Are you merely transacting in real estate, or are you actively building a business that thrives? Success is more than just the deals done; it’s about creating a sustainable enterprise in an ever-evolving industry. Think of it like running a restaurant: without a schedule or stocked inventory. Even the best menu won’t sustain it. Real estate is no different; it demands structure, planning and consistent effort beyond immediate transactions.
Imagine a restaurant where the opening and closing times were unknown. Customers wouldn’t know when to expect service. Similarly, without a defined schedule, clients might find it hard to rely on an agent’s availability. Success in real estate, like in any business, hinges on organization and clarity.
Creating a schedule serves as the backbone of a successful real estate business. Many brokers resist a schedule for many reasons, but it’s the first step to a structured business. It will also minimize you from the feast or famine many brokers experience in their business. Designate time for personal life, lead generation, client appointments, skill enhancement and overall business development. It’s about balancing different aspects to ensure a well-rounded, sustainable career.
Always stick to your lead generation plan. Many brokers work hard to generate leads, get a few transactions and stop their lead generation. This will cause peaks and valleys in your business. By being consistent with lead generation and always filling your pipeline, you are less likely to be impacted by seasonal or market shifts.
Nurturing relationships within your sphere of influence is critical. These are the people who know you, trust you and will become your advocates. Building such rapport takes time and consistent effort, but it forms the bedrock of a successful, long-term business. Nurturing your sphere of influence will open the door for referral business. Referral business is a key component for a lasting business through any type of market.
Consistent marketing represents your expertise and creates familiarity. Being perceived as an expert requires a brand that reflects your professionalism. Frequent marketing efforts keep you on the radar of potential clients. Also, it demonstrates your marketing abilities. If you are not strong in marketing yourself, how will a potential seller have confidence in your ability to market their home.
Tracking face-to-face meetings and appointments is your business’s compass. It helps you gauge your progress, identify fruitful strategies and refine your approach. Tracking and measuring will also help you forecast your income. Regularly assessing what works and what doesn’t allows for adjustments and improvements, ensuring your business stays relevant and adaptive. Additionally, accountability, often lacking in the relatively unstructured real estate industry, can be a game-changer. Joining or forming accountability groups fosters discipline and keeps you at the top of your game.
Continuous skill-building is paramount. Real estate is dynamic, and staying updated with industry changes and knowledge not only instills confidence but also positions you as a credible professional.
Writing down your goals gives you substance and direction. Knowing your “why” injects purpose into your efforts, minimizing complacency and keeping your hunger for success alive. Goals are not meant to be comfortable. Don’t be afraid to set crazy aggressive goals. Pushing yourself out of your comfort zone can be scary, but that is where you’ll see your greatest growth and accomplishments. Then take it one step further, “If I achieve my goals, who in my life will it affect?” This is a powerful question to ask yourself.
In essence, building a real estate business goes beyond individual transactions. It’s about cultivating a sustainable, client-focused enterprise that prioritizes relationships, expertise, consistent growth and a clear vision. Such an approach not only ensures success but also fortifies an agent’s position in an ever-changing real estate landscape.
Shy Bundy is office leader and business coach for John L. Scott Real Estate in Renton, Washington.