Do You Really Know Your Pipeline Opportunities Over The Next 12-18 Months?
Daniel Levison | November 19, 2019
Whether you’re the managing principal at a brokerage company or an independent contractor working for a larger brokerage business, do you truly have insight on the opportunities in your pipeline? Having been a CRE agent and managing broker broker for nearly four decades, tracking my future opportunities is something I had to force myself to be diligent about.
On one hand, I didn’t want to jinx deals by figuring out my commissions, and on the other hand, I was so busy working on current deals that I didn’t have time to worry about it. As a managing broker of a twenty-person brokerage business in Atlanta, convincing agents the importance of understanding their future opportunities and the probabilities of their success was for the company—and more importantly for themselves—was even more difficult.
It’s critically important, however, for agents and even more important for managing brokers and principals to understand future potential revenues. For managing brokers, without a real understanding of potential revenue, it is virtually impossible to budget for services and support for their agents and business. Given today’s plethora of new technologies available to brokerage businesses, an understanding of future revenue is more important than ever.
For agents, as an independent contractor, the reality is you’re running your own small business within a larger organization. Being keenly keen aware of your future revenue opportunities and the probabilities of their success is instrumental in understanding and developing a long-term plan to sustain yourself during down cycles in our industry.
And one thing is 100% certain: real estate is a cyclical business, and if you are not financially prepared to get through those unavoidable cycles, then you won’t be in this industry for the long run.
To find out how you can use CommissionTrac to gain clarity and insight on your brokerage’s performance, pipeline and opportunity revenue, manage your company and agents receivables, commission split plans, invoicing and distributions, and experience why Techstars Atlanta and Cox Enterprises are lead investors in CommissionTrac, request a demo today by visiting our website at www.commissiontrac.com.
Author: Daniel Levison – Chairman CRE Holdings (Atlanta Investment Properties, CommissionTrac, Sharedspace), and Turner Levison, CEO, CommissionTrac