Becoming a successful brokerage goes far beyond hiring the right agents. In reality, success comes to brokers who take several small, but powerful actions to provide positive experiences to both their agents and their clients. The good news is these simple actions can be implemented today to increase your brokerage’s success.
These five productivity-enhancing measures, ensure your brokerage is operating at its highest level. Highly efficient brokerages, in turn, attract the best talent, creating a full circle of productivity and landing you ahead of the competition.
1: Track your Business
Don’t make the mistake of thinking data is only for tech and retail companies. Knowing how your business is performing is one of your most powerful assets, giving you the ability to make decisions to sustain or grow your brokerage.
Data tracking doesn’t have to be complicated, either. Simply keeping an eye on your highest-level metrics can make an impact. In fact, if you have a transaction management solution, it likely already stores a lot of your brokerage’s most meaningful data, including the number of open, pending, and closed transactions. Systems that condense this information into time-based comparisons give you even more insight into your brokerage’s overall health.
Brokerages that use data to act proactively rather than reactively are better positioned for long-term success.
2: Consolidate Technology
There’s no resource more valuable than your agents’ time. One way to save time is to decrease data entry by adopting a consolidated tech stack—i.e. one that is inclusive of many solutions and located within the same network.
Brokerages that have tech stacks consisting of many different third-party solutions, require your agents to log into each of them to enter data manually, costing them time. In contrast, a singular ecosystem allows data to transfer seamlessly from one solution to the other without labor on your agents’ part. This saves them time, allotting hours that can be put toward other revenue-generating tasks that better benefit your brokerage.
3: Automate Agents’ Workflows
Agents are brokerages’ biggest profit drivers, which is why it’s essential to minimize the time they spend on administrative duties and maximize their time for revenue-driving tasks like finding properties for clients.
Automation can reduce administrative work, especially when it’s built into the software agents use every day.
From digital forms with MLS-synced fields that automatically populate property data to e-signature that cross-communicates with those forms, automation can be embedded anywhere. Although seemingly small, when used together collectively, automation can give agents hundreds of hours back for profit-generating activities, better positioning your brokerage for success.
4: Reduce Errors
Prioritizing accuracy and providing your clients with an error-free transaction experience encourages return business and referrals, bolstering your brokerage’s overall performance. Uncompromising accuracy also reduces the time your team spends on fixing errors.
Years ago, hiring steadfast agents and eagle-eyed auditors was the only way to ensure accuracy, but today, automated solutions can optimize any brokerage’s performance. Investing in e-signature and forms solutions that are directly linked to your transactions is a simple way to curtail mistakes. Linked solutions share information, minimizing the number of times you need to enter names, dates, and other information, thereby decreasing the risk of human input errors.
When clients are treated to a straightforward, mistake-free transaction experience, they’re more likely to refer your brokerage to friends or return as a client themselves later down the road.
5: Encourage Return Business
Return business is vital when it comes to sustaining your brokerage’s long-term success, and closing gifts are one of the best ways to encourage it. But leaving your agents to their own devices when it comes to closing gifts can be a missed opportunity to promote your brand.
Set your brokerage up for repeat business by providing your agents with a closing gift that triggers a reminder of your brokerage. Gifts that can be personalized with your brokerage logo such as cutting boards, cheeseboards, or other branded household items are a great way to ensure your business stays top of mind among past clients.
Put Multiple Measures into Action At Once
There’s no need to wait to put the above measures into action. In fact, many of the traits of successful brokerages can be instated today by adopting a comprehensive transaction management suite like SkySlope.
SkySlope is an all-in-one solution suite that pairs automated transaction management digital forms, e-signature, accounting, and commission disbursement. SkySlope is powered by advanced automation dramatically reducing the time your brokerage spends attending to back-office tasks.
When you minimize the time your team spends behind a computer screen, you maximize the growth of your business. SkySlope can help you achieve more with fast-moving technology allowing you to get more done in less time.