This year is almost over. Whether your real estate brokerage had a great, good, or just an OK year, it is time to make next year a top selling year.
If you are not using technology, it is time to get automated, and if you are using technology, it is time to get even more efficient. With your back office running smoothly, you can focus on more agent recruiting, more agent training, and lots more sales.
Agents and Commission Splits
When you have just a couple of agents, it is not a big hassle to track things in excel and word. You can use a spreadsheet to calculate commissions and payment, and you can also setup templates and formulas to automate some of your routine entries.
When you get to five agents, It is a lot easier to have all of your agents, their splits, fees and deductions in a real estate management system. A real estate database system will save you time, eliminate duplicate data entry and minimize mistakes.
Brokerage Fees & Deductions
Are you changing your fee structure? Will you be adding and/or removing fees? Now is a good time to determine which fees are actually helpful to your real estate brokerage; then update them accordingly in your system.
Take an assessment of your fees to help determine any appropriate adjustments.
Were the fees paid?
How much time did you spend trying to collect?
Were you a lot of the times waiving the fees?
Did fees go unpaid from vendors?
Were you always giving discounts?
Key Items and Documents
The New Year often brings new legislative, legal, process and association requirements; such as new contracts, new amendments, new disclosures, new loan requirements, etc.
Update your your checklists, forms, and document libraries to make sure you are ready to go when policy changes go into effect.
Outside Business Tracking
One of the things we have seen brokers do more of this year is to keep track of the agents with whom they do business. Brokers have been keeping the data related to the “other side” of their transaction.
For example: You have the buyer (or selling) side of the transaction, and an outside (other) brokerages has the listing side. Instead of by passing the listing transaction side of the data, brokers are tracking the contact info of the outside brokerage, contact info of the outside agent, and selling commission.
Then, with this data, brokers can identify top and actively producing agents; for which they can target for recruiting. As an added benefit, the broker already has a clear and accurate picture of the amount of sales the agent has produced from working with his real estate company.