Broker’s Best

 

Compensation Plan Benefits Top
Real Estate Producers and
Agency Ownership

At Coldwell Banker Walter Williams Realty, top producers chafed at the realization that they were carrying the company.

And the company's owners fretted that their profits had disappeared along with Florida's real estate boom.

The June 1 issue of industry newsletter Real Estate Broker's Insider reports that the Jacksonville-based company took action by revamping its compensation plan with the help of David Cocks of Compensation Master.

Cocks helped the brokerage make a number of changes that gladdened top producers and ownership. In fact, the only agents who didn't appreciate the changes were the least productive salespeople, Monica Hentschel, regional managing partner at the firm tells Real Estate Broker's Insider.

The most important change: Establishing a breakeven point for agents that allowed the company to cover its expenses and make a 5 percent profit.

In a nod to transparency, Hentschel made no secret of the company's profit margin. "We were very open and honest with the agents," Hentschel says.

The process had the benefit of letting agents know just how thin the profit margins are for brokers.

I hope that these ideas have given you some food for thought and action until the next edition of Broker’s Best.

Sincerely,

Jeff Ostrowski
Editor

Tips for Generating Real Estate Leads Online

Mitch Ribak generates nearly all of his leads online, and he has turned the process of cultivating those leads into a near-science.

Ribak, the owner of Tropical Homes of Suntree, a 24-agent firm in Melbourne, FL, focuses primarily on buyers. He also runs eHomes Realty Network, a company that helps brokers and agents find and convert online leads.

In the May 15 issue of industry newsletter Real Estate Broker's Insider, Ribak describes his method for converting online leads.

When Tropical Homes gets a lead from its marketing efforts through HomeGain, Google, and Yahoo!, agents are trained not to call immediately.

"We don't want to call them in the first hour, which is contrary to what everybody else is doing," Ribak tells Real Estate Broker's Insider.

Instead, he has set up a system that sends three emails to buyers before the agent calls.

I hope that these ideas have given you some food for thought and action until the next edition of Broker’s Best.

Sincerely,

Jeff Ostrowski
Editor

Reluctant Real Estate Broker Scores with Social Networking

As a broker in his mid-50s, Michael Guthrie scoffed at the growing popularity of social networking sites LinkedIn, Twitter, and Facebook.

"In all honesty, I just resisted and resisted," says Guthrie, chief executive officer of Roy Wheeler Realtors in Charlottesville, VA. "I've got a 28-, a 26- and a 23-year-old, and I felt like I was sort of going into their playground."

In an interview in industry newsletter Real Estate Broker's Insider, Wheeler notes that he finally decided to set up accounts on LinkedIn, Facebook, and Twitter earlier this year.

What changed Guthrie's mind? He came up with this analogy: LinkedIn, Facebook, and Twitter are the online equivalents of the face-to-face networking events that people of his generation are accustomed to.

"If you knew there was an event in your market that hundreds of people were going to attend, you would not miss that event, whether it's a charity event or a Christmas party or whatever," Guthrie says. "You'd want to be there to rub shoulders with people and hear the conversations."

And Guthrie quickly saw the payoff. One of his Facebook friends posted this status update: "Just finished painting my master bedroom. Getting ready to put the house on the market."

Guthrie immediately contacted the seller to find out if he had an agent. The answer was no, and Guthrie gave the lead to a Roy Wheeler agent who landed the listing.

I hope that these ideas have given you some food for thought and action until the next edition of Broker’s Best.

Sincerely,

Jeff Ostrowski
Editor

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