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Auditing Your Real Estate Business with Dan Lesniak
Manage episode 407999277 series 3237066
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In this episode of the Hyperfast show, Dan Lesniak guides real estate agents toward profitable growth by closely analyzing their business practices. He emphasizes the importance of knowing three key aspects: the destination for their business, their current position, and the actions required to reach their goals. A significant portion of the discussion revolves around understanding and utilizing the profit and loss (P&L) statement, highlighting its role as a historical document that shouldn't solely dictate future decisions. Dan advises against overestimating revenue and underestimating expenses, which commonly skews net profit calculations. Moreover, the episode covers the necessity of auditing brokerage fees, lead sources, and ensuring a minimum 3x return on investment from these leads. Technology and marketing expenses, often overlooked, are identified as areas for potential savings. The podcast further suggests conducting audits on where closings originated from and how agents allocate their time, emphasizing the need for consistent lead generation efforts. This comprehensive analysis aims to equip real estate agents with the tools for more accurate business assessments and strategic planning for growth.
If you are ready to join eXp realty and would like Dan Lesniak and Keri Shull to personally sponsor you so you have access to two nationally recognized coaching programs text 703-638-4393.
Join Dan as he discusses:
- The importance of understanding your business's profit and loss (P&L) statement for growth, and its limitations as a backward-looking tool.
- The necessity of conducting audits on lead sources and brokerage fees to optimize return on investment and cut unnecessary expenses, including a discussion on technology and marketing costs.
- The significance of consistent lead generation and time management for real estate agents, including conducting audits on the sources of closings and how agents spend their time to ensure a steady pipeline and avoid business volatility.
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