With over 900 Real Estate Rockstars podcasts to date, we’ve had the opportunity to talk with some of the most successful brokers in the industry. Several were willing to chat with me after their interviews to share the one strategy that’s had the biggest impact on their business’ profitability.
Below, I’ve included 10 of these “Big Profit” ideas so that readers like you can see what’s working for today’s top team leaders. If you have a unique profit-boosting tip of your own to share, please post it in the comment section.
Leverage Your People
Why waste time on tasks that someone else can do for you? Watch this video with Ruth Krishnan and find out why leveraging your team is crucial when it comes to building a more profitable real estate business.
Will Wiard went from top producer to managing broker, and the one thing that helped him – and continues to help his agents – is surprisingly simple. Watch and discover why Will believes that consistency is the key to long-term profitability.
Implement Transaction Fees
Ricky Aranda created a new revenue stream that enables him to pay admin staff without cutting into his business’ profitability. Find out how he handles transaction fees for buyers and sellers in this video.
Advertise Listings with 3D Videos
Need something new for your agents to showcase at listing appointments? Watch this video with Adam Merrick and find out how Matterport 3D Video has helped his team increase their average price point to boost overall profits.
Hire an ISA
What’s your team’s biggest weakness? Blake Cantrell realized that getting and qualifying leads was theirs, so he hired a highly skilled ISA to handle it for them. Watch this video and discover how he found the right hire.
Hire a Referral Agent
Billion-dollar agent and team leader Keri Shull found an awesome approach for increasing profitability without increasing workload. By hiring a professional to handle her SOI and referrals, she’s increased her business’ profitability drastically. Plus, her clients couldn’t be happier with the service they get!
Talk to the Competition
Believe it or not, your competition isn’t the enemy. Chris Craddock believes that outside influence is actually an excellent tool for improving a business’ day-to-day operations. Hear how reaching out to top-performing agents might help your team boost its production and its profitability.
Get into Property Management
Is property management part of your real estate business? If not, you might want to consider it as an ancillary service. In this video, Brad Larson shares resources for learning about property management so that you’re able to supplement your current offerings and create a new revenue stream.
Choose the Right First Hire
Your first hire can make or break your business’ bottom line. If you’re trying to decide between hiring a transaction coordinator or a full-time assistant, watch this video with Brandon Mulrenin; it could save you from making a costly mistake!
Calculate Cost per Sale
Increasing profits goes hand in hand with decreasing expenses. In this video, Dave Conord explains how to calculate cost per sale so that you’re able to make better business decisions moving forward. As an added bonus, Dave also discusses how to determine your cost to acquire a customer.