To remain profitable, a successful real estate business should meet three criteria. First, the business should allow for enough profit to exceed your needs. Second, it should consistency to allow for you to take meaningful time off. Third, it needs a salable exit strategy when you are ready to exercise it. At the end of the day, success rises and falls on your ability to generate profit.
To remain profitable, keep these ten things in mind.
Each member of your organization must understand the benefits that your services provide. What are five benefits of working with you versus anyone else in your market place? Can every person on your team communicate that clearly? Remember, consumers buy benefits not features.
Clients must feel like they receive more in value than you charge for your services. Most of us don’t want a “fair” exchange; we want a deal, the sense that we got extra value for our money. Referrals are won and lost in this point. We will return to a business when we get what we expect. We refer businesses when we get more than we expected.
This means attention to detail. The higher your price point, the more people expect. The details matter more than you can imagine. Is this a hallmark for your team?
Know your Audience.
Each person on the team has their own audience. The natural layering is what allows for teams to work the same geography. This occurs when each person operates out of their values, archetype and strengths. To remain profitable, activate your entire organization.
In the old days, this meant the street address of your shop or store. Now it means getting your marketing messages into your customer’s hands. When and where they are receptive. Who you are reaching? What you are saying and which channel? Everything is critical in the omni-channeled marketing world we now live in.
Profitability on a team comes down to population and production. How many people do you have and how many transactions do each of them do. Create a culture of production where everyone contributes.
If you aren’t telling your clients about how you use emerging techs in your business you are missing the boat. If you aren’t aware of emerging technologies, you are ignoring your customers. And soon will be finding they are taking the trip across the water with someone else.
Consumers assume they can rely on your services. They rely on your availability and advice. Your clients expect your attention to detail and follow-through. For your clients, perfect is the expectation. Every one of your team is held to that standard.
Planning is the ability to track, influence, and profit from change. It means having a mission statement. Build in the flexibility to respond instantly when new information allows you to fulfill your mission more effectively. Planning means you control your destiny.
This means instant, 2-way communication between every level of an enterprise. It means communicating with your vendors and competitors. Working with your clients. They are your most important designers, researchers and customer service experts. It means an “open door” policy and flat organizational models. It means listening is more important than speaking.
You are going to take the time and energy to build your team. You might as well start with the end in mind. Build your team correctly. Energize it with purpose. Allow for profit to exceed your needs. Have the consistency to allow for you to take meaningful time off. and offers a salable exit strategy when you are ready to exercise it.
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