Broker Focus: Rules for Remaining Profitable—What’s Your Hourly Rate?

It is important as a sales manager or broker that you are constantly adding value to your agents’ businesses and continuing to re-recruit agents to stay at your company.   Making sure your agents are remaining profitable and not wasting money on expenses and marketing that are not a good return on investment are also key. You can add extreme value by being engaged with your agents. Asking them questions can make a huge difference in their daily mindset on how to conduct business, save money, realize their hourly rate, and increase their skills, which will help them close more business that they may be losing to competitors weekly. Consider the following tips for your agents:

  1. Focus on listings as your primary goal. With listings, everything follows. Once you sell them, you will pick up new buyers, sign calls, ad calls, open house leads, online leads, referrals and more!
  2. Sharpen your ‘saw’ of negotiation strategies and do not cut commission unless absolutely necessary. Before you agree to reduce your fee, consult with another person. You may get some good ideas on how to get your buyers and sellers to bridge their own gap without your money.
  3. Sell yourself first, then sell a home. Add value and you will never worry about the commission again. Take a full commission, or a straight 6-7% at the time of the listing. Use your website, your network of agents and other tools to keep your commission. Use your marketing budget,
to communicate your value proposition and you will out-market the competition…every time with a full fee.
  4. Fish where the 50-pound salmon are. Give yourself a raise and increase your average sale price. Make sure you are prospecting for new listings in the price point that is selling. Hold open houses where all the buyers are in the right price point to maximize your time.
  5. Farm a neighborhood with a plan. Put an effective 12-month plan together for listings.
  6. Make every offer work. Exhaust all possibilities. Involve your manager or broker if necessary.
  7. Keep deals together through the home inspection resolution process. 
Use the positive term, home inspection resolution.
  8. Communicate effectively. The best place to meet someone sometimes is half way. Phone conversations and email can be effective, but face-to-face is best. When in person, the document gets signed.
  9. Save expired listings. There is nothing worse than expired listings. Be on top of them at least one month before they expire and protect your investment of time.
  10. Time block your day and fill your calendar with appointments. Evaluate the highest and best use of your time. Focus on building an inventory of buyer and seller leads.
  11. Get price reductions in a timely manner. You need to be ahead of the seller with market data. With a 6-month listing agreement, get to the competitive fair market price asap.
  12. Control expenses. With the right tools, you may not need to spend additional money, or better yet, maybe you spend it on something else with a better return on your investment.

Offering these business-building activities to your agents will help them realize more income and be more effective in their business.

For a FREE copy of our Rules for More Income, email yourock@sherrijohnson.com.  Also check out our webinar schedule at www.sherrijohnson.com/live-events.

Sherri_Johnson_60x60Sherri Johnson is CEO and founder of Sherri Johnson Coaching & Consulting. With 20 years of experience in real estate, Johnson offers coaching, consulting and keynotes, and is a national speaker for the Homes.com Secrets of Top Selling Agents tour. For more information, please contact coaching@sherrijohnson.com or 844-989-2600 (toll free) or visit www.sherrijohnson.com.

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