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Clearance rates improve across lower auction volumes

August 03, 2020Emma Ryan

Preliminary figures show improved clearance rates across the combined capital cities for the week ended 2 August. ...

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top 10 agents

1

Alexander Phillips

Year of Experience: 20

Support Staff: 3

Residential Properties Sold: 215

Total Value of Residential Properties Sold:

$ 522,477,791

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Have you experienced sexual harassment or bullying in the workplace?

Yes, I've been the victim of sexual harassment (15.8%)
Yes, I've been the victim of workplace bullying (21.1%)
No (63.2%)

Total votes: 19
The voting for this poll has ended on: April 30, 2020
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EVENTS
REBAWARDS Listready
Real Estate Business Awards 2020

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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Profit, profit, profit!

05 December 2014 Fiona Blayney

What was your profit last calendar year? 

 • What is your target next year? 

• How are you tracking? 

• Do you have a growth plan? 

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• Do you have a budget? 

• Do you split your profit centres?

These are questions and conversations that I hear being asked in offices and at real estate events. Do you have the answers? Why are you in business? As an entrepreneur, it may be to, make money.  Whilst there are other benefits to having your own business, this is the bottom line.  In basic terms, making money maps back to having a profitable business.

So how do we build a profitable business?

Current position

In building a business, you must start with a clear outline of the current position.  My number one rule is that you MUST split out the various business units. i.e if you have a property management department and a sales department these should be separate cost centers.

Separating the businesses provides a clearer picture of the financial position of the property management department.  Simply all income and expenditure for that department are allocated. In the case of operational costs these are proportioned for the department. The key is accurate allocation - Start by mapping last financial year and identifying your true department profit.

Planning

All building is done with a great plan. Create a plan to build a profitable business by setting your targets for the year first. Do you want to increase profit, $ or %? Or decrease expenses.

To achieve these targets you will need to look at planning for both the direct financial aspect of the business as well as the non financial actions that must be taken to reach the goal.

Budget

• Financial planning is in the form of a budget.

• A budget identified income and expenditure predictions and the projection of profit.

Business Plan

• To achieve the financial targets there will be clear actions that must be taken. What are these actions? 

• A simplistic approach is to create projects. Using growth as an example, what needs to be done in order to grow the income of the business? 

• One aim may be to increase the number of properties under management. Great, how do we do that? What actions are needed? 

• What resources? 

• What materials? 

• A project plan will assist in creating this strategy, but of course it is the execution that is fundamental.

Next week we take look at Execution and Accountability and its role in building a budget for a profitable department.

Profit, profit, profit!
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Fiona Blayney

Fiona Blayney

Fiona Blayney is the managing director of the highly successful consultancy, coaching and training business Blayney Potential Plus, specialising in estate agency services in Australia, New Zealand, the UK and the US. Over the past eight years she has developed a reputation for being one of the best business strategy and growth specialists around.

Fiona’s energetic and motivational presence has ensured her popularity at industry events. She regularly performs keynote presentations for many of the leading industry groups both in Australia and abroad, including the National Association of Realtors (NAR) in the US and the National Association of Estate Agents, England and Scotland.

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