Real Estate Systems
This episode will discuss creating systems to have more time in getting quality leads as our guest, Lars Hedenborg, shared in a previous podcast. He tackled about trying to be more efficient with the systems in his real estate business. One of the main goals of applying a system into a business is to improve the quality of life. Most real estate professionals often complain about running out of time as they manage their real estate business.
The solution to prevent this scenario is to create systems. Applying systems will involve the replacement of the agents in doing the tasks that are not necessarily for them to do. It is organizing the job such that somebody else could do it without a significant degree of loss in efficiency. It helps the agent to focus on more essential roles in his business. This action would require a percentage of the profit. The reason for hiring people to do these tasks is to increase efficiency to gain a higher profit margin. In basic terms, it is an investment wherein you are exchanging time for money.
To understand the process of creating systems, you can try to estimate the number of hours spent to do a particular task. Then, take a look at these tasks and review how the profit is generated from step A to step B, and so on. You should identify the top income-generating activity. For real estate agents, it is physically going to the homes and selling them. Brokers allow their agents to make the lower value appointments while they do higher value meetings.
This system could generate more leads reasonably, which could turn to sold homes. Without systems, it would result in burnout. Systems involve processes. For a new agent, the first process could be understanding where to find the clients. It could be followed by making a schedule and so on. After doing this task repeatedly over time, the agent can identify the main objective and create a system out of it.
Tools in Creating Systems for Real Estate
Creating systems for your business may require some tools for you to delegate tasks to your team. You may not prefer to be in the office to explain to somebody the tasks to be done and the process of executing them. You may opt to record video tutorials to them, and let them send an email or message about their inquiries about the process to improve efficiency. Screencast-o-Matic can help you do this. Another helpful tool is Google spreadsheets, wherein you can let anybody access the spreadsheet anywhere.
You can add the task list, video tutorials, and updates for them to use while working on a project. A complete step by step process must be included in the Google spreadsheet. Several Google tools or applications associated with a Gmail account, such as Google Drive, are available to aid you to share information. Zoho is another cloud-based office utility program with extensive office tools that could also help you. There are instances that it is essential for a business to record calls. Hubspot is a digital tool fit for this purpose.
Brand New Agents and Brokerages
It is essential to build a brokerage that has proper processes with minimal mistakes. If you’re a brand new agent, you should look for a brokerage with a complete or full toolkit. Keller Williams is a suitable venue for new agents without experience in sales since they have a comprehensive system.
Additional Tools for Creating Systems
Aside from the tools, like Hubspot, mentioned earlier, a CRM is an advanced tool for real estate agent you should consider. Hubspot has completely free accounts while Mail Chimp will allow you to enjoy the free account until you reach 2000 subscribers. There are free tools but will charge cost after reaching a certain level of usage. We should always keep in mind that in creating systems, minimizing the cost of these tools is also a vital consideration in the real estate business.