How ICC Helped
RE/MAX Revealty Grow
435% in Just 5 Years
“My partner and I were very successful agents that didn’t have a business. We wanted to build a brokerage that we could operate at 30,000 feet and not be involved in the day-to-day operations. ICC helped make that happen. I feel more comfortable in business than I ever have before.”
The Challenge
LACK OF BEST PRACTICES SLOWS EXPANSION PLANS
In 2016, Larry and his partner were ready to expand their brokerage. Their goal was to build a business that didn’t require them to be involved in the day-to-day operations or rely on their real estate transactions to be profitable.
“You can’t be a successful transaction agent and run a highly successful brokerage at the same time unless you have more than 24 hours in a day.”
Larry and his partner knew that recruiting the right agents was critical to building a thriving business. When Larry set out to expand their team, he quickly learned that finding suitable agents was more challenging than he’d anticipated.
This roadblock was the first of many. The partners had yet to develop a business model, mission statement, or processes. Fortunately, they recognized early on that they didn’t have the expertise to do it effectively on their own.
“I didn’t realize how complicated and involved recruiting is. And how difficult it is to put a plan together. I had underestimated how much I had to learn about the whole process.”
The Challenge
LACK OF BEST PRACTICES SLOWS EXPANSION PLANS
In 2016, Larry and his partner were ready to expand their brokerage. Their goal was to build a business that didn’t require them to be involved in the day-to-day operations or rely on their real estate transactions to be profitable.
“You can’t be a successful transaction agent and run a highly successful brokerage at the same time unless you have more than 24 hours in a day.”
Larry and his partner knew that recruiting the right agents was critical to building a thriving business. When Larry set out to expand their team, he quickly learned that finding suitable agents was more challenging than he’d anticipated.
This roadblock was the first of many. The partners had yet to develop a business model, mission statement, or processes. Fortunately, they recognized early on that they didn’t have the expertise to do it effectively on their own.
“I didn’t realize how complicated and involved recruiting is. And how difficult it is to put a plan together. I had underestimated how much I had to learn about the whole process.”
The Solution
INVEST IN AN EXPERT TO CREATE A STRONG FOUNDATION
After wasting time and money on their flawed recruitment plan, the partners learned that trial-and-error was not the way to build a solid business foundation. They realized that hiring a coach early in the process to assist with their expansion would be a wise investment.
When the partners found ICC , they knew right away that they wanted to work with them.
“There were other coaches out there who knew a lot, but they were aggressive or too salesy. Our ICC coach has street cred, he’s solution-oriented, and our personalities and temperaments match. We never doubted that ICC was the right company for us.”
Together, ICC, Larry, and his partner built a business model that would be profitable and pay them dividends, then developed a plan detailing objectives, strategies, and core business activities to achieve their goals.
Their coach then helped the partners create and implement a financial forecasting and reporting system and an operational plan to deliver the results they wanted.
With a solid road map in place, ICC, Larry, and his partner executed an efficient recruitment strategy that would free the partners to concentrate on growth initiatives.
“Our coach has seen it all and done it all, and we haven’t. We had to unlearn our old way of doing things. He helped us start looking and behaving like a business.”
In 2018, Larry and his partner sought ICC’s guidance to successfully execute a merger and acquisition strategy that grew the business even more.
“We had an M&A opportunity, but we had never done anything like that before and having our coach’s perspective and advice was instrumental in pulling it off.”
The RESULT
ASTRONOMICAL GROWTH + ADDITIONAL REVENUE STREAMS RESULT IN A BIGGER BOTTOM LINE
Larry and his partner’s investment in coaching has paid off. With ICC’s guidance, their brokerage has grown 435% in just 5 years, making them the largest RE/MAX brokerage in Central Ohio.
Since hiring ICC, the partners’ business has been on an upward trajectory with no sign of slowing down. Because the day-to-day operations don’t consume them, they’ve had time to develop ancillary services that bring in additional revenue, further increasing their bottom line.
Their ICC coach was instrumental in ensuring that the partners consistently applied their mission statement and value proposition across all their services and worked seamlessly in conjunction with one another.
“We needed someone to help us do the hard things. Our coach helped us achieve our goal of having a successful real estate business. Now he’s helping us navigate the implementation of these new services. We started offering mortgage services three months ago, and it’s already making money. It’s off to a good start.”
Larry Schottenstein started his career as a partner in his father’s firm specializing in real estate development and management. Fifteen years ago, Larry left his father’s company to specialize in residential real estate, which eventually led to a partnership with Chris Harpster and the creation of RE/MAX Revealty.
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