Top Tips to Maximize Profitability for your Brokerage
Accelerating business growth and maximizing profitability is at the forefront of every brokerage owners mind. But continued market disruption and increased competition make it challenging to know where to focus in order to achieve greater business results. At Chime, we keenly understand the obstacles you face, the tools you need to be successful, and how to attract and retain top producers to boost the bottom line.
- “Since migrating to Chime, we have increased our business generation by 42%.” – Chime customer and Chief Strategy Officer, Robert Lucido Jr. of Lucido Global. Check out Robert’s story HERE.
Here are our top tips to help you accelerate your business:
- Leverage effective tech tools to boost agent productivity. Studies show that a CRM system can increase sales by 29%, improve accuracy in reporting by 32%, and boost the productivity of sales teams by 39%. And while investment in technology across the real estate industry is improving, only 27% of agents strongly agree that their brokerage provides them with all the technology they need to be successful in their job, indicating there is great room for improvement. By investing in the right technology tools, purpose-built for the real estate industry and easy for your agents to use, your brokerage will be positioned to get more than its fair share of business in your market.
- Training is cornerstone to increased adoption. Without it, failure is inevitable. Provide agents seamless access to training resources, content, and support to ensure they not only understand how to best leverage the tools at their fingertips, but how to extend use over time. Emphasize how effective use of tech tools can help increase conversion rates, automate lead generation and nurturing, and simplify marketing automations and outreach efforts. Take the time to showcase how by investing time upfront in learning the tools they’ve been handed, agents will benefit from more time in the day to focus on what they do best – servicing clients. Partnering with a tech provider that can help you do this is essential.
- Focus on “Lead Conversion” to maximize ROI from your marketing expense – While cost per lead (CPL) is often considered the most important metric in the sales funnel, the true measurement of success lies in evaluating cost per acquisition (CPA). This is a better measure of sales and marketing performance and perhaps most importantly, cost efficiency in driving new business. Increased lead conversion is the most effective way to improve CPA and realize a return on your marketing spend. By diversifying and experimenting with lead sources regularly to compare performance and adjust as needed, you are well positioned to not only maximize conversion efficiency but also mitigate risk associated with a lead going out of business or becoming cost prohibitive. Relying on an AI-powered platform like Chime to support this effort will help you more quickly engage, nurture, and convert leads for increased business.
- Reduce operating and maintenance costs with an end-to-end platform – Unlike piecemeal solutions of the past, a comprehensive platform that offers all the tools needed to accelerate business growth in one place– from marketing to lead capture, nurture to conversion – offers the flexibility to extend use over time as business needs and market conditions change. Further, by consolidating tools into a single platform, agents only need to learn one system, making is easier to get up and running quickly and seamlessly integrate into daily operations. Relying on an all in one solution will also reduce overall operating and maintenance costs, giving you back not only time, but money to invest into your business.
In this ultra-competitive market, top agents are lynchpin to gaining a competitive edge and growing your business. Working with a technology partner like Chime that offers an end to end, easy to use platform built to support agents through the entire real estate process will not only yield significant business results and set you apart from your competitors, but ensure you recruit and retain a powerhouse team to drive essential business growth.
Learn more about how we can help you maximize profitability today! Contact firstname.lastname@example.org