How Rethink Delivers a More Than $230,000 Return Every Year at Marcus & Millichap – Brooklyn
M&M Brooklyn: Investment Sales
The brokers at Marcus & Millichap in Brooklyn are high-performers.
“Rethink saves our agents five to seven hours each week.”
So, when Rethink — the client relationship management (CRM) and PropTech solution purpose-built for commercial real estate — helps them save time, it matters.
“Rethink saves our agents five to seven hours each week,” said Jim McGuckin, Sales Manager at Marcus & Millichap – Brooklyn. “Imagine we have a $2 million team with four agents working 60 hours a week, and you’ll get an idea of how valuable that is.”
Here’s how that would break down:
Combined, the four brokers would work 12,480 hours every year. That means each hour they work, they would generate an average of $160.26.
And when you extrapolate the five to seven hours Rethink saves them per week, you get a total of 1,040-1,456 hours saved during the course of a year.
That’s a total value of $166,670.40-$233,338.56.
“Not only are they getting more deals done with that extra time, they’re also generating more business.”
But Marcus & Millichap – Brooklyn actually gets a larger return than that, because their team generates significantly more than $2 million … and the value Rethink delivers isn’t limited to saving time.
“Not only are they getting more deals done with that extra time, they’re also generating more business,” Jim said.
How does it work?
“Organization,” Jim explained. “Rethink helps them work more efficiently. They have the information they need to do their jobs in one spot, so they don’t have to search through different folders and files. It allows them to work smarter, not harder.”
But truth be told, the technology isn’t what first drew Jim to Rethink.
So, what did?
Before we get to that, we need to understand why Jim was looking for a new CRM to begin with.
“I was using Apto at the time, and it came with a bunch of unfulfilled promises” Jim said. “They sold us the dream and didn’t deliver.”
Once he decided to evaluate the available CRMs built to support commercial real estate, he quickly realized one thing made Rethink stand out above the rest: The company’s award-winning Client Success team.
“Rethink got my business because of the customer service and support. The responsiveness was critical.”
“Rethink got my business because of the customer service and support,” Jim explained. “The responsiveness was critical.”
Remember, if we put the value of a single agent’s time at $160.26 per hour, any downtime they face is devastating.
“As commission-based salespeople, all my agents have is their time,” Jim said. “They can only generate business Monday through Friday from nine to six. If we have a CRM breakdown during that time, they can’t find the phone numbers and data points they need to generate business. That’s wasted time we can’t afford.”
Ultimately, it came down to this:
“I couldn’t put my agent’s business in jeopardy,” Jim said. “So, I think knowing and having the comfort that when there’s an issue, Rethink is going to respond quickly was very important.”
And that reliability started on Day One — with a seamless implementation.
“We imported the data on a Friday night, and by Monday, we were ready to go,” Jim recalled.
A key part of that quick and successful implementation was Rethink’s configurability.
Because you can set up the solution to be as simple or robust as needed, Marcus & Millichap – Brooklyn was able to launch a scaled-down version of the solution and add functionality over time.
“We didn’t set up the bells and whistles right away, but that was fine. The main thing is I didn’t want to interrupt my agents’ business,” Jim said. “Then later, we added customized fields, the deal pipeline, and things like that.”
And now that they’ve expanded their feature set, they’re enjoying the additional benefits.
“The deal pipeline was a major reason we needed a product like Rethink. That’s been a game-changer for us.”
“The deal pipeline was a major reason we needed a product like Rethink. We didn’t have the ability to track the deals we were working on before,” Jim said. “That’s been a game-changer for us. Our pipeline is how we make money. When we can take a deal from the initial contact and move it to an exclusive agreement, then marketing, putting the property under contract, entering due diligence, and finally, closing, that’s how we get paid. But we need to be systematic in each of those steps.”
He went on to say Rethink’s ease of use encourages brokers to take advantage of the pipeline management functionality.
“Rethink has a campaign view where you can drag and drop deals from one stage to the next,” Jim said. “It’s almost like a game, and it helps us efficiently manage every single stage of the deal.”
Jim also touted the impact of GEO Search — Rethink’s map-based searching tool that empowers users to quickly locate properties, listings, and COMPs within a specified location.
“When we get a new listing, we’ll go to GEO Search, and we’ll pull up the properties around it,” Jim said. “It’s a very easy way to visualize what’s in that area. We know if we just listed 123 Main Street, we want to call every owner in a five-block radius of that location and see if they’re interested. Geo Search makes it easy to identify who to call.”
Overall, Jim feels Rethink has streamlined the dealmaking process for himself and his team.
“When we come in on Monday morning, we know what we need to do to keep deals moving forward,” Jim said. “We don’t have to go through emails to figure it out. It’s right there.”
And while he sympathizes with CRE leaders who are hesitant to ditch spreadsheets and paper notes in favor of a dealmaking platform, he noted the potential revenue they’re leaving on the table.
“If I’m an agent who has been in the business for 10 years, and I’ve always used spreadsheets and I’m making a million dollars a year, It’s hard to make a change because I don’t want to risk that million,” Jim said. “But the flip side of that is, if you’re making a million in this erratic form of brokerage using spreadsheets, you’re probably missing things and losing data. How much more could you make if it was all organized?”
He also believes Rethink’s user-friendly design would quickly help them overcome their fear of learning and using new technology.
“I think if they understood how intuitive and easy to use it is, they would use it,” Jim said.