5 Tips to Accelerate Your Real Estate Business Growth
Building a business takes time. With the influence of modern technology, we are conditioned to want, and have, everything in the blink of an eye. When it doesn’t happen, we are easily bored and frustrated and don’t focus like we need to. Building a successful real estate business is no different. We want the business that we see our favorite investors have on TV. What we don’t see are the years of grinding and hard work it takes to get to that point. Even when you get to the top of the mountain you need to work even harder to stay there. Any new business endeavor takes time, dedication and commitment. Here are five tips to help accelerate your business growth.
- Focus on lead acquisition. Every business revolves around lead generation. If you own a restaurant you need to be able to acquire, and retain, customers. If you are a contractor your ability to find new projects is key. Of course, what you do with these is essential, but without a steady flow of leads any business will struggle. There is a delicate balancing act that needs to be done as you are just starting out. On one hand, you need to get leads that will produce revenue in the short term. On the other hand, you can’t discard leads that won’t bear fruit for months down the road. Every lead you get should be worked to the fullest, regardless of how it looks. Some of the best leads you will ever have will come from the unlikeliest sources. Whatever you do you need to find a way to constantly funnel new leads into your pipeline. This will be time consuming, and sometimes costly, but it is the backbone of your investing business.
- Work with right people. Your business is a direct reflection of the people around you. It is tempting to align yourself with people you don’t really know or whose character is less than sterling as you are trying to find your way. As difficult as it may be you need to pick and choose your battles. Even if it means turning away short-term potential, you should always work with the right people. The right people are ones who always have your best interest in mind. They do not pressure or persuade you to cross into legal gray areas. They are not negative about every potential deal or situation you present. They are focused on customer service and doing right by people, even if it means losing a deal. Most people know in their gut, or their head, when a partner is not for them. The key is listening to this and having the courage to move on. Working with positive, like minded people will do more for your day to day business operations than anything else you can do. Instead of dreading your meetings you will be excited and actually want to be around these people.
- Get your name out everywhere. Regardless if you commit to real estate on a full or part time basis you need to promote yourself. Everyone in your inner circle should be aware that you are involved in real estate. If your friends, family and co-workers aren’t aware of this, you are doing a poor job getting the word out. With the explosion of the internet and social media it is easier than ever to promote and market yourself and your business. Utilize every possible platform to do just that. Additionally, don’t be afraid to use local networking to your advantage. Even if you have yet to close a deal, show up at the local networking events. You can bet there will be a few people who are in, or were, in the same shoes as you not too long ago. Real estate investing is a numbers game. The more people you market and network to the more likely you will find deals.
- Find a good “core three”. There are many people behind any successful real estate investor. However, three people are more important than the others. A good real estate agent, attorney and accountant can completely change your business for the better. A reliable real estate agent will not only find you the right properties but will go the extra mile to make sure your offers are accepted. A good attorney will protect your best interests, so you are able to focus on your business without worrying everything else going on. A competent accountant will watch your money so all the work you do making it isn’t for naught. Sure, there are other team members that will help in your success, but the core three are essential for business growth.
- Master one thing. Regardless of what stage of the business you are in there is always temptation to step out of your comfort zone. Real estate investing affords you with dozens of options of making money. Individually, they all seem easy enough but when you try doing them all at once is when you run into trouble. Instead of trying to be a jack of all trades, you should focus on one thing that you do best. You can always expand your horizons as you grow in the business, but even then, you should have something you can lean on for deals. This can be anything from a marketing strategy to a specific property type in a certain market. Without mastering one thing your business will be spread out and won’t have the success you desire.
Knowledge and understanding of real estate are great, but don’t forget you are running a business. Use these five tips to help accelerate your business growth.
IIG is always here to help you with team building or simply finding the perfect solution to fit your needs. Let us know how we can help.