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A chief executive officer has underscored the paramount importance of creating a strong team when building or growing a real estate agency.
LJ Hooker Group CEO Christine Mikhael has had an extensive real estate career, but one core lesson has stayed with her through thick and thin: “Growth is seldom a solo endeavour.”
In an opinion piece penned by the executive, Ms Mikhael noted that “for new business owners launching in 2024, the business landscape looks very different,” but “one thing that hasn’t changed is the fundamentals for building a profitable real estate business”.
When first embarking on a business ownership journey, many agents feel overwhelmed by everything that they don’t know. For Ms Mikhael, the solution is to “surround myself with individuals who possess more knowledge in these areas”.
“Acknowledging that agents aren’t expected to be jacks of all trades, I emphasise the importance of finding comprehensive support, education and expert guidance,” Ms Mikhael shared.
“Surrounding yourself with individuals who are more knowledgeable is a timeless piece of advice in the business world, and for good reason,” she said.
As well as learning from the best, Ms Mikhael advised agents seeking to go out on their own in real estate to build a strong and self-sustaining team.
She hearkened back to the time-tested saying: “Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime.”
“Our objective is to foster self-sufficiency and empower agency owners to navigate their businesses with confidence and foresight,” Ms Mikhael said.
In order to do this, she warned owners to “be prepared to master the art of fishing in the realm of real estate”.
She explained: “These ‘fishing’ skills encompass business management, equipping agency owners with tools for efficient day-to-day operations.”
“Success isn’t just about providing immediate solutions; it’s about instilling knowledge and skills across various business facets to ensure long-term prosperity.”
Ultimately, Ms Mikhael suggested that creating a strong team, and consistently working to better themselves through “ongoing learning and development”, can empower agency owner newbies to create a strong business “that prioritises increasing profits over pursuing arbitrary growth targets”, bringing value to all team members.
She emphasised “the value of a supportive and positive environment, pushing you to continually learn, expand your horizons, and maintain a sense of curiosity”, particularly in the tricky transition from agent to owner.
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