4 Tips for Real Estate Teams and Companies
It might feel like times are getting shakier in the real estate industry. And if you lead a real estate team, then you’re probably feeling the added stress of protecting your own income AND that of your team members. The question is, how can you keep your team as productive as possible and ensure your company stays strong in a slowing market?
The answer is to make sure you’re running a tight ship. Your real estate team or company needs to work like a well oiled machine with minimal waste. Here are a few tips to keep your business running at its best in uncertain times.
Create a Real Estate Business Plan
Real estate businesses are just like any other businesses. You need goals and a plan to achieve them. The first thing is to figure what your primary lead sources are. Then build out a strategy outlining what specific actions you will take in your prospecting, marketing, and sales efforts. Set a goal for how many homes you want your real estate team to sell this year. Ask yourself how many leads will that take? How are many phone calls? How much money is it going to take? What’s going to be your conversion ratio?
Your real estate business plan won’t be perfect, but having it written down will help you and your team be accountable for reaching your goals. And it will give you all some clarity in an uncertain market.
Keep Your CRM Up to Date
A real estate CRM has to be updated in order to be useful. Your team needs to take the time every week to make sure data is entered correctly, that it’s organized in a way that makes sense to everyone, and that it is kept clean from out of date information or cold leads that you don’t need any longer. A clean real estate CRM will help ensure you’re making the right amount of touches and keeping in touch with your leads.
Don’t Skimp on Real Estate Sales Training
Real estate sales training is crucial to your team’s success. And I’m not just saying that because we’re a real estate sales training and lead conversion company. Training is key to teaching your agents how to have productive conversations, how to overcome difficult objections, knowing when to close, and how to speak like a human and not a robot reading a script. The problem is, many team leaders cut back on real estate sales training during slower times. But in reality, those are the times that you need training the most. Leads will be harder to come by, so you need to capitalize on every phone call and convert every lead possible.
Take a Look at Your Business as a Whole
When times are tougher, it’s also important to look at your business as a whole. Are your books and records in order? Are there any expenses that you can cut? Are you only paying the exact amount required of you for taxes and not more? These things might seem a little off topic, but they can make all the difference for your business and real estate team.
With the passage of the Inflation Reduction Act, the IRS will be greatly expanded. That means that your books and records need to be impeccable. It might even be worth hiring a professional to handle the financial side of your business for you. Doing so will free up your time and ensure everything is done correctly. Hiring a professional will also make sure you’re not paying too much in taxes (most businesses do).
When it comes to expenses, take a close look at all your tools and subscriptions. Video editing software that you haven’t used in years can probably be cut. Real estate sales training and an accounting professional should be kept. Take the time now to determine what is necessary for your business and team and what’s not. You’ll thank yourself in a few months!
If you have any questions about real estate sales training, or how to keep your team successful in the coming months, please don’t hesitate to reach out to our team!