Discovery: the first step to achieving smart real estate company growth

Authored by:
Jack Miller
Published:
August 2020

Charlotte, North Carolina brokerage Savvy & Co. doubled its profits between 2018 and 2019. Not because the company did more transactions (that number held steady between the two years), but because it made some strategic adjustments to its operation thanks in large part to a discovery exercise it went through with T3 Sixty.

“There's a momentum that has built over the last 12 months that would not have occurred had we not taken a good, hard look at the numbers,” said Savvy & Co. broker-owner Victor Ahdieh.

Through the discovery process, Ahdieh found that he and Savvy could “give voice to our strengths, and shed light on places where we can grow, a foundation on which to build.”

T3 Sixty has documented case studies of real estate leaders who have gone through the discovery process and benefited from the deep, strategic, guided evaluation broker-owners and team leaders take of their businesses.

Behind the Discovery Process

T3 Sixty spends a lot of time researching and analyzing the residential real estate’s fast-changing landscape – from business models and their performance to technology systems and tools, and the significant impact capital investments have on the industry at large.

This work is not magic; it is just systematic exploration and examination. However, the insight from this analysis helps determine what will likely happen and what opportunities or threats exist on the industry’s horizon.

Those who read T3 Sixty’s studies often wonder how broad content can be applied to their specific business or team. Some of the common questions received from brokers and team leaders include:

  • Should I change my commission model to compete with certain competitor  company?
  • Is it a good idea to use a financial incentive to encourage my agents to recruit for me?
  • What is the best CRM in real estate?
  • I don’t do lead generation currently, so where can I get the cheapest leads to give to my agents?
  • Is a certain franchise a good one for me?
  • Is now a good time to sell my business?

These questions make sense to ask as business owners often need answers before they can make big decisions that will impact the future of their companies. These questions usually arrive at T3 Sixty in the context of “Do you have a minute?” or “I have a quick question.”

Some questions have quick answers that prove meaningful and appropriate; others require significant understanding of the questioner’s unique circumstance and a deep analysis of a company’s business model to provide relevant and worthwhile answers.

The Discovery Process

To assist a business or team T3 Sixty first strives to better understand it by guiding a leader through a discovery process to uncover, analyze and evaluate several pieces within a business or team, such as:

  • Financials and how the money flows (or doesn’t!)
  • Production, sales, and key business performance indicators
  • Agent population and where the production is coming from
  • Tools and systems the company utilizes or should be utilizing
  • How recruiting is or isn’t happening
  • Staffing and personnel, their skills, performance and interaction
  • Marketing, brand, website and public- or agent-facing materials
  • The leadership, what drives them and what they think should be done
  • The strengths and weaknesses of the business as well as key functionalities
  • The overall market and the business or teams specific competition

One portion of the discover document T3 Sixty guides participants through includes analyzing agent count. Source: T3 Sixty

With the involvement of the company’s leaders, T3 Sixty documents this evaluation process and delivers a report, complete with insights, recommendations and scorecard that grades the performance of the business or team.

Takeaway

Working through an introspective discovery process with a knowledgeable and experienced facilitator provides unique perspective to an organization’s leaders, furnishing meaningful reference points to focus on. Leaders like Victor Ahdieh of Savvy & Co. can then apply that new found intelligence and analysis to their business in a strategic way to plan for growth.

Reach out to T3 Sixty President Dean Cottrill at dean@t3sixty.com to start a conversation about conducting a full discovery review of your company or team in 2020.

T3 Sixty – Trusted business advisors and management consultants.

Part of the T3 Sixty family of companies.

© T3 Sixty 2020. Enabling Intelligent Change.

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