the trust of your client. The easiest way to secure a win with your potential client or client is to underpromise and overdeliver. Don’t just meet a timeline you were held to; deliver that information early. Trust can also be found in your ability to add value like industry news sharing, a great deal on their favorite whiskey, or insight into a property before it hits the market.

 

  1. Build strong relationships with colleagues. Just as you are specializing so are your colleagues. Your working relationships are just as important as the relationships with your clients. Other brokers, just like yourself, want to work with someone who is trustworthy and has strong integrity. Beyond being the first to know about a new, or upcoming deal, strong relationships with colleagues will inevitably help your business and name in the broker community.

 

  1. Make strategic decisions. When we’re busy it’s easy to forget to pause, evaluate, and make strategic decisions. The decisions you’re making for your business will impact your footprint in the industry. When deciding which brokers to work with, knowing who to trust, and what type of project you’ve had the most success with, do you make a decision on how to handle the situation in the moment, or do you evaluate the situation, look at the data and then decide? Brokers are in the business of people and properties, but outside of emotional decisions, like who to trust, you should rely on your CRM to pull the data on success before making business decisions. If you want to see a CRM that can help pull your business metrics,  let’s chat.

 

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