4 Business Systems You Must Have in Real Estate

It’s no secret, 2020 was not the year we all expected! There’s been a massive shift in business practices, more virtual work, and perhaps some more downtime due to market conditions. But with those shifts come a wealth of opportunity.
 

Wendy Forsythe (Expert Real Estate Consultant & Coach), shares how you can use this time to implement 4 critical systems into your business to allow for steady growth and a more seamless and profitable process.

 

 

1. Seller Systems

 

Once you book a listing appointment with a seller, what comes next? There’s a list of steps that happen afterward and tasks that go along with each of those steps. Oftentimes, agents work through those steps by memory. “Okay, here are the 20 things I need to do for that listing appointment.”

Running your business by memory leaves opportunity for missteps. Implementing a system ensures that (A) you don’t miss any of those steps and create a negative experience for one of your sellers, and (B) your process is “rinse and repeat,” giving your brand consistency and your sellers a positive experience across the board.

So, start with a checklist. Write down every step with very specific details. Ex: find out about their neighborhood, prepare a CMA, what’s happening with other listings in the market, what are the solds, how long did it take to sell, etc. Once you’ve done this, you can start figuring out how to save time and streamline. Meaning, email templates, listing presentation templates, and other tools that help you gather all of that information and present it more smoothly. (This also allows you to delegate as you grow your business.)

 
The next system to outline is what happens once you actually get the listing. Organizing staging, gathering the photography, creating and promoting the listing, etc. Put all of these steps in a similar checklist. Then, once you get an accepted offer on the property…what steps come next? Rinse and repeat these checklists until you’ve detailed every single possible step.
 

2. Buyer Systems

 
The framework and strategy for your buyer systems are similar to your seller system. Think about the process of when you work with a buyer and what each step triggers. Each one will trigger a next step and a corresponding list of tasks.
 
Before a buyer consultation, you’ll want to have information on the process of buying, information about the area and community, price points in the area, school districts etc. Establish a list of all of these things and use it to put together a “Buyer Package.” You shouldn’t be going into the consultations blind or by memory. It should be a concrete, rinse-and-repeat process that allows you to just fill in the blanks.
 
How are you alerting your buyers of new properties? Maybe you’ve set up automatic eAlerts through your CRM, or you have text templates ready to go. All of these tasks need to be organized to have an efficient business system.
 

3. Business Management Systems

 
These are the systems that you need to think about as a leader and as the owner of your own business. If you want to successfully sell real estate, you need to organize your business like an entrepreneur. Here are some of the top things to focus on.
 

  • How is your business defined, legally, and what are the regulations in your state. (Ex: Are you an LLC?) Use this time to figure these things out. It’s critical for tax purposes as well!
  • Bookkeeping and expense monitoring
  • Are you using a CRM? Are you using the right one? Now is the time to invest energy into getting your CRM in “tip-top shape”
  • Digital marketing
  •  

    Consider also scheduling a monthly or quarterly review of these systems to both make sure they’re running smoothly and to see if they need updating.
     

    4. Revenue Generation Systems

     
    Think about all of the revenue streams that you have in your business. (You should have a multiple.) Consider your database, past clients, referrals, open houses, geo-farm, online leads with digital advertising, FSBOs, etc. Wendy recommends that you should have at least four within your business, that way when something unexpected happens (like COVID-19 making door-knocking and open houses more difficult), you have other streams of revenue that you can pivot to. Essentially, don’t put all of your eggs in one basket.
     

    Organizing these systems, perfecting the use of your CRM, cleaning up your database… these are all incredibly productive things that you can be focusing on right now. It will help you be the laser-focused agent in complete control of your business.


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    Onward & Upward! 8 Tips for Growing a Thriving Real Estate Team

    If you’ve hit a point in real estate where you need to scale in order to accomplish your goals, you might consider growing a team. Maybe you have more leads than you can handle by yourself or administrative tasks are swallowing time that could be spent nurturing those leads.

     

    In any business, scaling is an exciting step – but mistakes along the way could impede your growth!
     
    Here are 8 steps for building a rock-solid real estate team:
     

    1. Hire the Right Talent, in the Right Order

     
    Hiring new talent should be strategic. There is a lot of conflicting advice out there, because every team (especially from franchise to franchise) has a different growth experience. Some will tell you, “only hire out of absolute necessity,” while some will say, “don’t be afraid to hire help early.” The truth is, it varies. External factors can have an affect; the economy, your local market, what stage of growth your business is in, etc.
     
