3 Ways Technology Can Help CRE Agents & Principals Become Top Producers & Run More Profitable Businesses
Daniel Levison | December 5, 2019
As the managing broker of a twenty-person brokerage shop in Atlanta, Georgia, we always intuitively had a feeling who our top producers were going to be year in, year out. They fell into two categories:
- The seasoned professional, someone with more than a decade of deal-making experience under their belt, and
- The agents who proactively tracked their deals and knew where and how they made their money.
Agents who just randomly approached each year without an understanding of how they generated revenue and haphazardly approached their outbound marketing and cold calling efforts always ended up barely, if even, covering their desk cost.
If your CRE brokerage firm is like our old agency, and most firms we pitch CommissionTrac too, the 80/20 rules apply and only 20% of your agents fall into the “seasoned professionals” category. So, the real question is – how can agents and managing brokers increase their profitability and consistently become top producers and more profitable businesses.
The answer is cutting edge technology.
Tech-enabled brokerages are such as Truss, Tenantbase and Squarefoot are rapidity growing their market share by providing their agents cutting-edge technology to track their commissions and manage their customers. If your agents and your brokerage business isn’t utilizing cutting-edge technology, you’re losing market share to your traditional competitors and to these proliferating “tech-enabled” brokerage companies. And, as a managing principal, I would have a real concern that several of these platforms will be courting some of your young rising to jump ship.
Agents and managing brokers that accurately understand where their past revenue stream came from have the “real time” data to market themselves and their companies with significantly more accuracy and success than those who don’t. Whether you’re an agent or a managing broker, truly understanding whether your historical revenue and commissions were derived from tenant representation or landlord representation assignments, sales or leasing transactions as well as geographically where the revenue was created will allow you to be more effective in tailoring your outbound prospecting and marketing efforts for your future business.
CommissionTrac and Rethink are cutting-edge technologies providing agents and brokerage principals the tools they need to become more effective at analyzing historical revenues to gain insight on future prospecting and marketing. Through open architecture and scalable platforms, Rethink (www.rethinkcre.com) and CommissionTrac have seamlessly combined Salesforce based CRM technology with CommissionTrac’s automation technology empower users to gain deep insight into historical, existing and future revenue streams.
To see why Techstars Atlanta and Cox Enterprises are lead investors in CommissionTrac, and to find out how you can use our platform to gain clarity and insight on your company’s and agent’s performance, future opportunities, agent and company receivables, utilize multiple commission split plans, custom invoicing, and commission distribution, visit our website at www.commissiontrac.com and request a demo.
Author: Daniel Levison – Chairman CRE Holdings (Atlanta Investment Properties, CommissionTrac, Sharedspace) and Vijay Mehra, CEO (Rethink)