13 Strategies for Keeping Your Business Profitable & Your Agents Productive.

In light of the recent National Association of Realtors (NAR) lawsuit ruling, the real estate landscape is poised for significant changes, presenting both challenges and opportunities for brokers and leaders. As the industry adapts to new legal standards and heightened scrutiny, it's imperative for brokers to proactively support their agents in showcasing their value to potential buyers and sellers. Now more than ever, agents need the right tools, strategies, and training to effectively demonstrate their expertise, negotiate successfully, and foster strong client relationships.

So– what’s the name of the game for brokers? Remaining profitable and continuing to grow. And you do that by investing in the right technology, continuous education, and innovative marketing strategies that empower agents to stand out in a crowded marketplace. By focusing on enhancing agent capabilities, streamlining operations, and fostering ethical practices, you can ensure that your teams are not only compliant with new regulations but also positioned for long-term success. 

Here are some key actions we recommend. 

Enhancing Agent Value Proposition 

• Showcase Agent Expertise: Your agents need to be the go-to-expert in their market. Provide training on effective ways to communicate their market knowledge and hone their negotiation skills. Be sure to highlight their wins! Share success stories and highlight their expertise in your marketing materials.
  

• Tech-Empowered Agents: Invest in the right front office CRM system with features designed to to help agents manage leads and client relationships more efficiently. Your tech stack should empower agents every step of the way. Not sure where to start? BoldTrail is the #1 user-rated real estate platform trusted by top brokerages. 

Tech that makes agents shine! → Leverage a Buyer & Seller CMA & Presentation Builder designed to win the representation, every time.   

• Continuous Education & Professional Development: Offer ongoing training programs on the latest industry trends, legal updates, and best practices. Facilitate workshops and seminars with industry experts and cultivate an atmosphere within your office of ongoing learning and curiosity. 

Share these helpful resources with your agents! 

• Real Estate Objection Handling Flashcards

• How to Have High-Converting Real Estate Conversations: Your Quarterly 4-Step Action Plan

• Watch! How to Take the Fear Out of Your Real Estate Conversations

• Weekly Productivity Scorecard for Real Estate Agents
  
  

Strengthening Client Relationships

• Establishing a “Clients-For-Life” Approach: Encourage agents to adopt a consultative approach, focusing on understanding client needs and providing tailored solutions. Client satisfaction is everything– so make sure your agents are streamlining the home-buying or selling process as much as possible and staying organized. 

The work doesn’t stop at the closing table. Establishing clients-for-life means keeping them engaged after the transaction. Revolutionary new tools like CoreHome keep the agent at the forefront long after the deal is done, driving more repeat & referral business. 

• Transparency and Communication: Encourage clear and transparent communication regarding pricing, market conditions, and the buying/selling process. Provide agents with tools to keep clients updated in real-time, such as mobile apps and personalized dashboards.
  
  

Marketing and Branding

• Personal Branding: Help agents build and maintain a strong personal brand through social media training and content creation support. 
  
  

• Worried about brand consistency? Develop customizable marketing templates and resources that agents can use to promote themselves effectively, without compromising the brokerage’s brand.

• Digital Presence: Enhance your brokerage’s online presence with a user-friendly consumer-driven website, strong SEO, and active social media profiles. If you’re leveraging a CRM platform like BoldTrail, you’ll have access to customizable IDX websites for your company, office, and every individual agent. Plus, a custom page builder that allows agents to build custom squeeze pages to generate leads and promote properties in minutes.

Operational Excellence – Front Office & Back Office 

• Streamline Processes: Remember earlier when we discussed the importance of the client experience? The real estate transaction is notoriously lengthy– it’s your job to make it as smooth as possible for your clients and also for your agents. Implement efficient transaction management systems to reduce administrative burdens on agents. Adopt e-signature and digital document management tools to expedite transactions.
  
  

Not sure where to start?
Check out the industry-leading back office platform.

• Data-Driven Decisions: Utilize data analytics to identify market opportunities and optimize agent performance. Provide agents with actionable insights based on market data and trends.

Some key success metrics & KPIs you should be tracking:

• Transaction Volume
• Lead Generation Volume
• Lead Conversion Rate
• Gross Commission Income (GCI) and Net Commission Income (NCI)
• Agent Retention Rate
• Marketing Return on Investment (ROI)
• Customer Satisfaction
• Agent Technology Adoption Rate

Legal and Ethical Compliance

• Legal Training and Support: Ensure agents are well-versed in the latest legal requirements and ethical standards. Provide access to legal experts for consultation and support in complex transactions.
  
  

• Ethical Marketing Practices: Promote ethical marketing practices and transparency in all communications. Monitor and enforce compliance with industry regulations and company policies.

Community and Networking 

• Community Engagement: Encourage agents to engage with their local communities through events, sponsorships, and volunteer activities which will help organically expand their sphere. Support agents in building strong local networks and relationships.
  
  

• Professional Networking: Facilitate networking opportunities with other industry professionals, including mortgage brokers, inspectors, and appraisers. Participate in and sponsor industry conferences and events.

In the words of industry-leader and President of Keeping Current Matters, “Everything has changed, but nothing has changed.” At the end of the day the business of real estate remains the same and the need for impactful agents has never been more clear. By focusing on the key areas we identified, you can ensure that your agents are well-prepared to demonstrate their value and succeed in a competitive market.

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