    First, determine your goals. Do you want to double your sales? Do you want to expand into a new network? Whatever your goals may be, write them down, and make a plan of action from there. As far as timing, look at your workload in congruence with your finances and goals. If you can’t get to where you want to be alone, start hiring.

    One popular strategy for hiring, is:
    1st Hire – Admin or Assistant
    2nd Hire – Buyer Specialist
    3rd Hire – ISA or Lead Concierge System
    4th Hire – Listing Agent

    You may be in a rush to hire, but you want to carefully select your talent. Consider using the DISC or Meyers Briggs test to place some metrics on how they operate as an employee and team member.
     

    2. Establish Good Communication

     
    In the real estate industry, competition is fierce, and the team structure is a relatively new development in the scheme of things. Ownership over listings and the desire to reach personal goals can cause tension within a team, especially if you don’t have a strategic system for agents who are competing for leads.
     
    Strong leadership, paired with excellent communication is paramount to ease this tension. Make sure the team is aligned with your goals as a business, and that as a leader you are listening to their personal goals as well. Cultivate good communication by facilitating weekly meetings, and annual or biannual retreats.
     
    If you are using a CRM, there may be features to distribute leads fairly to agents. The BoomTown SharkTank feature gives an even playing field to agents competing for leads. The lead goes to the agent with the quickest response time within 5 minutes. If no agent is available, it will move into a structured rotation.
     
    Technology can be a great asset for facilitating better communication – especially in an industry where team members are consistently out of office. Check out the following tools; Slack, BaseCamp, Wrike, Dropbox, Google Drive.
     

    3. Utilize the Right Technology

     
    Aside from the communicative apps we’ve already mentioned, there is a wealth of technology available that can help free up your team from time-consuming tasks.
     
    Social Media Management: If your marketing presence is heavy on social media, it could be beneficial to use a management tool to streamline your efforts. Buffer or Hootsuite are good options to check out.
     
    CRMs: If you are building out your real estate team, you likely are already using a CRM or have begun shopping for a CRM. CRMs are critical if you are in a period of growth and want to cut out manual busywork. Learn more about what CRMs can do for your business.
     
    Phone Dialers: Automated Dialer technology like Mojo Dialer, allows you to connect with more prospects in less time. In any business, but real estate in particular, time is money. Reaching your lead as quickly as possible could mean the difference between closing a $500,000 deal, and another agent swooping in before you.

    If you are considering adopting a new technology – read reviews, do a demo, speak to a representative, and go all-in with training. A tool is just that – a tool. It’s not a wand. It will give back as much as you put in. After a few months of solid effort, if adoption is low, weigh the benefits and consider moving on.

     

    4. Hold Your Team Accountable

     
    Hand in hand with communication and good leadership, is holding your team accountable. The strongest train can derail if one wheel malfunctions.
     
    If you are not yet using a CRM, consider daily or weekly status reports to keep tabs on lead follow-up.
     
    If you are using a CRM, like BoomTown, take advantage of the features in place for accountability. As a team leader, you’ll have your finger on the pulse with your agents and can quickly check-in on follow-up status with leads. These tools allow you to guide the agents that may need a little extra coaching, recognize the ones that are succeeding, and incentivize your team to do better.

     
    BoomTown gives brokers and team leaders transparent insight into agent activities. You’re able to see if your agents are following up with their leads and completing their daily tasks within the CRM.
     

    5. Define Your Business Strategy

     
    Teams can sometimes feel disjointed, especially when some (or all) of your employees are remote/virtual. You’ll likely have a mixture of rookie and veteran agents, with different sets of expertise and ways of conducting business. In order to scale in a seamless way (especially if you plan to expand into new networks), your business needs to have cohesion.
     
    Consider the following when defining your strategy:
     
    Be numbers-driven:

      When farming a new area, identify a target audience, do demographics and statistics pooling. Stay up-to-date on market trends in the US and in your specific area.

    Hire a coach:

      Real estate coaches can be invaluable for helping implement a business plan. If you are hesitant because of cost, think of it as outsourcing for the time you would spend planning, strategizing, and researching on your own.

