[email protected] DynamicDirections.com … · 2018-12-12 · Coaching, Mentoring and Managing...
Transcript of [email protected] DynamicDirections.com … · 2018-12-12 · Coaching, Mentoring and Managing...
Adorna O. Carroll, DSAABR, SRS, CRB, C-RETS, RENE, GRI, SFR, ePRO
[email protected] DynamicDirections.com
Facebook.com/AdornaSpeaksTwitter @AdornaCarrollLinkedin - AdornaCarroll
WHAT YOU NEED TO KNOW(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Starting Your Own RE CompanyRequires the Right …
• Business Plan• Structure, Policies and Procedures• Compensation Systems• Recruitment Strategies• Generational Mix• Systems for Teams• HR Systems• Financial Systems to be Profitable• Training, Management, Coaching and Mentoring• Exit Strategy
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Today is a day for questions … I will provide info and resources …
Hopefully you can find your answers
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Evaluate You
Business Plan
Money
Legal & Business Structure
?
Is it because you are a top producer and
you want more from the business you
generate?
1
Is it because you want to run a company and
manage people?
2
Are you thinking of doing both?
3
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right Business Plan
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
How will your business be formed?• Start Up• Merging• Acquiring • Consolidating
• If you have a business are you …• Growing• Crumbling • Stagnant• Imploding
• What will your business be like in 5 yrs, 10 yrs, 15 yrs+?
• Do you have the right management team to make that happen?
• What is your ‘Disaster Plan’?
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right Policies and Procedures• Do you have a comprehensive
company policy and procedure manual?
• Having one is necessary
• Creating one is expensive and time consuming
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Rules of Engagement
• You need to formulate the structure, details, and parameters for compliance
• Policies are more than transactional procedures
• Federal and State Laws that affect companies are extensive
• A lack of proper policies can create financial exposure (c) REBI - Real Estate Business Institute All Rights Reserved
2018
© 2016 Real Estate Business Institute (REBI) - HR Solutions for Teams | V1.1-2016
13
Policy and Procedures Manual
▪ Ethical Standards
▪ Equal Opportunity▪ Expenses
▪ Fair Housing
▪ Independent Contractor
Agreement
▪ Legal Assistance
▪ Listings
▪ Performance Reviews
▪ Personal Assistants
▪ RESPA Compliance
▪ Workplace Privacy
▪ Other requirements
▪ Sexual Harassment
▪ E-communication
▪ Technology and social media
▪ Alcohol & drug abuse
▪ Privacy
▪ Safety
▪ Advertising
▪ Acknowledgement Form
▪ Brokerage Relationships/Agency
Disclosure
▪ Business Procedures
▪ Commission & Fee Structure
▪ Do-Not-Call Rules
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Visit REBInstitute.com
and Shop!https://bit.ly/2zcnART
Non-Member is: $399.00
CRB Designee Member: $179.00
Visit REBI Booth #1651 for a special offer at the show
for $20 off
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right Compensation Plan
• Compensation plans can either make or break your company
• Needs to attract and retain the right talent
• Must be structured to provide a profitable bottom line • Traditional Split?• Charge Back Models?• Per Transaction Models?• Salary plus split?• Hourly• Hybrid Plans?
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
There is more to recruiting than“Can you fog a mirror” ?!
• Bad hires can cost you time, effort and money
• Do you have a ‘hit list’?
• How much time do you spend each week truly recruiting?
• Who might you lose when others come on board?
• Do you have a comprehensive strategy to attract and secure the right talent? (c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right Recruiting Strategies
What tools are in your toolbox?
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Generational Balance
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right Generational Mix• Putting the generational
puzzle together can be complicated
• Managing them can be even more of a challenge when generations collide
• What is your mix?
• What will that be in 5 or 10 years?
• Will you have any agents left?
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right Systems for Teams
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
• Teams are part of the new business model and can create liability for the firm if not properly managed
• Is your company prepared with the right policies and infrastructure?
• Have you evaluated compensation options so that you can still make money and the brokerage can remain profitable?
