Turning Opportunity Into Profit

Turning Opportunity Into Profit

RECBL - Real Estate News

Running a profitable real estate business in today’s fast-paced, tech-driven environment is a challenging proposition. But for the industry’s elite teams (those doing 40+ transactions a year), CINC (Commissions Inc.) is a key piece of the puzzle, providing the tools needed to attract and engage clients-and turn opportunity into profit.

Created to alleviate the frustration associated with having to deal with multiple technologies in order to achieve real estate success, the platform was born in 2011 as a lead generation and CRM solution.

The team spent the next two years creating an integrated platform from which team leaders could run their total business. More depth was added to the solution, coinciding with the launch of CRM+-an update to the platforms pre-existing CRM-in 2015. In September 2016, CINC was bought by Fidelity National Financial, a huge milestone that set the stage for greater success across the board.

"There are a lot of people in the industry who do what we do," says CINC Co-CEO Jason Hoback. "This acquisition was a huge milestone as it provided confirmation that what we’ve done, not only have we done it well, but we’ve done it better than anybody else."

For Co-CEO Alvaro Erize, Fidelitys acquisition marked a true turning point in the platforms trajectory path forward.

"Everything we do is to strengthen the agent’s position in the market. Fidelity shares our client-first mentality and passion for the agent, giving us the firepower and support we need to grow beyond what we had imagined," says Erize of the company’s focus on being the best platform on which to run a business, as well as offering the best lead gen and conversion engine in the market.

"Even if you put the best fuel in a bad car, it won’t get anywhere," says Erize, underscoring the importance a good platform will have on an agent’s efficiency day-in and day-out. "The goal is then for team leaders to take agents selling 10 houses a year and mentor them to be able to sell 25."

While many clients see a boost of more than 20-30 percent when it comes to lead conversion, its important to note that CINCs investment on the lead gen side of things is paying huge dividends as well, with their clients cost-per-lead down 24 percent year-over-year.

"We have the ability to hone in on keywords that will drive the best type of lead to a specific client at the most effective price," says Hoback. A process that’s been boiled down to an art, automated algorithms ensures leads are tailored to a client’s area of expertise, falling in their conversion sweet spot.

More than just a software company, CINCs culture provides a unique value proposition all on its own.

"When it comes to culture, you either have it, or you don’t. Since were a no-contract business, we’ve adopted a Whatever It Takes (WIT) mentality because we have to earn our clients business every single day," says Hoback.

To that end, it’s all about mindset. While the phrase "no problem" is taboo at CINC, Hoback notes that even though the difference between "no problem" and "my pleasure" is subtle, it’s the small things that add up to big things when interacting with clients.

Taking this one step further, Erize believes the company’s strongest asset is the unrivaled community clients become part of when they join the CINC family. "We’ve built what I think is the most impressive community of elite real estate professionals who come together through us, refer business to one another and support each other through times of need," he explains. "The value of our community is as valuable as CINC, and it will only become stronger as we bring this dream to fruition."

Looking ahead, there’s no end in sight as the company continues to pave the way toward its goal of becoming the undisputed, indispensable piece of technology on which elite real estate professionals run their business.

"What’s really interesting from a technology perspective is the fact that we haven’t even scratched the surface with the value we bring our clients and the innovative things we can do to make their lives easier," says Hoback.

"We’ve achieved a lot already, but we still have a significant way to go," concludes Erize.

For more information, please visit www.commissionsinc.com.

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Real estate profits off the chart

Real estate profits off the chart 

People get into real estate for many reasons, one of which being that there’s no ceiling to how much you can earn. What many people don’t realize, however, is that there’s also no floor.

Sure, you can make an unlimited amount of money, but if you don’t know how to effectively manage your finances, it’s difficult to turn a profit.

There are many ways to maximize your profits. In addition to increasing the number of transactions you close and/or increasing the average sales price of the homes you sell, there are other time-proven tactics that involve working smarter, not harder.

Tip 1. Think net. Many agents focus on their gross income, or how much they make before taxes and expenses, but true real estate professionals strive for a high net income. When you focus on gross income, you end up working harder for the same amount of money as a more effective agent who approaches their income in net terms.

Tip 2. Create a budget. A budget does more than map out where your money goes; it also helps determine your path to success, including the growth you intend to achieve and the costs it’ll take to get there. Follow a budget and you’ll have the awareness you need to really invest in your business.

Tip 3. Focus your marketing where you’re seeing results. The average real estate professional spends $1,100 on marketing, 10 percent of which is spent on online marketing and promotion.* Take the time to analyze your current marketing and advertising campaigns, and cut the ones that aren’t generating results. If you’re not sure where to make cuts, ask your clients how they found you.

Tip 4. Know the costs of running your business. Create a profit and loss statement every month. Without this information, you won’t know where your business is heading, and without knowing where your business is heading, how can you get where you want to go? When you have the numbers in front of you, you can direct your efforts and improve your performance.

Tip 5. Look for joint business opportunities. Look within your business network for opportunities to cross-promote. This allows you to share marketing and advertising costs while building relationships with people outside your client base.

Tip 6. Think twice about discounting your commission. While it may be tempting to reduce your commission for a client, doing so may result in their referrals expecting you to reduce your commission. Explain to your clients the value you bring to the transaction based on your knowledge, experience and marketing resources.

By incorporating these strategies into your routine, you’ll be able to take control of your finances, keep more of what you earn, and invest in the continued growth of your business.

*Source: National Association of REALTORS(R) 2016 Member Profile

Brian Buffini was born and raised in Dublin, Ireland, and immigrated to San Diego in 1986, where he became the classic American rags to riches story.  After becoming one of the nation’s top REALTORS(R), he founded Buffini & Company, an organization dedicated to sharing his powerful lead-generation systems with others. Based in Carlsbad, Calif., Buffini & Company has trained over 3 million business professionals in 37 countries and currently coaches and trains more than 25,000 business people across North America. Today, Brian reaches over 1 million listeners a year through his popular "Brian Buffini Show" podcast. For more information, please visit  www.buffiniandcompany.com.



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