Are you just making real estate transactions or are you actively building a successful business? Success is more than just closing deals. It’s about creating sustainable companies in an evolving industry. Think of it like running a restaurant without a schedule or inventory. Even the best menu can’t sustain that. Real estate is no exception. It takes structure, planning, and consistent effort beyond instant trading.
Imagine a restaurant whose opening and closing times are unknown. Customers don’t know when they can expect service. Similarly, without a defined schedule, clients may find it difficult to trust an agent’s availability. Like any other business, success in real estate depends on organization and clarity.
Creating a schedule is the backbone of a successful real estate business. Many brokers resist schedules for various reasons, but this is the first step towards a structured business. It will also minimize you from the feast or famine that many brokers experience in their business. Designate time for your personal life, lead generation, client appointments, skill development, and overall business development. It is important to balance different aspects to ensure a balanced and sustainable career.
Always adhere to your lead generation plan. Many brokers work hard to generate leads, win some deals, and stop generating leads. This creates peaks and troughs in your business. If you consistently generate leads and keep your pipeline filled, you’re less likely to be affected by seasonal or market changes.
It’s important to foster relationships within your sphere of influence. These are people who know you, trust you, and will be your advocate. Building this type of trust takes time and consistent effort, but it is the foundation for long-term business success. Expanding your sphere of influence opens the door to referral business. Referral business is a key component to sustaining business through any type of market.
Consistent marketing demonstrates your expertise and creates friendliness. To be recognized as an expert, you need a brand that reflects your professionalism. Frequent marketing activities can help you stay in the attention of potential customers. It also proves your marketing ability. If you’re not good at marketing yourself, how can potential sellers have confidence in your ability to market their home?
Tracking your in-person meetings and appointments is your business compass. This will help you assess your progress, identify fruitful strategies, and refine your approach. Tracking and measurement can also help you predict your income. Regularly assessing what works and what doesn’t allows you to make adjustments and improvements, ensuring your business remains relevant and adaptable. Additionally, accountability is often lacking in the relatively unstructured real estate industry, which can be game-changing. Joining or forming an accountability group will promote discipline and help you stay on top.
Continuous skill building is paramount. Real estate is dynamic, and staying up to date with industry changes and knowledge not only gives you confidence, but also establishes you as a trusted expert.
Writing down your goals gives you substance and direction. Knowing your “why” gives purpose to your efforts, minimizes complacency, and maintains your hunger for success. Goals are not comfortable. Don’t be afraid to set crazy and aggressive goals. Pushing yourself out of your comfort zone can be scary, but that’s where you’ll see the most growth and results. Then, take it a step further and ask, “If I achieve my goal, who in my life will it impact?” This is a powerful question to ask yourself.
In essence, building a real estate business goes beyond a personal transaction. It’s about developing a sustainable, customer-centric company that prioritizes relationships, expertise, consistent growth and a clear vision. Such an approach not only ensures success, but also strengthens the agent’s position in the ever-changing real estate landscape.
Shai Bundy is an office leader and business coach at John L. Scott Real Estate in Bellevue, Washington.