Like Companies, High Performing Teams Need the Right …• Structure
• People
• Compensation Systems
• Financial Tracking Systems
• Communication Tools
• Training, Management, Coaching and Mentoring
• Right Policies
Proper Training is the Perfect Solution!
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Teams Business Management Series
To Use Your C-RETS to
Fast-Track To a CRB Designation
Must have earned the C-RETS Certification within four (4) years
of application.
Must complete the 24-module online
“Accelerate Manager” series within the one
year subscription allotment.
Must have at least one year of
management experience prior to
designation.
Complete & submit the Candidate Application
with one-time $150 fee (non-refundable).
Maintain annual CRB membership at $210
per year.
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right HR Systems
Legal rules are very different between W2 Employees and 1099 Independent Contractors some of which don’t even make sense
01W2 Employees and 1099 Independent Contractors - some rules are the same and some are not
02Knowing the difference will save you thousands of dollars and hours of your valuable time in court
03
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
HR Solutions for Firms
Find – Hire – Compensate – Train – Evaluate – Fire
Companies have so many HR challenges for not only their employees but also licensed assistants, agents on teams and work policies for agents of the company
Stay ahead of the curve with this one-of-a-kind HR course.
• Manage your human resources and attract the right talent for your company.
• Answer all of your HR risk and liability questions.• Get best practices for finding, hiring, compensating,
training, evaluating and firing employees and independent contractors
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Business Profitability
Right Financial Tracking Systems
• Shoebox, Spreadsheet or Software?
• Who does the bookkeeping?
• Separate Business from Personal Finances
• Categories for Business Income/Expense
• Factoring in Savings as an expense
• Retirement Sep IRA vs Roth
• Tracking Gross, Adjusted Gross and Net Income
• Business Generation Tracking
The Right Financial Systems to be
Profitable• All companies need the
financial tracking systems to manage money
• The improper chart of accounts can ruin your ability to watch key indicators
• Learning how to manage costs without sacrificing services is essential
• Capital improvement budgets and savings line items can even out feast/famine cycles
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right Training, Coaching, Mentoring
and Managing
• Recruiting is only the beginning, what’s your plan after you hire them?
• What is your onboarding system for new recruits?
• Do you have a culture for advanced skill training or just the basics?
• What plan do you have to coach and mentor agents to achieve their full potential?
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
The Right Exit Strategy
• Do you know what your business is actually worth?
• Are you prepared - what’s your plan?• Sell
• Merge
• Consolidate
• Liquidate
• Transfer Ownership
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Earning Your CRB
▪ Be a member in good standing with the National
Association of REALTORS®.
▪ Complete 3 CRB Education Electives (courses).
▪ Complete 2 Experience Electives
(Experience, Degree, NAR credentials)
▪ Submit the Application and management resume with a
one-time $150 designation fee.
▪ Maintain active CRB status -- $210 USD annually.
Application
Designation
Membership
Visit www.REBInstitute.com for more information and the complete CRB designation requirements.
We offer a variety of other professional development
opportunities for your members or associates!
C-RETS
RENESRS
CRB
Visit www.rebinstitute.com to learn more!(c) REBI - Real Estate Business Institute All Rights Reserved
2018
• Leadership Training
• Strategic Planning
• Advanced Skills– ABR – Accredited Buyer Rep
– SRS – Seller Rep Specialist
– RENE – Real Estate Negotiation Expert
• Business Management– C-RETS – Certified Real Estate Team Specialist
– CRB – Certified Residential Broker
• GRI and CE Course
• Course Author
• Convention Programs, Seminars,
Company Events, Retreats and more
(c) REBI - Real Estate Business Institute All Rights Reserved 2018
Adorna O. Carroll, DSAABR, SRS, CRB, C-RETS, RENE, CIPS, GRI, SFR, PSA, ePRO
[email protected] DynamicDirections.com@AdornaCarroll – Twitter
AdrornaSpeaks – FacebookAdornaCarroll - Linkedin
(c) REBI - Real Estate Business Institute All
Rights Reserved 2018
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