When it comes to a business model, two things are always equally important – the top line and the bottom line. The top line is a company’s gross revenues before subtracting operational costs. The bottom line is profits realized after those costs are deducted.
The greatest opportunity to scale your real estate business is by leading a team. Adding new agents to your team to increase the bottom line may seem counterproductive but it can actually be beneficial.
Grow your business by expanding into new markets
Take inventory of your team and the markets and niches they currently serve. Is there another area you would like to expand to? Or perhaps another niche such as first-time buyers, veterans or luxury homes? If so, seek out agents who are passionate about those areas and who have experience and proven results. This can be a powerful way to add to your business with leads and clients already in their database. It also offers agents a way to grow and earn more income.
When expanding the area that you serve, ensure you have enough agents to service the leads coming in. You also need support staff so that agents can concentrate on lead generation and selling.
Choose the right fit
When you are adding agents to your team, it’s important to hire with purpose. Take the time to get to know the agent and understand their strengths and interests.
An online assessment may be helpful to get a clearer understanding of what traits they can bring to your team.
Training and coaching
This may also seem counterintuitive to the bottom line but it can actually increase productivity. Many agents have not worked in a “normal” real estate market over the past few years. As a result, they may not feel comfortable with certain things like pricing homes correctly, overcoming seller objections and negotiating. Training and coaching will give them the resources and confidence they need to do these and other vital tasks.
Offering your agents training and coaching also increases morale in the office. Agents will know you are committed to their success, as well as that of the business. Retaining quality agents adds to your bottom line because you do not have to keep trying to attract new agents and then train them.
Nurture additional skills in agents
Agents may have additional skills that they can bring to a team. One agent may love social media platforms such as Tik Tok. They can help other agents in this area. Another may enjoy planning parties and other gatherings. They can be put in charge of your company’s events.
Acknowledging and supporting these additional skills will add to your company’s value and bottom line.
Creating a great team is a significant investment in time and money. Done correctly, it will generate great success and add to the bottom line. For more information on how to create and retain a powerhouse team, talk to one of our experts and learn how you can build and lead a powerhouse team.
To schedule a complimentary Business Consultation, visit buffiniandcompany.com/bc.