4 Business Systems You Must Have in Real Estate
It’s no secret, 2020 was not the year we all expected! There’s been a massive shift in business practices, more virtual work, and perhaps some more downtime due to market conditions. But with those shifts come a wealth of opportunity.
Wendy Forsythe (Expert Real Estate Consultant & Coach), shares how you can use this time to implement 4 critical systems into your business to allow for steady growth and a more seamless and profitable process.
1. Seller Systems
Once you book a listing appointment with a seller, what comes next? There’s a list of steps that happen afterward and tasks that go along with each of those steps. Oftentimes, agents work through those steps by memory. “Okay, here are the 20 things I need to do for that listing appointment.”
Running your business by memory leaves opportunity for missteps. Implementing a system ensures that (A) you don’t miss any of those steps and create a negative experience for one of your sellers, and (B) your process is “rinse and repeat,” giving your brand consistency and your sellers a positive experience across the board.
So, start with a checklist. Write down every step with very specific details. Ex: find out about their neighborhood, prepare a CMA, what’s happening with other listings in the market, what are the solds, how long did it take to sell, etc. Once you’ve done this, you can start figuring out how to save time and streamline. Meaning, email templates, listing presentation templates, and other tools that help you gather all of that information and present it more smoothly. (This also allows you to delegate as you grow your business.)
The next system to outline is what happens once you actually get the listing. Organizing staging, gathering the photography, creating and promoting the listing, etc. Put all of these steps in a similar checklist. Then, once you get an accepted offer on the property…what steps come next? Rinse and repeat these checklists until you’ve detailed every single possible step.
2. Buyer Systems
The framework and strategy for your buyer systems are similar to your seller system. Think about the process of when you work with a buyer and what each step triggers. Each one will trigger a next step and a corresponding list of tasks.
Before a buyer consultation, you’ll want to have information on the process of buying, information about the area and community, price points in the area, school districts etc. Establish a list of all of these things and use it to put together a “Buyer Package.” You shouldn’t be going into the consultations blind or by memory. It should be a concrete, rinse-and-repeat process that allows you to just fill in the blanks.
How are you alerting your buyers of new properties? Maybe you’ve set up automatic eAlerts through your CRM, or you have text templates ready to go. All of these tasks need to be organized to have an efficient business system.
3. Business Management Systems
These are the systems that you need to think about as a leader and as the owner of your own business. If you want to successfully sell real estate, you need to organize your business like an entrepreneur. Here are some of the top things to focus on.
How is your business defined, legally, and what are the regulations in your state. (Ex: Are you an LLC?) Use this time to figure these things out. It’s critical for tax purposes as well! Bookkeeping and expense monitoring Are you using a CRM? Are you using the right one? Now is the time to invest energy into getting your CRM in “tip-top shape” Digital marketing
Consider also scheduling a monthly or quarterly review of these systems to both make sure they’re running smoothly and to see if they need updating.
4. Revenue Generation Systems
Think about all of the revenue streams that you have in your business. (You should have a multiple.) Consider your database, past clients, referrals, open houses, geo-farm, online leads with digital advertising, FSBOs, etc. Wendy recommends that you should have at least four within your business, that way when something unexpected happens (like COVID-19 making door-knocking and open houses more difficult), you have other streams of revenue that you can pivot to. Essentially, don’t put all of your eggs in one basket.
Organizing these systems, perfecting the use of your CRM, cleaning up your database… these are all incredibly productive things that you can be focusing on right now. It will help you be the laser-focused agent in complete control of your business.
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