Kylie Walsh, Founder & Director of REGROWTH, delivered a powerful session on “Profit and Performance Insights” at The Business of Real Estate conference. Walsh, drawing from her extensive experience as both a practitioner and a coach/consultant in the industry, shared invaluable insights on driving profit and performance in real estate businesses.

The Foundation: Building a Culture of Trust

Profit and performance are intrinsically linked to building a culture of unbreakable trust within an organisation. This trust fosters reliance, enabling teams to move faster, more efficiently, and achieve high performance.

Key Takeaways and Quick Wins

  • Strategy and Planning: Have a clear purpose and strategy. Get curious about what’s possible and to create a simple plan that aligns all aspects of the business.
  • Technology and Systems: Ensure your software is being used effectively and consider bringing in new tech solutions if needed.   Find a trusted tech advisor who can help businesses stay ahead of the curve.
  • Property Management: There is significant room for growth and improvement in property management.   Focus on areas such as fee optimisation, rent reviews, and client experience.
  • BDM Remuneration: Businesses should consider more creative ways to remunerate their BDMs, such as offering 50% splits for high performers and help retain top talent
  • Data and Insights: Use data to drive decision-making. Ask questions about your numbers and use data to identify areas for improvement.
  • Client Experience: Provide a personalised and differentiated client experience. Focus on surprising and delighting their clients at every touchpoint.

10 Key Learnings

These learnings provide a valuable framework for real estate professionals looking to drive profit and performance in their businesses.

  1. Focus on the commercials: Understand your break-even point, cost to manage, cost of sale, and benchmark against similar businesses.
  2. Dive deep into your database: Analyse your data to identify opportunities for improvement and to ensure you are maximising your profits.
  3. Review your property management fees: Ensure your management fees are covering your costs and that you are making a profit on each property.
  4. Get creative with BDM incentives: Set up BDM structures incentivising and retaining top talent.
  5. Ask questions about your numbers: Don’t just take the numbers at face value. Ask questions to understand the story behind the data.
  6. Track your key metrics: Identify the most important metrics for your business and track them regularly.
  7. Communicate your priorities: Ensure your team understands your priorities and what you are measuring.
  8. Speed up your recruitment processes: Connect quickly with potential hires and create a positive onboarding experience.
  9. Provide a differentiated client experience: Focus on surprising and delighting your clients at every touchpoint.
  10. Plan for the year ahead: Set goals, create a plan, and track your progress regularly.

Kylie Walsh’s presentation was a powerful reminder that profit and performance are achievable for any real estate business. By focusing on building a culture of trust, using data to drive decision-making, and providing a differentiated client experience, businesses can achieve sustainable growth and success.

Missed the event? You can still purchase the recordings and gain access to all the valuable insights shared by Kylie Walsh and other industry leaders.