Profit Center Ideas For A Real Estate Office
by Dane Maxwell
1. Mortage Company
1.1. More profitable when busy
1.2. Yet always profitable
2. Title Company
2.1. More consistent profit
2.2. Get business from in house agents
2.3. Gets business from outside lenders as well
2.4. Girls working in the company have a great relationship with outside companies and lenders
2.4.1. Before we started mortgage company, girls had relationships with outside mortgage companies
2.5. 70% of revenue generated by the office
2.6. 30% of revenue generated by the outside agents
3. Increasing the value of an agent
3.1. What services can you help agents with to do a better job and build a successful business? Do it for them and charge.
3.2. Add a title company
3.3. Add a mortgage company
4. Enhanced Listing Program from Realtor.com
4.1. Buy in bulk
4.2. Charge a higher price to agent
4.3. Price still cheaper for an agent, agent wins
4.4. Broker wins
4.5. All agents participate
5. Short Sale Commander
5.1. Company buys a group discount
5.2. Agent pays double what you pay
5.3. But agent still pays 50% less than if they bought on their own
5.4. Rolling it out to agents softly
5.4.1. 53% said no
5.4.2. 47% said yes
5.4.3. Moved forward with the 47%
5.4.4. Meet one time per month, asked agents if interested at the meeting, and got feedback
6. Mike Vanderheyden - Broker Ideas
6.1. 2 key focus points
6.1.1. 1. Agent mobility
6.1.2. 2. Lead generation
7. Leasing office space
7.1. Title company
7.2. Mortgage company
7.3. Home inspection service
7.4. Appraisal services
7.5. Homeowners insurance co
8. Biggest Expenses
8.1. Office space - large square foot offices
8.1.1. Consider making your occupied space smaller, and leasing out empty space to outside complimentary companies
8.2. Staff and payroll
8.2.1. Instead of staffing every office location - make a central processing location, decrease overhead tremendously
8.3. Invoicing the agents for monthly - getting paid
8.3.1. Use Freshbooks.com to invoice the agents
8.3.1.1. Integrates with Google Checkout
8.3.1.2. Get monthly invoices via email
8.3.1.3. See who's deliquent
8.3.1.4. Who's behind
8.3.1.5. Setup automatic late payment fees
8.3.1.6. Setup reminder emails
8.3.1.7. Alternative to freshbooks - Chargify.com
9. Proprietary Training Software System
9.1. Creating a video vault that teaches agents anything from...
9.1.1. Creating a squeeze page
9.1.2. Creating a facebook page
9.1.3. Basically anything that helps the agents generate leads
9.2. Hiring outsources to do this stuff for the agents, charge the agents
9.3. Charge agents for the training so that they value and use it
10. Lead Generation
10.1. Websites
10.1.1. Having lender offset the expense of paying for those leads
10.1.2. Have lender scrub the leads instead of paying someone to do it
11. IsNowListed.com
11.1. Take HUD Homes - syndicate to top video sites
11.2. Broker is generating 140 leads per day
11.2.1. Funnel leads to a 30 person mortgage company
11.2.2. Scrub the leads - pass good leads on to agents for a referral fee