I think we learn best when we model successful people’s strategies and behaviors, hence the heart of today’s message is based on what these top-level clients are doing to scale their businesses. To build STABLE growth, you need good team members, solid systems, and intelligent growth.
Scaling your business is a milestone for everyone. It’s that epiphany moment when you have complete validation, and you are realizing you want to take your business to the next level.
The Home office has always been the predominant place of workspace for the most successful industry leaders. Now more than ever leaders of the industry are leaning toward home and cloud-based solutions for ease of accessibility. It also eliminates geographic restrictions, overhead and time constraints. Therefore embracing the home office is a natural place of opportunity to cut costs and scale your business.
As all around expenses rise, more efficient processes will take over our industries. Think about it, what actions are performed by physical brick and mortar offices? When is the last time you closed a transaction in which your client physically visited a Title Company or their Home Owner’s Insurance office? How about the Mortgage lender? I mean, it’s a rarity. Almost all of these are done virtually now. Very few if any aspects of closing real estate transactions have the necessity to visit a physical brick & mortar office.
The client or agent simply interacts via cloud-based email servers, e-signed documents, scanned files and mobile notaries. As agents, we too leverage the internet with online courses for standards of training, continuing education courses and top-notch trainers without having to get off the couch.
Most agents and brokers are so inundated in their day-to-day grind that all they think about is the “tasks” of their business, NOT how they can grow and scale it. So they end up working in the business and not on the business.
At the end of the day, we all have to remind ourselves that we are ultimately responsible for everything, good or bad. I keep a sign on my desk that says: “OWN YOUR OWN LUCK,” to help me remember.
But the most successful Agents and Brokers consistently focus on the ways to grow their business beyond the day-to-day tasks. So let’s look at a couple of ways to scale.
Scaling Strategy One: How adding team members could help you multiply your business.
This is one of the fastest ways to duplicate your efforts, imagine if you could clone yourself or at least what you do. I’ve had both failure and success in outsourcing the vast majority of the “task” in real estate, mostly success. However like any potential team employee or independent worker vetting them with references is a must. Finding good people can be the toughest job of all, as the leader you have to be fair but firm.
I like to use VA’s (virtual assistants) to do all the heavy lifting, and I can manage them interpersonally. I outsource all of the day-to-day stuff and focus on client follow up and working with lenders since that is the part that takes one on one consultation. Tasks like lead sourcing and scheduling can all be done very successfully by an ISA or VA.
You’ll want start by building up your sales/marketing team first. Then starting with scaling up your operational or admin team. You need to lead with sales growth to drive the scaling process. Using technology and VA’s will allow you to duplicate your efforts in finding more buyers and sellers very successfully. –
Scaling Strategy Two: Leveraging technology better. How can you use technology in a way to both lower your real costs and achieve scalability?
Companies like Zillow, Trulia, Offerpad and other recent direct to consumer-related companies are all trying to create a more direct peer to peer experience, essentially cutting out the Real Estate Agent. The most successful agents and broker embrace change early on, so they can be cutting edge, while others lag and get left behind.
I know how change was for me; I dreaded thinking about having to make changes in my model. Right away I knew if I didn’t do something to keep up with the shifts in Real Estate I would soon become like Blockbuster- relevant but broke!
So implementing a Website that has IDX and a preemptive CRM that sends automated follow-up campaigns to your clients is a great way to scale by use of technology. You can run ads and marketing for certain segments of your business and direct your potential clients through a process of CTA’s (calls to action). The right platform for marketing can easily compound your business. In fact, this is how most professionals scale.
These platforms do have a cost and typically reoccurring monthly. However, if you look at the real cost, you should be making money monthly from your advertising efforts. So, in reality, you are actually scaling and making an ROI on your expense.
We all run our book of business differently. When you develop a system that works for you, that’s when you focus on duplication. By creating an overall plan for your business, your team can work together to scale your growth.
If you have any questions on how to implement these strategies reach out to me. If you have grown and scaled a real estate company and think I left something out – let me know.
Before you close this article out, take a moment to just imagine what more time and money would mean in your life and those you care about.