A Few Keys to Operating a Successful Real Estate Brokerage

Here are a few things I have learned over the last 10 years as a Real Estate Broker. I have owned a small and a mid sized Real Estate Office and have learned a great deal about what makes a Real Estate Brokerage Successful.

1.) Control your overhead costs. I learned the hard way that having a large office with all the bells and whistles looks great but does not bring in more business. Most agents I know here in Central California who are successful in Real Estate keep their overhead low.

2.) Look for the most effective and economical ways to market your Real Estate Services. See #1 above. Uncontrolled spending on Marketing (Newspaper, Telephone Books, T.V., Radio, etc.) can drive up your overhead costs

3.) Make sure the services you offer (RE sales, Property Management, Mortgage Lending) are profitable. I had a large Property Management Business with 200-300 or so Single Family and Multi-Family Properties and hired the additional staff to run that part of the business. I learned that while the income was substantial, the costs associated with employees, health insurance, book keeping, etc. eat away at the potential income to the point that I was not making a dime on my property management business.

4.) Exceptional Customer Service is the most important thing you can provide to customers and potential customers.

• Make sure you have an agent available to answer the phone 7 days a week.
  
• Make sure you return any phone calls or emails within 1-2 hours. If they are calling you, they have an important question or want to see a property. Make the time to show properties when your client is motivated not around your schedule.
  
• Allow your clients and potential clients to contact you by the means that best suits them (phone, email, text, instant messaging, in person).
  
• When you meet a client to show property, be prepared with a client copy of the MLS Listing, a basic market analysis for the properties you are showing, and a property profile for the property.

5.) Use Technology to benefit your RE business.

• Make sure you have a simple, easy to use Website with a prominent "Search Listings" button on the front page. Most clients will learn to use your web site to access MLS data for your region if they you provide public MLS access. Provide Access to the Most Used Services on the Home Page of your Website.
• Make sure you have a presence on popular Social Networking Sites such as Facebook, Twitter, Active Rain, Plaxo, LinkedIn, etc.