    Play on your team members strengths:

      If you have agents new to real estate, with less of a sphere of influence, have them improve their lead generation. More seasoned agents can focus on nurturing leads and farming new locations.

    Implement Technology:

      More leads = more conversions = more closings. If you are not using a CRM system to automate your advertising, you could be running against a plateau.

     

    6. Prioritize Training

     
    The systems that you have in place will only function as well as your team understands them. Whether it is a seemingly simple operational process, or utilizing a robust technology, it is your job to ensure that your team is trained properly.
     
    If you are using a complex technology, like a CRM or any sort of digital marketing tool, make sure that you are utilizing the onboarding, training, and customer support services that are available from those companies. Consider facilitating a weekly or monthly meeting to discuss any new features or updates, and address any recurring questions or concerns.
     

    7. Continually Improve Your Leadership Skills

     

    The most successful team leaders in the industry have one thing in common – they never stop learning. Whether it is seeing a coach, attending a conference, or loading their Kindle with business books, they understand that there are always areas for improvement.

    Capitalize on your strengths as a leader and outsource your weaknesses. Maybe you are highly organized and efficient, but not the best at team-building. Delegate some team-building activities to an assistant or colleague and have them touch base with you if morale boosting or conflict resolution is needed.
     

    8. Create a Company Culture

     
    A relatively new concept in the world of business and entrepreneurship, the boom of tech companies really launched “company culture” into the forefront over the last decade. If this elicits images of ping pong tables and bean bag chairs, don’t worry – a company culture can be as simple as establishing a clear mission statement, or starting each day with a team check-in. At the end of the day, a happy employee is a more productive employee.
     
    Consider having a quarterly team party, or team-building activity. Perhaps offer a few more paid days off per year, or implement more meaningful incentives to show your appreciation.
     


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    The post Onward & Upward! 8 Tips for Growing a Thriving Real Estate Team appeared first on BoomTown!.

    Leveraging Keeping Current Matters to Engage More Leads (Right from Marketing Central!)

    BoomTown and Keeping Current Matters cover effective strategies for engaging more leads during the COVID-19 crisis and beyond.

    The experts at Keeping Current Matters share insights on the current housing market and what’s resonating with home buyers and seller leads. Learn how to leverage Keeping Current Matters’ extensive library of content (timely, trusted, and data-driven) to create effective and engaging ads. Plus, we’ll show you how to do it all in a few simple steps, right from BoomTown’s Marketing Central.

    The post Leveraging Keeping Current Matters to Engage More Leads (Right from Marketing Central!) appeared first on BoomTown!.

    TL;DR August 2020

    In this TL;DR (Too Long, Didn’t Read) series, we’ll be talking ‘all things BoomTown!’ There’s a little something for everyone, from new features and upcoming releases to success stories, industry news, and of course live Q&A. Consider this your go-to spot for staying in-the-loop with BoomTown.

    Reminder! You’re welcome to register for the whole series so you never miss an update. And if you can’t attend the live event, register anyways and we’ll send the recording straight to your inbox.

    Topics We’ll Cover This Month:

    • Upcoming Industry Events: Find out where we’ll (virtually) be!
    • New Features & Product Updates: Hear the ins and outs of BoomTown’s latest feature rollouts and find out how you can take advantage of each new release.
    • Live Q&A! Your chance to ask Allison and Dillon anything!

    The post TL;DR August 2020 appeared first on BoomTown!.

    TL;DR July 2020

    In this TL;DR (Too Long, Didn’t Read) series, we’ll be talking ‘all things BoomTown!’ There’s a little something for everyone, from new features and upcoming releases to success stories, industry news, and of course live Q&A. Consider this your go-to spot for staying in-the-loop with BoomTown.

    Reminder! You’re welcome to register for the whole series so you never miss an update. And if you can’t attend the live event, register anyways and we’ll send the recording straight to your inbox.

    Topics We’ll Cover This Month:

    • Upcoming Industry Events: Find out where we’ll (virtually) be!
    • New Features & Product Updates: Hear the ins and outs of BoomTown’s latest feature rollouts and find out how you can take advantage of each new release.
    • Live Q&A! Your chance to ask Allison and Dillon anything!

    The post TL;DR July 2020 appeared first on BoomTown!.