In real estate, busyness does not translate into profit
If you run a business it is easy to get caught up in a lot of small things that compound into the false belief that all the busyness will lead to profit.
A lot of the time people unconsciously control our calendars. We feel obligated to answer every email and say yes to every opportunity. We don’t put rules in place and don’t pre-screen with who and what we want to work on. You end up spending a lot of time on non-income producing work and feeling overwhelmed when you cannot pay the bills.
If you are in real estate you would know that working with unqualified leads, waiting for people at viewings or waiting for compliance or other documentation can drain your availability and bottom line. Five minutes to follow up here and there and a whole day is lost in a month.
So why are real estate lead enquiry forms so basic? Name, email, and a default ‘contact me’ message secures you a chat on a R10 million listing mandate with an agent. Why don’t we screen and categorise potential buyers better? Maybe it is time to get some automation in place and send potential buyers a questionnaire as soon as they make an enquiry? Do you have rules in place on who you work with? How valuable is your time?
Take on any listing mandate
Some estate agents will take on every listing mandate, even with unreasonable listing prices from owners. They end up trying to sell that home for 6 months where it should have sold in 4 weeks. The 5% commission is now suddenly justified to make up for all the inefficiencies.
This is probably one of real estate’s biggest inefficiencies “working with random estate agents”, that we are working on solving.
Work smarter, not harder
Looking at our own company, the small tweaks can end up making a big difference. You don’t need expensive external consultants or major restructuring projects, sometimes you just need to make time to track where your time goes, and take action.
At Entegral our goal is to help agents work more efficiently, using technology. One of the great tools we’ve developed is a module that will automatically import leads from all the portals, which saves on a lot of admin time. A tenant application module is to be released soon, which aims to streamline the whole application process. Our automated dynamic listing ads provides an efficient hands-off approach to marketing listings on social channels.
There are a lot more ways we can work more efficiently. Maybe it is time to brainstorm with your team and see how you can speed up the traditional real estate transaction?
Do you feel you are working harder or smarter for your money?