Deciding to start your own real estate business is an exciting and courageous undertaking that requires a lot of dedication to make it successful. No doubt, the early stages of your business development will be focused on building your client base, exploring new market dynamics, and working hard to advertise your services.
However, one of the most important elements of growing your business and keeping it sustainable is to quickly establish trust with your clients. To achieve this, however, you’ll need more than just a strong portfolio. You’ll also need to make sure that as you grow, you’re staying true to your company’s vision and applying the core values your business is built around.
Thankfully, there are several steps you can follow as you grow to make sure you’re seeing your business’s original vision to fruition.
Define Your Vision
Growing a new startup business can be really exciting. But before you start thinking about new sources of income or growing your current ones, it’s important to really think about what the long-term vision of your business is.
Of course, if you were to ask most real estate agencies what they want the most, the likely answer you’ll hear is “more business.” But the reality is you need to make sure you have a bigger purpose and mission statement that you can lean on to help you make smarter decisions as you grow.
This vision should be made up of certain core values or even non-negotiables that you want to maintain to help ensure your business maintains the right working culture with both employees and clients. Having this vision clearly in mind is critical to helping you shape the business in the right ways in both the short and long term.
Build a Strong Team
At some point, all entrepreneurs recognize that their growth capabilities are limited to the amount of work they’re able to put in themselves. This is why it’s important to start thinking about hiring the right people to help your business grow.
When it comes to finding individuals for your startup, it’s important to make sure you’re not just thinking about hard or soft skill sets. You’ll also want to make sure you’re hiring individuals who are the right for the company culture you’re trying to establish and can contribute to helping you shape the business.
Once you’ve hired your team, spend the necessary time and resources to train them properly. It can be tempting for young startups to allow their employees too much freedom in setting their own priorities and workflows. However, the more involved you are with your teams at the very beginning, the easier it will be to help ensure the business as a whole is living up to its vision.
Implement the Right Solutions
The great thing about launching a new startup today is that there is no shortage of available tools to help ensure you’re doing so effectively. Researching and leveraging available business technologies can help you streamline your agency’s operations while also giving you the solutions you need to maximize client engagement.
One of the most important solutions your business can implement in the early stages is a CRM (Customer Relationship Management) platform. CRM tools and solutions help you to keep all of your client discussions and back-and-forths neatly organized and up-to-date in one place. This makes it easier to stay on top of client needs and helps you make sure you’re delivering them full-service value.
Create Strategic Partnerships
Growing your startup business successfully – especially when in real estate – often will require you to establish several working relationships with various partners. Taking the time to build and nurture these relationships can make all the difference when helping to give your clients a great experience.
For example, partnering with home renovation vendors, including various contractors, designers, or landscaping companies, can be a great way to make your business a valuable resource in the long term. Having these partnerships also gives you the ability to bundle services or create joint marketing initiatives that help each brand expand its reach to new potential clients.
Maintain Customer Focus
An important part of maintaining the right vision for your startup real estate business should be putting your customers first above all else. This involves creating great experiences for them from their very first inquiry to the final closing on property listings and even after.
One of the best ways to make sure your business is constantly striving to maintain a strong customer focus is by asking your clients directly how you’re doing. There are multiple ways that you can gather feedback directly from them through surveys or by reading online reviews about your business. The important thing is to actually take in the feedback you receive (good or bad) and use it to help steer your business in the right direction.
Keep Your Business Agile
Real estate markets are always changing – it’s just the nature of the industry. However, it’s important to make sure that you’re developing a business that avoids staying too rigid as it grows. Being highly adaptable to new market demands and trends allows you to still strive to hit certain business goals and stay in alignment with your vision while also being willing to change as the need arises.
There are a number of different ways you can work to keep your business agile. One of these is to attend different industry events or catch up on the latest real estate news to make sure you’re constantly staying informed regarding any new developments happening in the industry. Staying proactive when it comes to exploring new ideas or trying new approaches for your business will help you avoid becoming too stuck in the same routine and missing out on great opportunities as they come.
Build a Real Estate Business You Can Be Proud Of
Scaling your real estate startup will likely come with a certain set of rewards met with equal challenges. However, by staying true to your vision, building a strong team, and embracing new opportunities to adapt your business, you can create a strong real estate agency that is not only successful but also leaves a lasting impression on your clients.
Author Information
Author Name: Dalip Jaggi
Author Bio:
Entrepreneur, technologist, and passionate business leader sum up the core of Dalip Jaggi, co-founder of Revive Real Estate, a PropTech company with a goal to democratize house flipping. Since its 2020 inception, Revive has since become the smartest solution for homeowners to maximize their home’s sales value across the nation.
