Put Money Back in Agent Pockets Without Affecting Your Bottom Line

We talk a lot about making your brokerage more profitable, but it would be silly if we didn't touch on the role that agent finances make on a brokerage's success?

How? Let's quickly break it down: you know you need to retain more agents, agents are always searching for higher commissions, and many agents often struggle to run their business efficiently. Yes, the more smoothly an agent operates their business, the more money they make, and the happier they'll be, resulting in them wanting to stay at and promote your brokerage.

Sound complicated? Don't worry, it's not.

Here's the bottom line: offer resources and recommendations that will help your agents run their business more effectively and it will pay off. The beauty of this is that it often takes very little (if any) time or funding from your brokerage. This can come in many different forms, such as specialized training, sphere selling education, marketing tools and resources, or assistance with tax filing.

Take accounting, for example (an area that many real estate agents struggle with). Too often, we hear the stories of the shoebox full of receipts or unorganized spreadsheets tracking expenses. The truth is, these practices result in a huge loss when it comes time to file taxes. All of the potential tax deductions that could've saved some serious cash are, instead, a blow to the wallet.

For a Realtor, this is a big deal. It's vital that they have a profitable, sustainable business in order to stick with the brokerage they know and love. When we came across QuickBooks Self-Employed, we instantly knew it was the perfect solution to these pain points. It's an inexpensive, easy-to-use, reliable accounting solution built for independent contractors that saves agents time and money ($4,340/year on average, to be exact).

It made us wonder: why aren't more brokerages recommending solutions like this to their agents? It costs the brokerage nothing to make these resources known, yet they often aren't offering support outside of the standard.

Sure, educating your agents about useful tools might not seem to benefit your business at the surface level, but remember that successful agents make successful brokerages. Provide your agents with what they need to be successful and you'll find your brokerage more successful in turn.

To view the original article, visit the Moxi Works blog.