Dream of doing real estate your way, with your own team, your own marketing, and your own ethos?
At some stage most of us ponder the prospect of what we’d do differently and how we’d put our own stamp on an industry that’s home to countless movers, shakers, and aspiring entrepreneurs.
But before you go drafting business plans and drawing up logos, there are five key questions to ask.
Each helps you define whether this new chapter of business ownership is right for you and exactly how you intend to underpin that agency’s future success.
How will you make a difference?
We might be in the business of selling property but make no mistake, as agents what we do runs far deeper. Our actions and activities have the potential to change the financial and emotional trajectory of the people we work for.
Which begs the question, what difference do you intend your business to make for your clients, your community, your team, and yourself?
In other words, why are you in business and also why are you in real estate at all? Why do you do what you do, and how do you believe it helps your life and that of others?
What values will underpin your brand?
Every business is underpinned by values and principles. These are the things your agency stands for, commits to, and remains focused on in every interaction you have with others and every decision you take as a business owner.
These values and principles are then reflected in your business vision and mission. Most importantly they will shape the ethos of your team, be the foundations of your culture and will guide decisions regarding every team member who joins you and every client you take on.
Why are you different?
Every agent likes to believe they are different – whether that’s due to their work ethic, their trust factor, their skill, or their local knowledge.
But how will your business really be different? What genuinely separates you from the agency next door or the one across town?
Knowing and intimately understand your agency’s unique point of difference informs everything from your marketing to your business vision to the team you assemble and so much more.
It’s the reason clients choose you instead of someone else in a sea of agents that can sometimes feel like it’s all the same.
What space will you own?
When you know why you are in business, how you intend to be different and what values underpin your brand, you can quickly define the areas you intend to own, and we’re not talking patches or farm areas here.
Instead we’re referring to the core business functions you intend to dominate, whether that’s timely communication, social media marketing, concierge services or something else.
Pick three to five areas that you intend your business will dominate in your local market and focus on them relentlessly.
Who will take care of the rest?
Between creating the core values that underpin the business, building a client base and selling property, there’s a lot to focus on in the initial stages of business and beyond.
So who will take care of the rest? Who will be part of your team, what roles will they have? Who will look after the administrative side of things, the trust accounting, the marketing materials, the training and more?
Knowing what you need and how you intend to fill those gaps helps you create the foundations of an agency that’s destined for success.
If you’ve read each of these questions and the answer readily springs to mind, or if you’re keen to delve further to discover the potential of running your own real estate business, then we can help.
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