The Five Pillars In Building A More Successful Real Estate Business
August 2, 2023
There are some universal, foundational concepts that transcend the type of business and make great business sense. We call these the ‘pillars’ of a business, and they’re as critical to the building of a real estate agency or brokerage as they are to a landscaping enterprise or a restaurant. Generally speaking, there’s five pillars that lay the foundation for success. Since we’re in the business of real estate, however, we’ll be taking a look at these pillars from that point of view.
Do you know these five pillars of a successful real estate business?
Are you actively working on building them, right now? If you can’t confidently say you know what is going on in these areas of your business, it might be time to do an in-depth review.
Don’t worry. A periodic self-review is a good thing. You can create a new strategy depending on the results, and make sure you’re attending to any pillars that may have been neglected, ensuring you’re building your way evenly to a more successful enterprise.
Here’s the five pillars you’ll want to consider:
1. The Marketing Pillar:
It’s important to have a good understanding of how to reach your target audience. It’s also important to recognize that the old way of reaching your target may no longer be the best way. Technology and media platforms are altering the landscape of real estate marketing, which means you’ll have to evaluate whether you’re still building this pillar with your marketing dollars efficiently.
2. The Operations Pillar:
The first step in recognizing how to help your business is being aware of the internal operations. Knowing what is happening behind the scenes allows you to trace problems directly to their source and act quickly to improve upon any imperfections. As your business grows, you will need to delegate this sort of quality control onto managers in order to set realistic standards for your own workload, without compromising the efficacy of your business.
3. The Finances Pillar:
Even when the real estate market is booming and we’re financially doing well, we can’t forget to pay attention to this critical pillar. A comprehensive look at finances in different areas of your business can make the strengths and weaknesses strikingly apparent. A thorough examination of your profits and losses will tell you what you’re doing right and what needs to be changed or left behind entirely.
4. The Staff Pillar:
Not only do successful businesses have talented and dedicated team members, but they also ensure that each employee is working in areas that play to their strengths. A master of one calling could either thrive or struggle depending on what you ask them to do. It is up to you to interview and assess your employees to ensure that you are setting them up for success. Remember: their success is not just your success – it’s also the success of your agency!
5. The Culture Pillar:
Believe it or not, company culture has a huge impact on yourself, your employees, and even your clients. Yup, even in real estate and even if many of your clients never walk into your office building. Why? Because some of that culture travels with your team, and outside the office, people can see that when they’re working with members of your team. It really rubs off.
Think about how good you feel when you’re the recipient of a “pay it forward” cup of coffee or even some unexpected compliment. Do you carry that good feeling forward, and spread it to other people by smiling more or doing something good? If you work on the pillar of culture in your real estate agency or brokerage, you’ll see results. If your team cares about what they’re working toward, and they’re happy about who they’re working for, their clients are also more likely to be happy!
When is the last time you gave some serious thought to one of these pillars? If you can’t remember, it might be time to review the investments you are putting back into your real estate agency or brokerage. It’s a lot of work to do a review, of course, but it can make a huge difference in the long run!
If you feel in over your head, we offer in-office experiences where we do an extensive professional review of your business over a few days, in the areas mentioned above. At the end of it, we help you come up with a strategy and lay out the next steps to take to help your business succeed. Check in to set up an appointment with our coach!