Profitability. Brokers can’t seem to escape it, and considering the level of competition in the industry — maybe that’s for good reason.
It’s also what Lone Wolf’s new addition to its broker suite, Insights, aims to conquer. So what is Insights and how does it deliver the key to unlocking brokerage profitability?
1. It’s for brokerage leaders — not data experts
Ever tried playing darts in the dark? If you can’t see the target, it doesn’t matter how good your aim is. That’s how a lot of brokerage leaders feel about profitability — they have the skillset to improve it, but don’t know where to start without a clear picture of their key performance indicators.
As Director of Operations and Technology at Dream Town Realty — a Chicago-based real estate company with over 400 brokers — Mark Miles is familiar with this challenge.
“It’s a tricky situation,” said Miles. “The data usually exists, but it’s gated behind overburdened admins or data experts who need to spend time massaging it into a consumable format.”
Now imagine a brokerage leader has on-demand access to the information they need to make strategic decisions. That’s what Insights does.
“It fills in a blind spot for a lot of brokerage leaders,” continued Miles. “Being able to access operational snapshots of individual branches or the entire brokerage at will means you can make strategic decisions with clarity.”
2. It tells a story about your agents, then helps you write the ending
Remember those “choose your own adventure” books where you decide how the story ends? That’s what Insights does. It runs your data through a gauntlet of calculations to produce meaningful visuals that tell a story.
Then, like that friend who loves to spoil your favorite TV show, Insights reveals the important parts of your story and points you toward a profitable conclusion.
For example, imagine you have an agent who brings in deals left and right, yet leaves money on the table.
Insights shows you instantly that this agent brings in substantially less gross commission income than their peers — then shows you why. Armed with this information, you can have a coaching conversation that helps the agent and the brokerage make more money.
And it’s so easy to understand. Wendy Forsythe appreciates this simplicity. As the owner of a consulting firm and former COO of HomeSmart International, a top-five real estate company with 18,000 agents and 190 offices, Forsythe is excited about the implications Insights has for brokerage leaders.
“It removes roadblocks and puts the ability to affect their business back in their hands,” said Forsythe. “So profitability becomes less about the numbers, and more about how they use those numbers to empower their knowledge, experience, and leadership. Qualities they have in spades, especially when it comes to real estate.”
3. You get to see company dollar — and a lot more
A company dollar forecast: the myth sequestered deep within your trove of brokerage data. You no longer need a data expert — or an excavator for that matter — to dig it out. Along with real-time forecasts of sales volume and GCI, Insights provides company dollar calculations handcrafted for each brokerage.
Peter Mueller loves this customization. As CEO and founder of The Profit Centre, Mueller works with thousands of brokers and agents annually to improve their profitability.
“Insights is something I wish all my clients had,” said Mueller. “I love the fact that it allows brokerage leaders to specify exactly what goes into calculating their company dollar. This is one area where brokerage data tends to get polluted, which makes it very difficult to set profitability goals. Insights provides this clarity.”
Lone Wolf Insights is a broker command center that puts the power to influence profitability in the broker’s hands. Translating essential information into plain language, the solution provides prescriptive insights into company dollar, sales forecasts, and GCI. Click here to read more about Insights and what it can do.