Strategies for Boosting Real Estate Profitability in a Challenging Market

It’s no secret that in a tough market, focusing on profitability is essential for survival and growth. While this may sound scary, profitability can be achieved with some careful planning, leveraging proven strategies, and adhering to your goals. Here’s what you need to know, and the ways you can do it.

Implementing these Strategies to Enhance Profitability

In the face of market challenges, brokerages and teams need to shore up their approach to running their business and operations to stay competitive, provide excellent service, and remain profitable. This is where BoldTrail, real estate’s growth engine, can help. The platform streamlines operations, reducing inefficiency while maximizing profitability, so your brokerage or team can thrive — no matter what.

Cost Management

Having healthy cost management is non-negotiable in securing — and enhancing — profitability. Did you know brokerages tend to save an average of 35% by leveraging BoldTrail? The BoldTrail platform boasts a powerful set of solutions tailored to running your front and back offices effectively and with ease. It saves endless time, and helps brokerages and teams maximize their profits with intelligent, data-backed insights to help make every dollar and decision count.

Revenue Diversification

Diversifying your revenue sources gives your brokerage or team a competitive edge in a fluctuating market. What does this look like in real estate? For starters, smarter, more impactful lead generation. Targeting new customers in new neighborhoods, or going after a new target audience can pipe in a whole new revenue stream. You can also get additional help from BoldTrail, which has a robust lead engine built into the platform, and offers the most robust and strategic lead gen tools on the market. It helps effectively drive new business, regardless of budget. Use it to diversify your lead sources and drive more high-quality, lower-cost leads through in-house tools directly in the platform.

Client Retention

Without a doubt, it’s cheaper to retain a customer than it is to acquire a new one, making client retention a cornerstone in maximizing your profitability. Give your client retention strategies an overhaul with BoldTrail. The platform offers one central place to nurture and engage your sphere to help drive repeat and referral business automatically. Build stronger relationships with your customers with BoldTrail’s proprietary behavioral automation that dynamically follows up with leads and clients automatically, driving up to 10x higher engagement. Monitor performance across your business from these efforts with powerful business intelligence and analytics to make sure you’re maximizing your bottom line, even beyond the close.

Technology Integration

Not so fun fact: the average broker spends over $70 per agent per month on brokerage-wide technology tools. Sadly, most brokers have to piece together disjointed solutions and tech tools to attempt to meet the various, wide-ranging needs of their agents and teams. And when these tools don’t “talk” to one another, these businesses also risk losing countless hours doing manual entry and opening the door to human error. Get smart technology integration with BoldTrail, which streamlines your entire tech stack for the front and back office of your business. The platform drives efficiencies at every level of your business while also helping eliminate outdated, overlapping tools, saving brokerages on average over 35% and helping you protect your profitability.

Performance-Based Incentives

How can you get your agents hungry to reach the next level? By offering enticing performance-based incentives. Sharpen how you motivate your agents to help enhance your profitability by chartering a clear path to how they’ll achieve their goals. Your brokerage or team hits their mark, your agents get compensated: it’s a win-win. To streamline even further, follow up on those incentives directly in BoldTrail’s Back Office platform. Whether you opt for splits, sliding scales, caps, fees, or anything in between, you can create, configure, and edit unlimited team or individual plans with ease. Then, leverage the platform’s back office reporting and analytics to stay on top of it all and keep the momentum going.

Keep Your Profitability Boosted with BoldTrail

Being on shaky ground in an unpredictable market doesn’t have to threaten your real estate business’s profitability. Protect your bottom line and maintain the health of your business by investing wisely and choosing BoldTrail as your trusted technology solution. The platform boasts top-tier features and tools to run your front and back office efficiently, enhance profitability, and maximize productivity. Harness BoldTrail’s power to work smarter and keep your brokerage or team running full steam ahead, all in one centralized place.

Protect your profitability with BoldTrail. Click here to get a demo and see how you can boost your bottom line today.