4 Must-Haves to Scale Your Real Estate Business
It’s an incredibly trying time right now. Most real estate business owners are used to being at the center of chaos with phones ringing at all hours of the day and time constantly escaping. It’s certainly possible to see growth and success, but it’s not a sustainable situation to scale that potential. As your company grows to meet demand, so does the demand on your time.
Scaling your real estate business successfully means putting the necessary pieces in place to step back, and work on your business instead of in it. Here are the 4 most critical components:
Get the Right Systems to Scale Real Estate Success
Goals are great, but success is built on systems. Scaling means putting strong systems in place to streamline everything. Business systems and processes must be put in place to ensure that daily tasks are as efficient and productive as possible.
Undoubtedly you are already running your business with certain systems in place (lead generation, team processes, etc.). But any attempt to scale your real estate business should coincide with business systems that can scale with you.
Take inventory of your current systems, and note what needs to improve. Compile a checklist for every task that is easily duplicated and an efficient map for how the task should be completed every time. With the right systems in place, employees will be able to replicate success on a daily basis, and the process will organically grow with your business.
Automate and Outsource the Busywork
In order to scale, you have to make sure you have the resources to support that strategic growth and the systems you’ve identified. Where are the roadblocks, bottlenecks, and inefficiencies? They’re usually in places where business owners or agents are relying too much on manual work. It wastes time and potential. Processes are slowed and no one is focusing on their most dollar-productive activity.
With the right technology and support services, you can make your job exponentially easier.
Automating your busywork is critical to scaling your real estate business. Do a little research and find out which programs or software could benefit your company. A predictive CRM with automated marketing that’s integrated with your website means your prospects can easily be worked for you. They’re put on effective drip campaigns and e-Alerts to keep them engaged without any manual follow-up.
To scale successfully you should also consider outsourcing any non-essential tasks. Hiring expert teams to assist with digital marketing, lead follow-up, etc. allows you to be more prepared for the influx of work that will inevitably coincide with a larger business, and frees up time to focus on the things you’re passionate about (and that actually drive you forward).
Remember to always conduct regular audits of the technology you are currently using and determine what can be improved. At the same time, make sure it works in congruence with the business systems you have in place.
Lock Down your Lead Generation
You have to make sure you have the right lead generation tools and strategies in place, and that you are optimizing your spend and resources for the biggest ROI. That means understanding (with crystal clear data) where your leads are coming from. Note which channels you need to lean into, and where to focus your business efforts to make sure your pipeline is future-proof.
It also means diversification. Good marketing is meeting your prospects where they are.
Do you have the digital tools to take advantage of social media?
Are you offering virtual options for showings and tours while so much of the country is staying close to home?
Making sure you’re casting a wide (but strategic) net ensures you can continue to find opportunity through any market disruptions.
Surround yourself with a Success Network
Partnership is power. If you want to scale your real estate business successfully, you need the right people and partners around you. Your team and your business relationships are among your most critical assets.
As your business scales, you have to be just as strategic about who you add to your team as the technology and systems you put into place. You want team members who buy into your values, your business goals. You need independent thinkers who can make decisions without creating bottlenecks for the business owners approval (and you need to let them!).
Find technology partners that help you learn, grow, and collaborate with like-minded professionals you can teach and support you. Attend real estate conferences, join social media groups and networking forums.
Coaching has been a gamechanger for so many too. They offer strategic guidance to help set your goals, and support and accountability to make sure they’re met.
Scaling your real estate business successfully will not come by luck or accident. It can seem like a lot to take on, but you’re building the solid foundation for careful, strategic and sustainable growth. Assess your needs and systems, and surround yourself with the tools and team to take you higher.
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