The majority of real estate agents count on GCI to achieve their basic income. GCI stands for Gross Income Commission. GCI related numbers are for agents the best method to measure their financial success. Marking is one of the most proven tools to improve annual GCI. If you want to increase your GCI through marketing, you can take suggestions from the experts and you will find that this list has almost entirely new entrants to real estate.
You shouldn’t underestimate the power of digital marketing in strengthening your real estate brand. This will subsequently lead to an increase in GCI, which is a major factor in determining the success of any real estate agency. So, what is GCI and why is it important for real estate agents?
The Significance of GCI for Real Estate Agents
Generally, “GCI” is the money coming from your commission. So basically, if the GCI numbers are increasing, you are working in the right direction. The rate of GCI in the real estate world is unsteady and known for volatility. For instance, you can have a slow start at the beginning of your career, and then things can improve. Also, the real estate market falls under the category of seasonal business. So, there won’t be a steady rhythm for GCI.
GCI is a method to judge whether you are leading a successful business. You can calculate your GCI each month, quarter, or even year. Keeping track of your gross income commission obviously indicates if you are making more transactions.
The percentage of split commission can vary from one transaction to another. For instance, you can have a 50%-50 split in some transactions, while other transactions can be 90%-10%. So, you need to follow your earnings from one transaction to another in order to calculate your GCI.
Why is GCI important?
In addition to the financial gain associated with increased GCI, tracking your GCI can indicate the growth of your business. Typically, an increased GCI is an indication of finalizing more transactions. It means that your name in the real estate world is growing, as more people are trusting you with their property sales, purchases, or rentals.
How to increase your GCI
As you grow in the real estate world, your GCI should grow along with it. You can achieve this by raising your commission. However, this is not always the best approach to begin with. It can be risky, as your existing clients might start searching elsewhere. There are better and more proven approaches, such as:
Better marketing strategies.
Efficient marketing is what brings clients directly to you. You need to use marketing to spread the word about your business in the geographical areas you are targeting.
As inflation and the market downturn pressure you to reduce some expenses, you might think or be advised to cut marketing costs. This is not a wise solution. You might be deceived into believing that you already have existing clients and don’t need to keep reaching them through ads, mail newsletters, or any other form of marketing. But this can backfire and do a lot of harm to your business.
In fact, you need to boost your marketing efforts to reach more potential clients in your local area. This can be done efficiently without draining your pockets too. You can turn to a new (but trustworthy) marketing agency to help you establish your online presence.
Your new marketing agency can facilitate reaching more clients through various tools, such as:
- Reviving your social media presence
- Adding more communication channels
- Creating engaging podcasts
- Placing paid ads on various platforms
Asking your existing clients for referrals
There is nothing wrong with asking your satisfied clients to spread the word. A happy client can become a great marketing option. They can be excited about sharing their positive experiences with neighbors, family, and friends. Your marketing team can even spice things up by implementing rewards, discounts, or any other appropriate method to encourage existing clients to recommend your real estate agency to their networks.
Through efficient and clear marketing strategies, you can move forward with your GCI goals. It is important to set these goals in order to determine the target of each marketing campaign you launch. Working without goals is not expected to last in such a highly competitive and volatile business.