Let's Share Tips on Growing Offices

2 Replies

I've been doing this for a while, privately growing my real estate portfolio.  And, I've had to open up new offices as I've grown because I've also taken in some property management business as well.  Does anyone have tips that they'd like to share on how to encourage profits in the offices that you don't directly oversee?

Here is a tip that seemed to work with me.  I've actually instituted a system of PROFIT sharing (not revenue sharing) with the managers that's only tied to results of that office.  When i first started, nothing seemed to work.  A higher paycheck for the manager didn't seem to motivate him signficantly more.  Neither did random visits to the office.  Since, then, I've learned a few tricks and tips which I executed that seemed to really work.

But, I'd really love to hear what other property owners/managers have done to make sure that satellite offices are just as motivated as the ones that you personally oversee.

Let's exchange ideas!

Bump.

Nobody has any ideas?

Originally posted by @Roger Doe :

I've been doing this for a while, privately growing my real estate portfolio.  And, I've had to open up new offices as I've grown because I've also taken in some property management business as well.  Does anyone have tips that they'd like to share on how to encourage profits in the offices that you don't directly oversee?

Here is a tip that seemed to work with me.  I've actually instituted a system of PROFIT sharing (not revenue sharing) with the managers that's only tied to results of that office.  When i first started, nothing seemed to work.  A higher paycheck for the manager didn't seem to motivate him signficantly more.  Neither did random visits to the office.  Since, then, I've learned a few tricks and tips which I executed that seemed to really work.

But, I'd really love to hear what other property owners/managers have done to make sure that satellite offices are just as motivated as the ones that you personally oversee.

Let's exchange ideas!

Roger, I'm a big fan of this sort of out-of-the-box thinking with regards to financial incentives.

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