Eric Stegemann, CEO of TRIBUS, teaches how to take your business to the next level.
Stegemann has been in real estate for more than 20 years. It began as his side gig to help fund college. After earning his degree in marketing, Stegemann realized he preferred working in real estate. Making $100,000 his first year, he was also more likely to be successful in real estate than anywhere he went with his degree. At the ripe age of 21, Stegemann started his first brokerage which he ran for 7 years. Today, he focuses on the tech side of real estate with his company TRIBUS.
Today, real estate has shifted to what a lot of people are considering a “part-time business”, and professionalism has been redefined. Growing a brokerage means empowering your agents with more knowledge. Providing leads and marketing materials can be expensive for each agent.
“Do you have a spreadsheet with each agent showing how much they made you last year?” asks Stegemann.
He encourages brokers to not run by guesswork, but do the math and know the numbers.
“I guarantee you that there are brokers that know the value and can write a check based on that agent’s value to join their brokerage. These types of companies will take over,” warns Stegemann.
Where can you cut costs?
Centralization is a great way to save costs and optimize efficiency. Do you know the amount of square footage each agent in your brokerage is utilizing?
“I would suggest being under 100 square feet per agent,” states Stegemann.
How about the technology you provide for each agent? Do you supply printers, faxes, phones, etc? Break down every cost and analyze what is actually being used. Stegemann has seen brokers have a “closing room”, a room where agents are welcome to use at any time to close a deal. Options like these eliminate the need for multiple offices. Are your agents using the phones you provide or calling clients from their cell phone? Desk phones are an unnecessary cost in today’s day and age. Eliminate unnecessary costs.
Use Ads
Maximize your ad usage and ways to track your data by providing print ads with specific websites and phone numbers. Twilio and Plivo are websites that allow you to purchase specific numbers and use them for target ads. Know where your marketing dollars are going and track them to see if they’re worth the investment.
Accountability
Take the time to sit down with each agent at your brokerage. Set metrics and track progress. Follow up with previous clients and get feedback. Would the client refer their agent to a family member? Why or why not?
To successfully grow your brokerage, “management by guesswork” is not an option. You have to know the facts.
