If there is one thing I hear over and over again is that too many real estate broker owners are NOT running their businesses as a 'business'. What does that really mean?
From what I can tell, too many broker owners entered the world of brokerage with a track record of sales success, not necessarily business success. The skills and talents to sell real estate are considerably different from those required to run a real estate brokerage company. One of the best new skills a broker owner can acquire is the skill of analyzing everything!
Number 4 – Analyze everything – Business Intelligence Reports (BI) can shed light on new opportunities and highlight areas for improvement
Study your own data to obtain a better understanding of what is really happening in your real estate operation. Knowledge is power. Analyzing your ‘up-to-the-second’ data is a proven weapon in your arsenal of tools. Older technology is rarely flexible or accessible. Reports are ‘cast-in-stone’ and often reflect a requirement that has changed over the years.
Newer ‘open’ technology that utilizes ‘state-of-the-art’ Microsoft SQL database solutions that provide unlimited options for dissecting data in just about any manner you can think of.
Want to know the percentage of your listings your competitors have sold (and how it relates to your profitability)? How about a list of outside broker sales associates who have sold your listings (with the ability to thank them for their assistance)? Or perhaps what has each listing is really costing your firm, regardless of whether it sold or not (and who is spending the money)?
New technology that provides an ERP solution is a great approach to increasing effectiveness, providing better standards and improving awareness at a higher level. Whenever the term "ERP" (enterprise resource planning) is talked about today, it usually means how resources are to be expended rather than in the context of planning. It refers to high level enterprise view of the entire business. Or put another way, an overview of a company and all its parts as connected whole, rather than small centers of activity.
· ERP relates to the software infrastructure that holds the entire company together internally, on the one hand, and supports the external business processes the company engages in, on the other.
· ERP applications address a business process.
· ERP applications are modular.
· ERP applications are integrated.
· ERP applications include a company's reach beyond its walls—to its suppliers, customers, and partners.
· The entire ERP suite will address all areas (or the great majority) of a company's business functions.
Take hold of your data like never before and discover hidden treasures that can increase your bottom line or the mine fields that could be costing precious profits.
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