Believe it or not, quite often real estate businesses will fail – not because of a lack of success – but rather too much success, too quickly. They set their businesses up without thinking things through properly, and don’t necessarily plan for great success.
There are two main areas that let a business down when they achieve success without planning well for the future – culture and recruitment.
Let’s take a look at some of the more common mistakes made by people trying to grow their real estate business, and how you can avoid them.
They don’t create the right business culture
Or, they don’t create one at all.
Business culture is what makes your staff happy to come to work each day, and what makes potential new agents clamber over themselves to get hired by you. It makes recruitment and retention of great staff easy. It’s important to also provide clear career paths for people so they can see long-term career development with you.
Getting involved with a business partner who is not suitable
Or taking on a business partner just for the sake of it. Joining with a business partner often promises rapid and easy growth. In theory, there are more opportunities for growth and development and you have someone who’s ‘got your back’.
But not all business partnerships are appropriate, and some can cause more damage to your business than good, particularly if your long term visions don’t align or change over time.
Not using the right technology
From day one in your business it’s important to make sure you have the right technology platforms in place that are scalable.
The right database and processes that deliver seamless automation can make running your business so much easier. Your clients will appreciate this too, and will love interacting with you in a professional and efficient way rather than being turned away because of how difficult it is to work with you.
Not believing in yourself
One of the worst things you can do in business is succumb to negative self-talk.
If you’re always focusing on the problems and the stresses of your business, this will be reflected to your staff and will have a ripple effect throughout your business.
But positive self-talk with have the same ripple effect! When you think positively and think long-term, there will be very few limitations faced that you can’t overcome.
In order to avoid the pitfalls of business and set yourself up for the best possible growth, there are a few things you can focus on.
- Create a great company culture and turns your business into an environment where your staff will shine. Hire people who are positive and motivated and who fit into the culture you create.
- A small success is better than a large failure. Don’t take on a partnership just for the sake of it.
- Find the right database and set up your IT automation so it will grow with you. Looking at what other large and successful real estate businesses use is a great place to start.
- When you stay positive and believe in your abilities, you’re already on the right path to success
Remember that a commission advance is one of the best ways you can invest in your real estate company for positive business growth. Talk to us today about how we can help your business grow.