Yes, there are a lot of factors that impact your success as a real estate agent. There’s one thing, though, that a lot of agents don’t pay enough attention to. And, oddly enough, the coursework you complete to get your license doesn’t really focus on what is probably the most important factor leading to your success.
And, that is, how do you define what you do?
Are you selling houses? Helping clients? Making money? With any luck, you’re doing all three of those things.
But, the most critical thing to focus on is the fact that you are running a business. Yup, you are the CEO of a real estate consulting firm. Not your broker’s firm, but your very own company.
So, the question is, are you a hands-on CEO, or are you letting a lot of the business management tasks fall by the wayside? In the heat of battle, it can be very easy to forget your CEO role. When you got your license, how many business management courses were a required part of the curriculum? How many continuing education credits focus on managing cash flow, marketing, advertising, or any of the other issues that a company must address?
The fact that you are running your own business means that you need to establish an infrastructure that will support your success. What company can you think of that doesn’t have a name? a brand? a logo? a marketing plan? an effective Internet presence?
The longest silences ever heard are those that happen right after an agent is asked: “What is your marketing budget?”. You need enthusiasm, real estate knowledge, people skills and negotiating skills, among other things. But, before any of that is going to be helpful, you need clients. And, to get clients, you have to know what your company is all about and how best to promote it to your target market.
So, if you’re spending all your time chasing leads, think about what you’re going to do after you catch one. And, think about how much of your time you could spend doing revenue-generating tasks if you had a plan in place to generate leads for you.
Run your real estate consulting practice like the company it is, and you’ll find the road to success a lot smoother!
2 Comments
August 25th, 2006 at 9:57 am
thank you for the tips. i’m fairly new to this business. i’ll take your advice and think over the things that you just mentioned.
August 25th, 2006 at 4:19 pm
Great information Kathleen. It is so easy to get wrapped up in the running around of doing business that you loose track of “running a business”. Having the plan in place makes it easier. Having someone like you to help create the plan and the infrastructure to support it makes it possible to get things rolling quicker and smoother.