Running a successful real estate business requires a variety of skills that include leadership, understanding of the market, coaching and surrounding ourselves with the right people. These fundamentals have been the key to the longevity of many great agents, brokers, teams, partnerships and companies. Certainly it’s what has helped my business grow over the past 12 years.
But it’s not always easy — and the keys to success aren’t necessarily instinctual for most of us — so here are four crucial points I (and others) have worked to bring to my businesses.
1. Focus on finding the right people, not the perfect business model
Don’t fall in love with a business model. Instead, fall in love with hiring and working with the right people. Most people tend to think about how they should do something, but the most successful business owners know that it’s all about the who.
Do this, and your business can evolve and grow through many markets, models and shifts.
2. Find a coach if you want career longevity
The earning potential in this industry is too high to go it alone — we need a coach to help us avoid buying into our own stories and to make sure we get an objective outside view of our businesses. We need someone who can ask us the tough questions and encourage us to slow down and analyze things differently.
I’m of the mindset that we should pay for this service, but there are plenty of free and low-cost options available through most brokerages.
3. Have a strategy
No matter the market, no matter the disruption, there is always a strategy to build around.
When I first started in the industry, it was all about real estate owned (REO) and short sales. A few years later, it was all about investors and hedge funds buying up hundreds of properties a month. Now the overwhelming factor is the iBuyer model. The prevailing mindsets of iBuyers in our industry is either doom and gloom or total underestimation.
The truth is that our response should be somewhere in the middle. We have actually been able to increase the number of transactions we’re doing because of the iBuyer model, not in spite of it. So the real question we should be asking is: “What are iBuyer’s bringing the consumer that I’m not, but I could be?”
Remember: Running a business is a marathon, not a sprint. Making decisions that will benefit the business in the future — and putting them over your current needs and desires — isn’t always easy, but it is necessary if you want to excel.
Start by asking yourself if you would rehire everyone you’ve already hired or work with. If the answer is no, it’s time to start working on correcting that.
If you don’t have a coach, consider hiring one. There are so many great coaches out there, but there are also some who aren’t worth their salt. Ask an agent you admire for some recommendations, make some calls, and interview a few possible candidates.
4. Know your market
Lastly, be a student of the market. Pay attention to the trends and cycles of the market, and regularly ask yourself if your current strategies are as effective as you expect them to be. If the answer is no, consider changing things up.
Are you ready for what the industry holds in 2020? Inman Connect New York is your key to unlocking opportunity in a changing market. At Connect you will gain insight into the future, discover new strategies and network with real estate’s best and brightest to accelerate your business. Create your 2020 success story at Inman Connect New York, January 28-31, 2019.
Thinking of bringing your team? There are special onsite perks and discounts when you buy tickets together. Contact us to find out more.