Leverage is not a unique proposition; the superposition of different types of leverage allows to obtain exceptional results. Doug Edrington, CEO of J Douglas Properties, Berkshire Hathaway HomeServices, shares his leverage formula with Jimmy Burgess.
In April, one of Inman’s most popular recurring theme months returns: Back to Basics. Throughout the month, real estate professionals from across the country share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally and professionally to drive growth in 2022. It’s always a good idea to go back to basics with Dans homme.
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Without the use of leverage, your business cannot be all it has the potential to be. Leverage can come from many different places, but for this article we will focus on the leverage that can be generated by knowledge, people, products and systems. The following is a summary of the leverage used by Doug Edrington, CEO of J Douglas Properties, Berkshire Hathaway HomeServices, which led his team to complete over 500 transactions in 2021.
Leverage no. 1: Knowledge
The ability to acquire knowledge and training has never been so accessible. YouTube, podcasts, and social media provide immediate access to an incredible amount of free agent training and ideas.
“Decades ago, agents had to find out for themselves,” Edrington said. “The knowledge we have access to today is where the leverage should begin.”
Wondering how to drive more ads in a low inventory environment? Do a search on Google, watch a video on YouTube, or use the search bar for articles on this topic on Inman. Wondering how to build your database with willing and able buyers? Look for the answer online. Whatever you want to know more about is available through a simple search.
Make sure you are using available technology to provide everything you need for your most valuable leverage asset, knowledge.
Leverage no. 2 persons
“Whether you’re a single agent just getting started or a seasoned team leader overseeing a large group, the leverage people can bring to your business growth is immeasurable,” Edrington said. . “Single agents typically have a lender they refer clients to, an inspector they partner with, a surveyor they prefer, and a lawyer or closing company they use whenever possible.”
Having a network of trusted professionals gives the Sole Agent the ability to confidently outsource certain aspects of their business to others so they can continue to seek new ways to generate transactions.
Team leaders have administrative help, deal coordinators, marketing support, and photographers/videographers who help them leverage their time to serve more customers. They understand that the money spent on these positions is an investment rather than an expense. This understanding leads to increased leverage.
“Leverage with people has to be a two-way street,” Edrington stressed. “The Buyer’s Agent you add to your team is leverage for you in helping you scale your business, but they should also gain influence for themselves through association with you and your team to learning the business and gaining access to leads and opportunities they wouldn’t otherwise have.
When you create win-win scenarios where the leverage is mutual, growth happens for everyone involved.
Leverage no. 3: Products and technology
“Products and technology provide leverage in ways that knowledge and people cannot,” Edrington said. “They provide organizational standards and empower every team member to thrive.”
Doug and his team use Boomtown for their CRM, Slack for internal communication, Mailchimp for bulk email groups, and Google Sheets as a tool to increase efficiency.
Are you using a CRM to create efficiencies with your database? Do you use social media content calendar software like Monday.com or Hootsuite to increase your social media effectiveness? Chances are there is software or a tool available to help you cut out some of the mundane tasks you perform in your business. Look for these products and your productivity will increase.
Using products and technology allows agents to spend less time on low productivity items and more time on the most important part of our business, meeting with customers.
Leverage no. 4: Systems
“The systems provide the format and the leverage for our scalability,” Edrington said. “They provide an organizational structure and customer experience that can be duplicated over and over again.”
What do you often do? Anything you do more than three times should have a system in place for the next time it needs to be done.
If a repeatable system or part of your business is in anyone’s head, including your own, you are vulnerable. Every repeatable part of your business should have a checklist or process so that if the person who normally handles that task is away, someone else can complete it using the system and documentation in place.
Do you have a checklist of steps to follow when signing an enrollment contract? Do you have a system in place for following up with a buyer after closing? Do you have a process for organizing an effective open house? By using checklists for these activities, you will know that your client will receive the best possible service from you and your team.
Simple checklists and systems are the leverage you need to scale your business.
Your current business situation only scratches your potential. If you are looking to grow, take advantage of the opportunities offered by leverage to make the year ahead the best year of your life.
Jimmy Burgess is the Director of Growth for Berkshire Hathaway HomeServices Beach Properties of Florida in Northwest Florida. Connect with him on Facebook or Instagram.