When you’re starting a new business or trying to build your existing real estate business, it goes without saying: it’ll take time and perseverance. But not much of it comes down to ‘luck’, so here are some of our tried-and-true tips on how to make sure that whatever you put in, you’ll get back in success and profit.
“Focus on the big picture and work towards set goals.”
When businesses are in their infancy, most owners wear a variety of hats, from marketing, accounts, management and sales to customer service and chief coffee maker.
But of all those roles, there will likely be one or two that you’re great at ‒ and that’s what you need to focus on. The rest of the tasks? Either find part-time help or outsource (like engaging a virtual assistant). Try not to be a ‘jack of all trades and master of none’ because that isn’t the most effective use of your time. What might take you five hours could take someone else just one.
Don’t forget the power of technology; there are plenty of apps and programs that allow us to manage our time better.
As a real estate professional, it is critical that you ‘know your stuff’ ‒ people expect you to! So keep up with market trends ‒ in your state and region as a whole, and also down to your local catchment area.
It’s important to understand not only what’s happening today, but also, sales and demographic history and any other interesting insights. It’s this knowledge that will help you cement your place as an industry expert.
Outwit, outplay and outlast. This motto is key to surviving the rollercoaster ride that is real estate. And while it may sound a little dramatic, we don’t mean that you have to get dirty to win. It’s more about putting in the hard yards and doing your best to stay ahead of the game.
This could mean thinking outside of the square to help you stand out from the competition. Of course, you’ll go the extra mile for your clients and always, always, communicate (respectfully). You never know where a lead or referral may be hiding.
We’re all aware: being a business owner means plenty of sleepless nights worrying about ‘stuff’. But to run an efficient and effective operation, we need to focus more on the big picture, by working towards set goals. Otherwise, we can just be working day-to-day with no real direction or purpose.
Make those goals obtainable, measurable and specific, not just, for example ‘get more listings’.
Building relationships is critical for growing a real estate business and the reason for this is two-fold. Firstly, it’s how you will build your client list and secondly, it provides great organic branding for your business.
Key is that your approach to networking and building relationships is genuine and respectful.
People know when they are being sold to (especially when talking to a salesperson). You might find it difficult to establish the right connection with others if your only reason for talking to them is to get a property listing.
So get involved in your community and communicate respectfully with no other reason than the fact it makes you a great person to know. The rewards/payoffs will naturally occur when they are meant to.
In today’s market, it is imperative to have a substantial online presence. this is where most people choose their agents (and their new homes) in our modern, technologically driven world. These buyers and sellers look for an easily searchable profile, a website, a recognisable brand and social media accounts. Even if someone is referred to you, that person will very likely check you out online before making a decision.
Do your best to shine and set yourself apart from the competition, but try not to mention integrity in your profile – here’s why.
Don’t forget to make sure all the small stuff is working as it should.
Make sure you have:
Even if you sell all types of properties, a great business technique is to find your niche in your local area and become the go-to person. As a specialist, you’ll become ‘hot property’. Especially for print media, journalists are under the pump. If you’re the ‘expert’, journalists will call for comment. You could submit also articles to the local newspaper or Facebook group and showcase your expertise on that particular topic.
This helps you provide your point of difference so you stand out from your competition. As we mentioned earlier, it’s better to be a master of one (or two) things, than trying to be all things to all people.
There are plenty of options out there when it comes to the way you organise and run your real estate business. And while you might start one way, such as with a partnership, it’s not impossible to change it up when you see the right opportunity come along.
One Agency provides its members with a well-known brand and access to a network of like-minded professionals. And because of our simple fee structure, you get to keep more of your money, which allows you to focus on growth, not just sales. It’s a win-win ‒ one that many other real estate business owners have been realising recently.
“It’s not what you make, it’s what you keep that counts.”
‒ Paul Davies, Founder and CEO
Essential reading for existing and aspiring real estate business owners.
Revised Edition: Written by our Founder and CEO Paul Davies with a foreword by leading real estate coach and trainer Tom Panos, ‘How To Profit In Real Estate Business Ownership’ is compulsive reading for established and aspiring agents looking for a way to achieve success and maximise fee retention.
As founder and CEO of the fastest growing real estate network across Australasia, I offer real estate professionals an opportunity to reap the financial rewards of going it alone with the security and clout of an established brand. Talk to me and my team about your options.
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One Agency is a revolution in real estate, empowering both individual real estate professionals and established agencies to take control of their future and bring an entirely new level of service to clients.
