How to Stay on Track When Running a Real Estate Business
As we all know, real estate is a challenging business. There are many unpredictable variables that can affect your day let alone your profit margins when running a brokerage. You need to be prepared with strategies to overcome all the challenges you will face as an broker, as the operator of your business, and as the guide for your agents. There will be days when you feel like throwing in the towel because things seem so difficult and unfair. However, as challenging as it may seem, the reward is not just money but also the families you help. From the agents that work with you, to the staff you employ, to the clients your agents serve, and even the community you work in, they’re all beneficiaries of your brokerage. If you’re struggling form time to time here are some ways to stay on track, grow profits, and stay positive all at the same time!
Take care of yourself
Taking care of yourself is the first step to staying positive. This will give you the energy and strength needed to conquer any challenge that comes your way. Take time off to recharge your batteries. You cannot expect to maintain a high level of productivity if you are tired and stressed out all the time. This is something you can control and manage. If you are in a position to negotiate your work hours, do so. If not, you can always manage your workload by hiring some help to share the load. Get enough sleep. This is so important as studies have shown that entrepreneurs who sleep for at least six hours, are up to four times more productive than their peers who get less sleep. Try to de-stress. This can be in the form of meditation, yoga or any other activity that helps you relax and cleanse your mind from all the stress. Eat healthily to give your body and mind the fuel needed to be productive and positive. Your overall health will also be a factor in how your customers view you and your business.
Develop Good Habits
You must develop good habits as this is a sure way to keep yourself on track. This will also help you overcome any challenges that arise in your business and in your day-to-day life. As a broker, good habits are a must to keep your keeping your recruiting pipeline full. If you let doubt creep in and take over what you do day to day the negativity will stop you from achieving your financial goals and in turn your dreams. As the operating partner of your brokerage, smart habits surrounding your finances, sales, marketing, and overall operations will guarantee your business will run smooth and offer the desired results you deserve. You can develop good habits by keeping a journal and setting goals for yourself. You can also join a mastermind group or get a coach to help you stay focused on your goals and share ideas with others who are in the same business as you.
Setting goals will help you to stay focused. You can set goals for yourself, or you can set goals for your company or for the agents and staff that you manage. Goals will help you to focus your efforts and direct your energy towards achieving the results you want to attain. Once you have set goals for yourself and for your business, you must create a plan for how you are going to achieve those goals. When you have a business plan, a marketing plan and a financial forecast, you can easily track your progress and see if you are on track to achieve your goals. You will also be able to identify any short-falls or areas that need improvement. This will help you stay focused on what needs to be done and achieve your goals.
You must remain organized and keep on top of your daily activities if you want to stay positive when running a real estate business. As a broker you must not only keep on top of marketing efforts, communications, and properly manage follow-up activities but you must guide your agents on how to do it as well. To top it all off, you must also keep an eye on other KPI’s such as the competition, the listings stats for your market, micro and macro market trends, and keep your pulse on the agent community in your local area of operation. That is why it is imperative to set up systems and procedures within your business. This will help you stay organized and feel competent in what you are working on day to day. It is a good practice to review your systems and procedures on a regular basis with your coach or mentor to see if there are areas for improvement.
Lean On The Support Of Your Network
As you go through each day, you are bound to experience challenges and problems. Since you can’t solve them all on your own, seek advice and support from trusted business acquaintances and industry practitioners. This network can play a huge role in helping you put good habits in place and stick with them as you run your day to day real estate business. The right network can help you with marketing efforts, identify better sources of leads for your agents, provide feedback on your transactional systemization, and so much more. As a broker, your network can also help you identify sources of additional revenue opportunities that help drive capital for your business. Best of all your network can also be a great sounding board when you need someone to talk to about challenges or problems you face every day.
As I said in the beginning (and you already know), real estate is a challenging business. There are many unpredictable variables but none that cannot be overcome with a sincere focus on growing better habits that come from sound business practices. Lean on your network and make decisions that put your agents and their customers first and it will be easy to maintain a positive outlook while you grow your brokerage profits!