The real estate industry has certainly taking a beating. We have seen housing prices drop, increase in the number of short sales, and lots of foreclosures.
However, even in this market a number of real estate brokerages are doing quite well. Our research revealed that brokers are following a six-point revenue strategy.
1. Agent Profiling – scale down the bloated agent roster and provide more assistance to those actively pursuing real estate. While having lots of inactive agents may make you feel good, it does nothing for the bottom line.
2. Automated Prospecting – use online forms and web pages that capture leads information and post it to your database. or that at least send you email about each lead.
3. Online Hunting – use the internet to market to buyers, sellers and agents. Be sure to have different websites or landing pages that focuses on each target. I.E., if you are looking for sellers, have a webpage for sellers only.
4. Bailout Referral – make note of any lead or client that needs assistance with buying a short sale property, or a seller that needs to short sale. Typically, they may also know someone who also needs your assistance. So, let them know that you can help their friends, family, neighbors and co-workers.
5. Skill Matching – make sure the agent is equipped to get the job done. Follow-up with the agent, ask questions and look for signs that point to potential problems. Don’t be slow to suggesting the agents gets additional help. This gets the deals closed on time.
6. Profit Margins – run a profit/loss report weekly. Don’t wait until the end of the month. Weekly information lets you know where you’re headed and gives you a chance to identify needed corrections and adjustments.