8 Steps to Scaling a Business in Real Estate

Being in the real estate industry is both daunting and rewarding. It is more so if you’re a woman. For the longest time, real estate was dominated by men; however recently, a lot of strong, successful women have made a name for themselves in this brutally competitive industry. These women in real estate have not only made a rewarding personal career out of this field but have also helped a lot of people through their business.

Is there a secret to their success? In today’s blog, we will explore the key steps to follow in helping you scale your business in real estate. Read along to learn more.

Focus On a Niche

If you haven’t heard this yet, you will hear it soon: “Real estate is a numbers game.” As a newbie, we’re always taught that it’s all about numbers; that is, the more people we engage with, it should follow that an “x” percentage of them will buy. However, in the modern age, it’s no longer about working hard, but working smart.

Gone are the days when you had to talk to thousands of people only to close 1% of that. Why do that when you can focus your efforts on a particular set of people, or on a niche where your chances of closing a sale are higher? Business models like neighborhood farming are one example of a niche market. You position yourself as the neighborhood real estate expert, so whether the people around you buy or sell, you get a piece of the action.

Working on Your Business

Your business is personal, and as such, there’s no one else to rely on except yourself. At least that’s how it is when you start. As you are scaling your real estate business, you will get the extra legroom and resources to hire equally competent managers and consultants to help you gain more insight into the latest trends and practices that may help your business gain new heights.

The lesson here is not to stop learning. No matter which level you are in this industry (or any industry for that matter), there’s always something new to learn and apply.

Grow Your Real Estate Network

While working smart is the new mantra nowadays, there’s still no substitute for good old networking. Sometimes we find ourselves in a position where we do not want to talk to anyone simply because it’s tiring. We agree. Talking to people seems taxing, but shifting your mindset might make it more tolerable. Instead of looking at it as a task, think about talking to another person as a way to get more leads.  Who knows, your next sale or business transaction might come from the person next to you.

Delegate

When you’re just starting, it’s acceptable to do almost everything on your own. However, as the business grows, delegation is a skill that you have to develop and get used to. If you think you’re a micromanager, then you’re in for a rough start.  But it’s something that you will get used to as the days go by. The most important fact here is that you will learn to trust the decision-making capabilities of others, and the best part is that you can direct your attention and focus on more productive things at your level.

Measure

In this day and age, businesses have to be specific and thorough when it comes to performance and there’s no better way to do that than by measuring it. However, as a manager, you have to be careful to pick the metrics that truly matter. Let’s say instead of measuring the number of leads received, why not calculate the conversion percentage instead (number of people who bought from the number of people who inquired). That may help you get a clearer picture of your marketing performance.

Standardize

Expand your business means you will have to deal with various locations or branches. For the quality of services and the performance of employees to be uniform throughout, you will need to set certain protocols or standards to guide them. Having a standard also helps you manage tasks efficiently.

Consistency

In connection with developing certain standards, it would also do your business much good if you are consistent with your performance. Consistency means there’s no drop in one’s output and to achieve that, you have to closely maintain the circumstances that affect performance. Additionally, do not lump consistency with being stagnant. One can be consistent and at the same time break new highs when it comes to achievements. This is where a new standard of excellence is created and a new level of consistency is required.

Execution

Last but certainly not least on our list is execution. Too often we find ourselves facing many promising ideas and plans only to fall short of actually implementing them. Moving forward and for your business to gain a unique edge, you have to do a better job at executing ideas, especially bold ones (as long as you have also thoroughly thought of the risk and reward ratio). Who knows- that crazy idea might be the breakthrough you were waiting for.