[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


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

The Right Business Plan


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’?

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


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


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

https://bit.ly/2zcnART

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?

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?

Generational Balance


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?


The Right Systems for Teams


• 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!



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.


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


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


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


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?


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



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

http://www.whatisrebi.com/course-licensing/

http://www.whatisrebi.com/our-credentials/c-rets/




http://www.rebinstitute.com/

• 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


Adorna O. Carroll, DSAABR, SRS, CRB, C-RETS, RENE, CIPS, GRI, SFR, PSA, ePRO

[email protected] DynamicDirections.com@AdornaCarroll – Twitter

AdrornaSpeaks – FacebookAdornaCarroll - Linkedin

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[email protected] dynamicdirections.com … · 2018-12-12 · coaching, mentoring and managing...

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