The Essential Guide to Building a Real Estate Business
Do you want to sell houses for the rest of your life or do you want to build a successful real estate business? Do you want to keep working nights and weekends or do you want to work less and get more income? In this guide, we will show you how to build a real estate business.
Culture is a real estate buzzword, but every successful company needs a good culture.
The bottom line is that you will not be successful if you are not authentic. Your business should be an extension of who you are as a person, so, recruit and hire people that you like and that also like you. Aligning with your core values is critical, so remember to be “slow to hire and quick to fire.”
Service is 1#
Serve your “team.” That means help your negotiators grow and empower them to be just like you. Don’t expect your negotiators to be a cog in your real estate agency wheel! In order to “work hard and play hard,” you need to build a culture of accountability and enjoyment.
Accountability happens when you frequently check in with your negotiators and team leaders. Require your negotiators to hold themselves accountable for everything including career visioning and goal setting. You need to figure out.
- What makes you wake up in the morning?
- What are your inner strengths?
- Where do you add the greatest value?
- How will you measure your life?
Enjoyment happens when you cultivate an environment of be actually fun. When you learn about your negotiators and connect with them through monthly events and outings etc.
Be A Great Resource
Training is key. If you want your business to thrive, every single person that works for you needs to have the tools that they need to be successful. That means technology and systems, trainings and masterminds, and support from leadership (team leaders and the principals).
Lead Generation & Conversion
Lead generation itself isn’t the most important thing. You have to convert those leads into sales! Also, every year your deals are going to come from different lead sources. (This is why it’s critical to diversify!) In a seller’s market, you might have more deals closed from online property generated leads vs. more offline leads in a buyer’s market.
Once you’ve generated the leads, they need to be converted! You can think of this as pushing them through the funnel, from their first click to eventually closing. And you need to create effective follow-up and nurture plans for every step in the sales funnel. This should be systematic!
A lot of the time negotiators will get frustrated because their leads aren’t converting or their leads are “junk.” In actuality, it’s not the negotiator’s fault, it’s not the system’s fault or Google AdWords’ fault. It’s only the team leader’s fault… for not setting expectations, empowering the negotiators properly through training, and holding them accountable.
Track & Measure Everything
You’ve got to know your data and there’s no way around it. The more informed you are (down to the minute details) the more likely you are to grow and scale your business successfully. The best way to hold yourself and your negotiators accountable is with reporting and dashboards using a CRM.
Here are 4 Success Metrics you should be measuring:
- Negotiator response times to leads
- Follow-up & lead nurture
- Lead conversion rates
- Close rates
Check-In With Team
Even though you’ve built a thriving business and you’re working a little bit less, a good leader is still present and engaged with every member of their team. Set daily, weekly, monthly, quarterly, and yearly check-ins with everyone in your organization.
You might need to meet with your leadership team and success managers weekly, and your individual negotiators monthly or quarterly. It’s going to vary depending on the size and structure of your business, but those check-ins are absolutely critical for success.
Systems & Strategies
Technology is critical for your success in real estate. This is even more apparent if you want to stop selling real estate and start building a business. A large-scale, top-producing real estate business needs best-in-class real estate technology.
To be a great leader you have to constantly think about how you can reduce your expenses, boost your ROI, and maximize your profitability. That means being very strategic.
Stay tuned with the realestatemy.com/blog for more up-to-date tips and guides for real estate marketing professionals.