9 Decisions That Can Majorly Impact Your Business
A Luxury Real Estate Broker Consultant’s Viewpoint
As a real estate business owner, the decisions you make can significantly impact the future of your business. Even if they seem small and insignificant at the time. Here are nine critical decisions made by successful brokers and team leaders that have led to the growth and success of their businesses. As a luxury real estate broker consultant, I have worked with numerous businesses in real estate, proptech and fintech. I have found these decisions can be applied across the board.
Stay True To Your Mission
One of the most critical decisions you can make is to stay true to your mission. Define clearly what you stand for as a business. Let that guide your decisions and actions like a compass. As the business environment changes, and the problems you are addressing shift. Stay true to your mission and it will allow you to adapt accordingly.
It is essential to create a holistic experience for your customers that addresses all aspects of their journey. By focusing on your mission, you can build trust, maintain strong customer relationships, navigate challenges and make decisions that can impact your business.
Invest Heavily In Marketing
Investing in marketing is crucial for building brand awareness and reaching out to your target audience. I worked with a real estate brokerage firm that was struggling to attract top-performing agents. They had a strong leadership team, but their brand was not well-known in the market. We identified this as a key issue and recommended that they invest heavily in marketing.
We developed a comprehensive marketing plan that included social media advertising, email marketing, and search engine optimization. The firm invested significant resources into this plan, and the results were astounding. Within a few months, their brand awareness had increased significantly, and they were receiving inquiries from potential agents weekly.
By investing heavily in marketing, the firm was able to create a strong brand identity, build a powerful following, and create awareness about their brand. All of this helped them to boost their recruiting efforts and grow their organization.
Investing in marketing can have a significant impact on the growth and success of your business. Whether you’re a real estate brokerage firm, a team, or an agent wanting to grow, marketing should be a top priority for building your brand and reaching your target audience.
Onboard The Right People
Onboarding the right people is critical to the success of your business. It is essential to hire people with the right skills to get the job done, but also individuals who uphold the your culture and values. This helps create a team of self-starters and diverse talent profiles who excel at collaboration and help keep the needle moving against all odds. A reliable team makes it easier for you to push through and achieve your set goals.
Pivot To A Smaller Niche
Pivoting to a smaller niche can allow you to better understand that niche and its ins and outs better than a larger company could. I worked with a real estate company that had been in the business for several years, but they were struggling to stand out in the crowded market. After some discussion, we decided to pivot to a smaller niche and focus on a specific group of high-end clients.
We were able to better understand the needs and wants of this niche market. We could tailor their services to meet their specific requirements, which allowed them to become the go-to real estate firm for high-end clients in the area.
The result? We were able to increase sales by over 200% in the luxury market. Establishing them as experts and build a reputation for providing top-notch service. Pivoting to a smaller niche can be the difference between struggling to stand out and becoming a leader in your market.
Trust Your Team Members
Trusting your team members can be a bold move, but it can lead to significant results.
Early in my career as a broker/owner, I had the opportunity to work with a young, ambitious manager who was new to leadership. Despite his lack of experience, I trusted him to take on challenging agents and high-pressure situations. I gave him the freedom to make decisions and trusted that he would do what was best for the business.
He exceeded all expectations. He was able to close recruits that were once considered impossible, and he became one of the top-performing managers in the company. By trusting him from the start, I gave him the confidence to take risks and showcase his skills. Trusting your team members can have a significant impact on their performance and the success of your business.
Include Customers Feedback
Including your customers in the development of your services helps you get their timely feedback. This practice helps you avoid implementing stuff that no customer would ever use and helps you build and maintain strong customer relationships. Building a strong customer community is essential for the growth and success of your business.
Pay Attention To Your Customers’ Needs
Paying attention to your customers’ needs is vital to the success of your business. Listening to what they are saying and asking can help you identify new opportunities and improve your existing products and services. Past your core offer, remember to look around and see what else your customers may need. It’s easy to miss opportunities when you are too focused on the day-to-day grind of running your business.
Systemizing everything is crucial for increasing accountability and streamlining operations. It allows you to create consistency and scalability in your business and establish a foundation for growth.
One of my clients, a luxury real estate brokerage firm, was struggling to manage their day-to-day tasks effectively. They had a team of experienced agents, but their processes were not well-defined, leading to inconsistencies in their operations. We identified this as a key issue and implemented a systemized approach to their tasks.
We created a standardized checklist for their agents to follow when managing their clients’ needs. This included everything from scheduling appointments to completing contracts and following up with clients. By implementing this system, we were able to increase accountability, establish clear expectations, and streamline their operations.
The result? The brokerage firm was able to increase their sales 17% and improve client satisfaction. Systemizing everything had a significant impact on their business, and it can do the same for yours.
Avoid Outsourcing Your Work
Building an in-house team instead of outsourcing your services can be more expensive initially, but it allows you to maintain control over the quality of your work. It will establish trust with your clients and form lasting partnerships. Focusing on quality and trust, coupled with a long-term perspective, can lead to sustainable growth and success. It is crucial to invest in training and developing your team to perform all tasks internally.
The early decisions you make as a business owner can have a significant impact on the future of your business. Staying true to your mission, investing heavily in marketing, onboarding the right people, pivoting to a smaller niche, trusting your team members, including customers in product development, paying attention to your customers’ needs, systemizing everything, and avoiding outsourcing your work are all critical decisions that can lead to the growth and success of your business.
As a luxury real estate broker consultant, I have seen firsthand how these decisions can apply to any industry and lead to significant results. By taking action on these principles, you can create a strong foundation for success and achieve your goals as a business owner.
A Parting Thought
We hope that the information provided is helpful in guiding you on your journey to building a thriving real estate business.
As luxury real estate consultants, coaches and advisors for Proptech, Fintech, Brands, Brokerages, Teams and Elite agents, we are confident that our resources, insights and strategies can help you achieve your goals.
Remember, success in the luxury real estate industry starts with knowledge and strategy, and we are here to provide you with both.
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