5 tips to improve your real estate business
Getting a business from good to great sounds like a daunting undertaking, but it often comes down to a handful of best practices. Jimmy Burgess shares ideas and strategies for making the transition.
One of the most impactful books I have ever read is good to excellent by Jim Collins. The book studies the qualities of companies that have been able to significantly outperform their competitors. What traits and qualities do they possess that set them apart?
I’ve discovered that the same traits and strategies the book identifies for business can be applied to the business of real estate agents in ways that lead to incredible growth. Here are practical steps you can take to take your business from good to great.
The good is the enemy of the great
When things are going well, it’s easy to settle into this pattern of good results. Thoughts may creep in like, “Things are going well. Why should I keep pushing to grow? These are the thoughts that can keep your bargains from achieving greatness.
Now is the time to ask yourself some questions. What new skill do I need to acquire to help my business reach the next level? What area of my business needs upgrading to keep growing? Is it marketing, communication skills, or following up on past clients? The answers to these questions allow you to stay focused on your growth instead of stopping at your current level of success.
As soon as you stop growing, you start dying. So whatever it is for you, don’t let your good rob you of the greatness you have within you.
Focus on who, then what
The first step to greatness is identifying your ideal client. Until you know who you serve, it will be difficult to know what you can do to best serve them.
Many agents try to be everything to everyone and that never leads to greatness. In real estate, failure to identify your ideal client and provide exceptional service to this group of people leads to mediocrity at best and greatly increases the likelihood of failure. So who is your ideal client?
Is your ideal client a first-time home buyer or a luxury home seller? Is your ideal client a military family on the move, an investor looking for cash, or one of hundreds of other groups of people looking to buy or sell real estate? The needs of a seller in a condominium are different from those of a buyer in a superior unit. What information or service does your ideal client need?
Once you understand exactly what your ideal client needs, give them plenty through social media content, video production, or marketing wherever they spend time.
This is the path to success.
The hedgehog concept
The book references the ancient Greek parable that says, “The fox knows many things, but the hedgehog knows one great thing.” The fox is known to be smart and have many ways to get what it wants. But due to the number of options he can pursue to achieve his goal, the fox never focuses enough on one strategy to become excellent at it.
Hedgehogs, on the other hand, are modest, steady, and slow in their pursuits. They don’t jump from one thing to another. They are focused on progressing towards their goal through perseverance and consistency, and they are extremely efficient in achieving their goal.
Would you rather relate your daily activities like a fox or like a hedgehog? Are you looking for the shiny new marketing tool or making sure you have daily conversations about real estate? Are you stable and committed to the strategies that work for your business, or are you always looking for an easier way to achieve your goals?
When you focus on one great thing, greatness is just around the corner.
Develop a culture of discipline
The disciplines you practice daily are the seeds of your future greatness. Do you block your schedule every day for prospecting? Do you spend time each day honing your craft by practicing scripts or refining your ad layout?
What do you have the discipline to do each day that will lead to more success in the future? Personally, I have never added discipline to a single area of my life without seeing improvement. I’ve also never met a hugely successful person who wasn’t disciplined.
Develop a culture of discipline for yourself and your team. Discipline is the key ingredient in the recipe for success.
Be built to last
If you want to build a business that is built to last, decisions need to be calculated and long-term rather than reactive and short-term focused. Do you have a 5, 10 or 20 year plan for your life and business? What are some things you can do today that your future self will thank you for?
Identify where you want your business to be in the future and fill your schedule with the activities needed to achieve those goals. Save more, market more and become the leader built to last. These are the activities that lead to long-term success.
If I only had 10 books for real estate agents to read, good to excellent would be on this list. The practical steps discussed will lead to a successful business. Act now. Greatness is closer than you think.
Jimmy Burgess is the Director of Growth for Berkshire Hathaway HomeServices Beach Properties of Florida in Northwest Florida. Connect with him on Facebook or Instagram.