6 Critical End-of-Year Things Every Brokerage Forgets To Plan For
Turner Levison | August 16, 2019
As the year is coming to an end, every brokerage has to track their End-of-Year agendas in preparation of a new year with new goals — and that means planning. A lot of planning.
Amidst all this chaos, there’s still a few things that some brokerages forget to plan for or procrastinate a little too late on.
Here’s the punch list of all the crucial factors that will play key roles in producing revenue, increasing team efficiency, and success in the coming year.
1. Ignoring local and national trends
Preparing for the new year means predicting. Keeping your ear in the CRE tech space can give you new ideas of how you can take your brokerage to the next level.
We’ve compiled a list of top CRE blogs to find local and national trends:
However, local trends will vary from national trends, so checking local news, business trends, and even politics will give you some well-rounded insights. If you can get ahead of the game by studying these trends, that’s where the real gold at the end of the rainbow will lie.
2. Forgetting to reconnect with agents and brokers
Building a bridge between you and your agents and brokers will help create a more complete picture of what’s coming in at the end of the year as well as what you need to succeed.
Only the agents and brokers themselves know what types of tools they need to improve efficiency and success rates in their work. You could easily be solving big frustrations if you try to gain transparency through talking with your agents and brokers.
Ask them questions like:
- What’s the number one thing that would help you do your job better?
- What, if anything, is preventing you from closing deals?
- What tools or resources do you need access to?
- What could I or the brokerage be doing better to help you?
These questions will help reach certain topics that haven’t been raised throughout the year, but will keep the wheels running faster and smoother in the future.
3. Not checking in with the back-office
In addition to talking with your agents and brokers, reaching out to the back-office is another essential element because you might not have any idea how efficient this department actually is. You could be wasting a lot of time, money, overall efficiency if the back office isn’t optimized. In fact, you could even be losing agents because of this.
Easiest way to do this? Ask the back office!
- How efficient do you feel our back office processes are?
- Is there a system of effective commission plans in place?
- Are there any tasks or activities that take way too much time?
- Are there any tools or resources that would help you accomplish more that you don’t currently have access to?
Once you have the answers to these questions, you’ll have a much better idea of exactly how your brokerage is operating.
4. Zero familiarity with the tech stack
After hearing what your front and back-office have to say, it’s worth taking a look at your tech stack again. Since technology is constantly evolving, your tech stack should also be constantly adjusting to your brokerage’s needs.
Look for products that will solve pains all around the brokerage. For example, the question, “Has the check come in yet?” may be one of the most annoying questions thrown around in the CRE workforce, so it would be worth the cost to invest in a tech platform that will provide your brokerage with full transparency.
And don’t forget — the end of the year means that lots of software applications will be offering special deals to bring you on board for the new year, including CommissionTrac.
5. Failing to set up next year’s pipeline
There’s no guarantee for next year, so you’ll have to do the best you can do to control the variables you can control. Setting up a pipeline will help you do exactly that.
Take the time to queue up next year’s deals so you can enjoy the holiday season without cold sweat on your back. To be extra secure, plan out your last few deals of the year strategically to put yourself in the best position possible going into the new year.
If you’re in the leasing side of brokerage (listings and tenant reps) make sure to run a report for all of your upcoming lease expirations that are coming up in 2020. Here’s an example of a quick report you could run in CommissionTrac:
6. Falling silent on your successes
It may sound given, but without letting your agents and brokers know your plan for success in the coming year, you may be putting a wall between your goals and everyone else’s.
Communicate how you’ll overcome your challenges, build pipeline, meet goals, and investments you’ll make. Take the time to explain why you’re doing these things and how it helps the entire brokerage.
Don’t get caught without a plan
Keeping these elements in mind, you’ll be all set for the new year. Subscribe to our blog for more tips to help you gear up for 2020.