The five pillars of a successful real estate business
Having been at the helm of a growing group of real estate franchises for almost 20 years, I have had the opportunity to witness what works and what doesn’t when it comes to manage a successful real estate business.
As a result, I was able to identify the five key pillars necessary for success in the real estate industry.
In my experience, successful businesses have all of these pillars in common, and businesses that fail similarly usually lack one or more.
That is why Explore the property integrates each of these pillars as a standard offer to its franchisees.
I’m happy to share the secret recipe, so here are the five key ingredients, in no particular order.
Brand and belonging
It’s not just the brand and the belonging that count, but the two combined elements that make them so important.
Having a brand that connects with the market is essential from a marketing standpoint, but the brand must also create a sense of ownership for the franchisee.
We all love to belong.
In fact, I believe that people need belong to something bigger than themselves.
It also brings confidence, knowing that we are part of something where other people contribute and that we take care of other areas of the business.
The brand and belonging are like brother and sister and that is why we have introduced our Explore Property with… concept.
The slogan, “Explore the Property with Andrew Acton,” unites both the agent and the brand.
Advice and support
Perhaps one of the most important things I’ve noticed in my job is the need to feel connected and supported.
I’m not just talking about the workouts, although they are important.
I’m talking about franchise owners driving home from work in the late afternoon knowing they can call me at that time and discuss an issue.
Having someone you can connect with in the moment and get help is essential.
Great advice and guidance, not just from a coaching and mentoring perspective, but from a holistic perspective.
Where is the brand going? What do I have to do? Leaders need to be able to talk one-on-one, with someone who’s been in the trenches, and who understands what they’re going through, now – not two weeks from now.
Resources and Marketing
In addition to the big picture, there are some practical elements that are also necessary for a successful business.
The marketing and resources pillar covers both the marketing strategy and the small details, such as the appearance of the stationery.
It’s also the back-end, and it’s not easy to compile.
We did it for our franchisees, and they have access.
We all want to express ourselves in our own way, and when you can pair that with a great brand, which doesn’t want to dominate you, that’s where the magic happens.
Technology and communication
Technology is something you cannot afford to ignore and communication is directly related to it.
Both are essential, but they must be done right.
It’s easy to get overwhelmed by the plethora of technology and communications offerings available, but it’s important to critically analyze your business and make decisions with purpose.
We see ourselves as a bit of a testing ground; we see what is out there, what is most effective and communicate those results to our franchisees.
A successful business owner needs to analyze their approach to technology, determine the key functions they need, and ask themselves why they need a particular technology option in their business.
Technology is important, but know that it is only a tool and that you are the driver.
This is why an individual approach is necessary.
One of our companies may need a specific tool, and another may not. So it’s about being fluid with what suits the type of business you’re building.
It is about understanding the tools that will allow you to progress.
Direction and direction
It’s huge for me.
I believe that if you work with ambitious people who are looking to thrive and achieve great things in their lives, you will get carried away with this.
We all need leadership and direction – all businesses, all families, all people.
It’s not just about being too ambitious though; it’s about believing in your path.
All principals and agents need it.
In my experience, these are all the ingredients needed to build a successful real estate business.
These are the pillars that we address in our offer to our franchisees; we then empower them to make those same offers to their employees.
This is an overview; it starts with our corporate brand, continues through our teams and continues in individual offices and their teams.