We’ve always heard that to make money, we have to spend money. While that may usually be the case, no one said we had to spend a fortune to achieve our results. If you are running a brokerage with 100 or more agents, this guide is for you. We’re going to give you tips on how to save $20,000 on every 100 agents, optimize workflow, increase productivity and efficiency without breaking the bank.
Data-Driven Software
We are in a digital world, no doubt. Even our daily tasks are impacted by data. For instance, we can run successful campaigns and use that data to make realistic and accurate decisions. We can predict the real estate market in various states, cities, and specific neighborhoods through previous data. There are plenty of software that can help with accurate data collection saving money and time such as RealScout, Evocalize, and Propy Offers. Accurate data collection and better conversion rates in lead generation and offer management can increase sales upwards of 10% and thus generate more than $5,000 in revenue per year as well as saving a lead gen consultant or hire for $20,000.
Compliance Accuracy
Due to multitasking, humans have less accuracy and are prone to mistakes because, well, we’re only human. Various types of human errors can cause financial problems and affect time management. But, thanks to software that runs on a pattern and algorithm, systems can become error-free and highly accurate, again saving precious time and money. Choosing the right software from transaction checklists to audits can be crucial – for every 100 agents, brokerages typically need three transaction coordinators, with at least one of them acting as an auditor. Switching to this technology saves half a year’s salary and frees up your employee to cover other essential aspects of your business.
Saving Time
Time is money! If tasks are unable to perform on time, we lose money. It’s that simple. That’s why brokerages are moving more and more towards automation. Software that can automate your business workflow and collaboration between all of the parties within the transaction will most certainly save time and increase productivity. Propy’s Consumer Interface enables all parties, including clients, to participate in the deal, enabling them to sign and approve documents instantly. This can easily save two or more hours of work for agents as well as transaction coordinators per closing. That’s 100 agents with 100 deals saving 400 hours of work and at least $5,000 per year.
Streamlining the Business
As we said above, inaccuracy due to human errors can cause various problems affecting your business’s efficiency. Although we like to think just the opposite, we as humans have less ability to multitask and require more time and effort to perform any type of activity no matter how proficient we are. Enter transaction management software that is able to manage all of our day-to-day transaction activities in just a few clicks, streamlining the process by automating, saving time, resources, and tons of money we would typically spend on human efforts. Estimated claim expenses per 100 agents can vary from $5,000 to $50,000 per year and can have an enormous effect on next year’s business insurance.
Automation
Just about every industry is automating tasks and reducing labor costs. Rather than fearing automation, let’s take a look at the benefits: Automation can handle the bulk of the transaction process, not to mention customer engagement, such as time-consuming emails and reminders. Even companies like Facebook are automating their inbox with answers to their frequently asked questions. Automation can increase your number of deals and recruit more agents without growing your TC and compliance team. Pro Tip: Try products at their early stages to get ahead of the competition. In short, spending a few dollars on automation will prove to be priceless and is the future of real estate.
