A Lack of Real Estate Education Can Quickly Put Your Brokerage Out of Business
We see it all the time. Ambitious agents begin their own brokerages, which – based on the past performance of the agent – should be successful. However, they soon run into trouble and eventually are out of business. Why?
A lack of real estate education. We don’t mean the professional requirements for agents – such as licensing, classes, etc. To run a business properly requires an entirely different education and mindset, and the truth is these things can make or break your brokerage.
Considering starting your own brokerage? Ask yourself the following:
- Do I know how to find, hire, and measure the performance of agents?
- What are the most important goals and objectives of my business? Do I understand how to track them?
- What technology do I need to implement? How will I manage marketing, accounting, payments, etc?
- How will I make decisions about what’s working and what’s not?
- What does a P & L mean to me and what do I know about cash flow?
- Leadership with a data-driven mindset.
- Clear goals and an understanding of how to measure them.
- The right technology stack to support growth.
Brokermint is a full-service solution that provides comprehensive reporting, helps automate processes and systems, supplies analytics for data-driven decision making, and enables support for complicated accounting tasks. Learn more about how Brokermint can take you from successful agent to outstanding brokerage.
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