There is no secret to success. There is no missing ingredient.
The key to running a business, and running it well, is in the business’ commitment to fundamentals. With the fundamentals in place, the business owner is free to determine what success means to them and able pursue that idea with fervor.
Ok, that’s great, but what are the fundamentals? Eliminate all the fluff. Throw out the shiny pennies. Strip your business down to the essentials. What are the essential external and internal functions necessary for your brokerage to operate in the real estate industry?
Generally speaking, all brokerages need to 1) make money from clients 2) manage money from the clients and 3) distribute money to their staff and outside vendors. Each function is comprised of multiple other functions, such as lead generation, transaction management, agent billing, commission splits, payroll and so on and so on. With all this in motion, it’s admittedly difficult to keep track of everything.
So we’ve gone ahead and grouped all of these functions into components and put all of these components into a real estate ‘ecosystem’. On the right, you can see a preview of what this ecosystem looks like.
To learn more about technologies that are affecting the real estate ecosystem, check out this free ebook!
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