Real Estate Brokerage Management: Effective Tips to Manage

Real estate growth takes dedication and commitment. With client relationships to nurture, staff to train, targets to hit, and stacks of admin – there’s often not much time left each day for business development. Streamlining operations is essential for effective real estate brokerage management because without doing so, there’s not enough space to take on more clients. 

But before we examine the steps that will help you streamline your business, let’s look at whether you are ready to take the next step. Here are some signs that you are ready to grow:

• You are financially stable – income fluctuates but if your cash flow is consistently positive by a healthy margin, you have the stability needed to grow.
• There’s a constant demand for your services. Reaching the bittersweet point where you are regularly turning away business is a clear sign that your company is ready to grow.
• You have a vision for the future – “growing a business” is vague. Growth requires a vision that you can break up into realistic goals to achieve.

Effective brokerage management tips for real estate companies

1. Create online training programs

Taking the time to show every new person the ropes isn’t scalable. While a part of the process should be trained face-to-face to make new starters feel welcome, online training can take care of the rest.
Online training modules soften the learning curve, so people can learn at a manageable pace that works for them. Use video tools like Loom to create walkthroughs – ideal for showing new starters “how to” guides for your CRM and project management (PM) tools. You can track new starters’ progress with a learning management system (LMS).

2. Use tech to create a “single source of truth” 

A common problem at small and medium-sized companies is that they don’t have real estate brokerage management’s best practices in place.  Staff like to do things their way. They use their preferred software, checklists, and maybe some sticky notes stuck on their computer screens. This isn’t sustainable. Communication and processes break down as information gets lost. Trying to scale up without uniformity is an uphill battle. 

Unite teams with a single way of working so everyone knows how to use your CRM, communication, and PM tools. This will reduce errors and confusion, as everyone will be working with the same information—one single source of truth.

3. Use a 24/7 answering service for real estate companies

You need a steady flow of leads to grow, and your potential clients prefer the phone call. It’s a lead generation tool, a sales tool, and a customer service tool – yet, small and mid-sized businesses miss around 62% of calls. Missing calls means missing opportunities. 

A 24/7 answering service can professionally handle your calls and qualify leads, no matter what time the phone rings. Callers will be transferred to a team of friendly human receptionists who sound just like you, and your custom workflow determines what happens next. Typical services include 24/7 phone and live chat cover,  appointment scheduling, bilingual service and call routing – with the ability to connect you with clients when you are available. Learn more about the benefits of a real-estate answering service.

4. Cultivate a client-centric mindset

Growth typically involves learning more effective ways of working.  You should focus on providing value for customers and avoid pouring resources into products/services that customers don’t want. When you become client-centric, you see your recurring revenue, reviews and referrals grow.

How to be a client-centric brokerage

• Focus on relationships, always. Client care standards can slip when you’re focusing on growing your business. Setting reminders in your processes to follow up with clients at key touchpoints will help keep standards high.
• Create an aftercare program. Invite clients to join newsletters to welcome and help them settle into their new neighbourhoods. Including a welcome packet upon closing that recommends relevant services and businesses in the area is a nice touch, too. 
• Adjust to clients’ preferences. When meeting clients for the first time, ask them about their contact preferences, availability, and how often they would like to be updated.
• Collect customer feedback. All feedback is valuable. Collect testimonials and learn about the parts of your service that can be improved.

Streamlining operations is a must for brokerage growth. Once you have systems in place, clients get a better experience, your team enjoys more productivity, and you will have less admin and more time to focus on growing your business.

Want to see how you can capture more leads 24/7 and grow your business with a live answering service? Book a free 15-minute consultation today.